Product Status - Discontinued

It would be so beneficial to have another status to show items that are TO BE discontinued to reflect not reordering stock or discontinued from the supplier. We have around 2000 items with SOH, but many are run out and clearance lines. 

Having this status available in stock & purchase reports would drastically reduce time wasted highlighting and filtering manually. 
Items that are to be discontinued but have stock available are currently also captured by the velocity report, but don't necessarily need to be.

I've had to use tags to identify them in our system, but this takes so much time to maintain.