Product Life Bike (With Diagram) Article shared by : This commodity provides an overview on Product Life Cycle. The production life wheel concept derives from the fact that a production's sales volume and sales revenue follow a typical pattern of v-phase bike. The life cycle is a fact of existence for every product. It is similar to the homo life cycle. The length of the life cycle, the duration of each phase and the shape of the bend vary widely for different products. Simply in every instance, obsolescence or decay eventually occurs when the need disappears or a better, cheaper and more convenient product may accommodate the same need or a competitive product due to superior marketing strategy of a sudden gains a decisive advantage.