Product life cycle management PLCM scheme

A product life cycle management (PLCM) scheme refers to the systematic approach a company takes to managing the life cycle of its products. This can include a visual representation of the stages a product goes through, from conception to decline, and the processes and activities involved in bringing a product to market and managing it through its life cycle. A well-designed PLCM scheme can help companies understand the stages a product goes through, and make informed decisions about the product’s future.