The period of time, consisting of phases, which begins when a product is conceived and ends when the product is no longer available for use. Since an organization may be producing multiple products for multiple customers, one description of a product lifecycle may not be adequate. Therefore, the organization may define a set of approved product lifecycle models. These models are typically found in published literature and are likely to be tailored for use in an organization.
A product lifecycle could consist of the following phases: (1) concept/vision, (2) feasibility, (3) design/development, (4) production, and (5) phase out.