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Reference: The Product Lifecycle in ProDigi
The product life-cycle is a concept which states that there should be a defined way for a product to go from birth (NPI) to death (permanent discontinuation), with well understood and agreed pathways in between, that covers everything that might happen such as switching vendor, going into clearance, temporary unavailability, and so on.
The status of the product should always be clear, and what this means should be shared and agreed across all functions; buying, finance, merchandising, customer service, data, technology. To avoid any mistakes or inconsistencies, as far as possible the system should handle the transition from every state to the next.
At the time of writing, key parts of the product life-cycle have been defined and implemented, but there is more to do. We must continue to work at these processes until we achieve the aim above.
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