Product Lifecycle
Understand the 5 stages of the product lifecycle to increase efficiency and reduce risk.
Manufacture
Manufacturing is required to bring a product, service, commodity or real estate to MARKET. The first stage of the product lifecycle is to assemble, bundle, prepare, transport or retrofit to extract or inject asset value for sale.
Wholesale
Wholesaling provides FLEXIBILITY for the previous and next steps of the lifecycle. The second stage of the product lifecycle provides a process of managing or reducing the RISK for the manufacturer or retailer of a product.
Retail
Retailing is required to make market supply accessible and MANAGE market demand. The third stage of the product lifecycle is the process of concentrating demand for products into channels that reduce cost and increase purchasing options.
Customer
The next stage of the product lifecycle is determined by the needs of the customer. The fourth stage of the product lifecycle is the CONSUMPTION of the product by the customer or the use of the product within another product lifecycle.
Liquidation
Liquidation is a possible stage within the product lifecycle that may or may not occur. The PROCESS of disposing of waste from the system allows renewal and eliminates delays in starting new product lifecycles.
Step 1: Profit by understanding MANUFACTURING opportunities »
The stages of the product lifecycle described on these pages are essential for understanding the most successful place for a venture.