Understanding product lifecycles 3LC
For each product there are three separate lifecycles – these lifecycles vary a lot dependent on the type of the product (a Capital good, high tech device, small utility, equipment, software, service etc.)
Lifecycle 1 - Product definition lifecycle (i.e. the evolution of product on a general level).
Product definition lifecycle consists of phases and stages related to collecting product requirements, conceptualizing the product, finally developing it, launching it to the market and then improving the product design until the point when the product removed from active sales.
Lifecycle 2 - Individual Product unit, instance or asset creation lifecycle
The characteristics of product unit / instance / asset creation lifecycle are very much dependent on the business model in use - serial production, configure to order or engineer to order. In many cases also getting the products in installed, commissioned and finally in to use may take a long time.
Lifecycle 3 – Product / asset Utilization lifecycle
The characteristics of product unit / instance / asset utilization vary enormously some units may be in operation and use only for limited period of time e.g. some months while some units are used close to a century. Some product can be upgraded and maintained, some are always replaced.
Krios Product Management ©3LC Method is a comprehensive set of methods and templates which constitute a complete product management lifecycle methodology to define your Product Lifecycle Management needs to help create successful market-driven products.