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.
Before a product can embark on its journey through the four product life cycle stages, it has to be developed. New product development is typically a huge part of any manufacturing process. Most organizations realize that all products have a limited lifespan, and so new products need to be developed to replace them and keep the company in business. Just as the product life cycle has various stages, new product development is also broken down into a number of specific phases.