LIFECYCLE OF PRODUCT

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               Every product which comes into the market comes with a particular life. The life which i am mentioning is not the expiry date which is labelled in the product. This topic is related to the stages of production which the product undergoes from birth to end of the product. No matter whichever product it may be as for example car, bike, engine, filter or a small cover come with a life. Every product will be remain in market until there is a demand for it. There are basically five stages in a product life cycle.

  • Scratch or Development from Existing Product:-
                           This is the initial stage of a product. The need of the customers is being analysed by various companies of specific field through market research. After analysis, they decide the type of product to be launched in the market. Creation of product is done mainly in two ways either by starting from the scratch by knowing the application or by modification of an existing product. In the second case some or all of the features of existing product are considered separately as a different product and not in the category of existing ones.
  • Prototype:- 
                   This stage is related to creation of prototype or new product developed from scratch or from existing product. A prototype is created based on the design and then released for production after performing testing or verification for the same.
  • Production:- 
                   After the prototype has been approved, it goes for production of the product. ECR/ECO process is mostly followed under this stage. The product will remain in this stage until it is having demand in the market.
  • Spares:- 
                   Once the demand for the product has decreased, it is essential to decrease/stop the amount of production. But if the product is an assembly, then the customers who bought the product might face issues if they need to replace component used in assembly. To overcome this problem, companies are having aftermarket, which takes care of the replacement parts or the so called 'spare parts'
  • Obsolete:- 
                   For the components or assemblies, which do not have issues with spare parts and company decides to stop the production due to lesser demand in market. Those parts are categorized under the stage of obsolete or end of the product life.

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