Define and discuss the product life cycle and how this might affect our new product development planning in 350-400 words.

Define and discuss the product life cycle and how this might affect our new product development planning. 350-400 words.

In your own words how would you explain a product’s life cycle? As you reflect on the cycle, select a product you personally use and explain how the life cycle affects the development of a new (revised) version of the product for a different market segment and why?