Life cycle management of service and product

The life cycle management of service and product refers to the systematic approach a company takes to managing the life cycle of its products and services, from conception to decline. This involves conducting market research, developing and launching new products and services, and continuously monitoring their performance. Effective life cycle management can help companies maximize the value generated from their products and services, and make informed decisions about their future based on their position in the life cycle. The life cycle management of service and product is critical for companies, as it helps ensure a systematic and effective approach to managing the life cycle of their offerings, and maximizing the value they generate from them.