Product Lifecycle Management
Product Lifecycle Management (PLM) in demand planning refers to the process of overseeing a product's journey from its initial concept through development, launch, growth, maturity, and eventual decline. It helps businesses strategically manage resources and predict customer needs at each stage. By analyzing market trends and product performance, companies can make informed decisions about production, inventory, and marketing efforts. Effective PLM ensures that the right products are available at the right time, maximizing profitability and customer satisfaction throughout the product’s life, ultimately aligning supply with demand.
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Product Lifecycle Management (PLM) is the process of managing a product from its initial concept through design, manufacturing, and use, to its eventual retirement. It involves coordinating all stages of a product’s life to improve efficiency, innovation, and quality. PLM integrates people, processes, and technology, ensuring that everyone involved—such as designers, engineers, and marketers—has access to consistent information. By effectively managing a product's lifecycle, companies can reduce costs, shorten time to market, and enhance customer satisfaction, ultimately leading to better business outcomes and sustainable practices.