Is diminishing utility related to product life cycle?

As I perceive, nothing is permanent except changes.
Utility also rises and falls just as that of a product life cycle. Since its introduction to the market till the time it stays in the market. Similarly utility diminishes with time. I believe time and satisfaction are the biggest parameter deciding diminishing of utility.
Even like proper food satisfies the hunger, the utility decreases. In case of utility and product life cycle, time and demand satisfaction are the major parameter playing in the exit of product in context to product life cycle and diminishing utility.