5.5 Product life cycle Notes

The Lifecycle of a Product and Its Role in Sustainability

1. Every product, from its inception to its disposal, follows a lifecycle.
2. Understanding this lifecycle is critical—not just for manufacturers aiming to improve their products, but for addressing the broader societal and environmental impacts of production and consumption.
3. Let’s explore the stages of a product’s lifecycle, the challenges they pose, and how sustainable practices can transform this process.

Considering the Entire Lifecycle: Design to Disposal

1. Every product undergoes a lifecycle that includes design, production, use, and disposal.
2. Each stage leaves a footprint on the environment and society. For instance, mining raw materials can deplete ecosystems, while improper disposal contributes to growing landfills and pollution.
3. Recognizing these impacts is the first step toward creating more sustainable systems.

Key Stages of the Product Lifecycle

1. The product lifecycle is traditionally broken into four main stages:
   1. Launch
   2. Growth
   3. Maturity
   4. Decline
2. Each stage presents unique characteristics and challenges

1. Launch: Introduction to the Market

1. The product makes its debut.
2. Marketing campaigns are in full swing to build awareness and attract buyers.
3. However, production costs are often high, and profitability is limited as the product gains traction.

Growth: Expanding Sales and Market Share

1. As the product gains popularity, sales and revenue increase.
2. Production becomes more efficient, reducing costs.
3. However, rising competition may pressure companies to innovate or differentiate their offerings.

Maturity: Plateauing Growth

1. When the market becomes saturated, sales growth slows.
2. Companies may prioritize cost-cutting or product differentiation to stay competitive.
3. Without innovation, the product risks becoming outdated.

Decline: Reduction in Demand

1. Demand eventually decreases due to changing consumer preferences, technological advancements, or market saturation.
2. Companies may phase out the product or attempt to refresh it with updates or redesigns.

Transition to Sustainability: From Linear to Circular Economies

1. Traditional product lifecycles often follow a linear economy model, summarized as "take, make, dispose."
2. This approach extracts raw materials, manufactures products, and discards them after use, contributing to resource depletion and environmental degradation.

Circular Economy: A Sustainable Alternative

1. A circular economy focuses on extending the lifecycle of products by designing for reuse, recycling, and repair.
2. This model minimizes waste and maximizes resource efficiency, keeping materials and components in use for as long as possible.

Benefits of Circular Economies

1. Environmental Impact: Reduces waste and preserves natural resources.
2. Economic Opportunities: Opens new markets for recycled materials and refurbished goods.
3. Consumer Benefits: Offers durable, repairable products that save money over time.