Product life cycle management PLCM

Product life cycle management (PLCM) is the systematic approach a company takes to managing the life cycle of its products, from conception to decline. This can include conducting market research, developing and launching new products, and continuously monitoring the product’s performance. PLCM is critical for companies, as it can help them maximize the value they generate from their products, and make informed decisions about the product’s future based on its position in the product life cycle. Effective PLCM requires a well-designed strategy, cross-functional collaboration, and continuous monitoring and adjustment of the product’s life cycle.