Lifecycle Management Strategy is a crucial business practice that involves managing various aspects of an organization’s products, services, and resources throughout their lifetime – from introduction and development to retirement or disposal. It requires planning, developing strategies, and constantly monitoring and evaluating product performance in order to maximize value and optimize profits. This strategy also helps identify areas for cost-cutting and efficiency improvements and ensures customer satisfaction with long-term stability. Done correctly, Lifecycle Management Strategy provides organizations with a competitive edge and enables them to remain ahead of the competition.