Product Life Cycle Management
Product Life Cycle Management (PLM) is the process of overseeing a product’s journey from its initial idea to its retirement. It involves five stages: development, introduction, growth, maturity, and decline. During development, teams create the product; in the introduction stage, it is launched to the market. As sales grow, the product reaches maturity, where it may face competition and changes in demand. Finally, in decline, sales decrease, leading to its discontinuation or update. PLM ensures that each stage is managed effectively to maximize a product's success and profitability throughout its life.
Additional Insights
-
Product Life Cycle Management (PLCM) refers to the process of overseeing a product's journey from its initial idea, through development, launch, growth, maturity, and eventual decline or discontinuation. This approach helps businesses manage changes in demand, production, marketing, and profitability at each stage. By analyzing the product’s performance and market trends, companies can make informed decisions about improvements, pricing, and promotions, ensuring the product remains relevant and profitable throughout its life. Ultimately, PLCM aims to maximize the product's success while minimizing risks and costs associated with its lifecycle.