Product Life Cycle Management

Product life cycle management (PLCM) is the process of managing the entire lifecycle of a product, from its conception to its eventual decline. The product life cycle is a model that describes the stages a product goes through from its introduction to the market to its eventual decline. The stages of the product life cycle include introduction, growth, maturity, and decline. Understanding the product life cycle is crucial for companies because it helps them to make informed decisions about product development, marketing, and sales strategies.

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PLCM involves a number of activities, including product design, development, launch, marketing, sales, and product discontinuation. During the introduction stage, companies focus on product development, market research, and product launch. During the growth stage, companies focus on expanding the product’s distribution and increasing sales. During the maturity stage, companies focus on maintaining market share and profitability, while during the decline stage, companies focus on product discontinuation or repositioning. Effective PLCM requires close collaboration between the various functions within a company, including research and development, marketing, sales, and operations. By understanding the product life cycle and implementing effective PLCM strategies, companies can maximize the potential of their products and minimize the risks associated with product development and marketing.