What term describes the stages a product goes through from concept to eventual withdrawal from the market?

The term that specifically describes the stages a product goes through from its initial concept to its eventual withdrawal from the market is known as the product lifecycle. This concept encompasses several distinct phases including development, introduction, growth, maturity, and decline. Understanding the product lifecycle is essential for engineers and designers as it helps guide strategic decisions about product development, marketing, and management over time.

Other choices, while related to the topic of products and markets, do not capture the comprehensive journey of a product as accurately. Product evolution may refer to the changes in products over time but does not detail the entire lifecycle aspect. Market analysis is focused on evaluating a specific market's dynamics and conditions rather than the product's journey. Additionally, a production timeline typically refers to the schedule of the manufacturing process and does not cover the complete progression from concept to market withdrawal.