All products go through distinct phases from the time of their conception to the point of being withdrawn from the market. Knowing the typical stages that define a product's lifecycle helps organizations optimize resources and plan for changes at each phase. This article explores the key stages in a product's journey and discusses what takes place during each.

Idea Generation and Research

The earliest stage of a Product Lifecycle Management begins with identifying market needs and opportunities. Companies conduct research to understand customer pain points, analyze competitors, and forecast demand. Various ideas are brainstormed and evaluated based on factors like commercial viability, technological feasibility, and alignment with corporate objectives. Promising concepts enter the research stage where prototypes are made and tested. User feedback further refines requirements before moving ahead.

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