All products go through distinct phases from the time of their conception to the point of being withdrawn knowing the typical stages that define a product's lifecycle helps organizations optimize resources and plan for changes at each phase.

The earliest stage of a product's development in Product Lifecycle Management begins with identifying needs and opportunities. Companies conduct research to understand customer pain points, analyze competitors, and forecast market trends. Various ideas are brainstormed and evaluated based on factors like commercial viability, technological feasibility, and alignment with corporate objectives. Promising concepts enter the research stage, where prototypes are created and tested. User feedback further refines requirements before moving ahead. Throughout this phase, Product Lifecycle Management ensures that the product development is aligned with both market demands and the company’s strategic goals, laying the foundation for successful product introduction.

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