Product lifespan refers to the period of time during which a product is considered functional and relevant in the market. This includes the time span from its design, production, and marketing, to its use by consumers.
The lifespan of a product can vary significantly depending on various factors, such as technological advancements, market trends, similar product life cycles, and consumer preferences.
Managing the product lifespan is crucial for businesses as it enables them to plan their market entry strategy, innovate, manage inventory, and maximize revenue throughout the product’s life cycle.
