HKSM
Product Life Cycle
The sequence of stages a product goes through, starting with the initial idea, moving to release, expanding in the market, stabilizing at maturity, and ending with phase-out and retirement.
Key Points
- Different from the project life cycle; one product can involve many projects over its lifespan.
- Stages can overlap or repeat as feedback leads to updates and enhancements.
- Guides how you tailor processes, governance, and metrics at each stage.
- Investment, marketing, support, and end-of-life plans change as the product moves through stages.
Example
A company launches a mobile banking app. It starts with concept and development, releases the app, scales features and users during growth, optimizes performance and costs at maturity, and finally retires the app by migrating customers to a new platform. Each stage triggers new projects, even after the original launch project is closed.
PMP Example Question
A project to launch a new product has closed. Six months later, leadership funds a follow-on effort for enhancements and customer support. Which concept best explains why work continues after the original project ended?
- Product life cycle
- Phase gate
- Project life cycle
- Sprint backlog
Correct Answer: A — Product life cycle
Explanation: Products evolve through stages beyond the initial launch, often requiring additional projects for growth, maturity, and eventual retirement.
