The name Rig is of Norse origin. The meaning of Rig is king. Rig is generally used as a boy's name. It consists of 3 letters and 1 syllable and is pronounced Rig.
The concept described above is referred to as a âproductâs life cycleâ. Specifically, it describes a number of commercialisation steps that each product goes through as it penetrates the market. These steps include the initial research, sales growth, maturing of market demand and ultimately the productâs decline.
Because most companies understand the different product life cycle stages, and that the products they sell all have a limited lifespan, the majority of them will invest heavily in new product development in order to make sure that their businesses continue to grow.