The reducing of product life cycle as a result of technological development acceleration

The article examines the concept of a product life cycle in relation to the development of advanced production technologies. Automation and robotization of production, as well as the development of ICT technologies increase new production opportunities for the rapid development of absolutely advanced new products. An innovative product goes through a series of stages in its development starting with market entry, adoption, growth and maturity and ending with the stages of saturation and decline. The speed at which a product passes through all stages of its life cycle is examined according to the dynamics of the creation and diffusion of technological innovations. The interaction between the development of new technologies and customer preferences makes opportunities for creation fundamentally new products and reducing the life cycle of products which exist on the market. The article highlights the importance of macroeconomic, market conditions and socioeconomic factors analysis through the duration of a product's life cycle assessment. The importance of analyzing quarterly and monthly socio-economic indicators for making management decisions is emphasized.