Product lifecycle management

Product lifecycle management (PLCM) is the systematic approach a company takes to managing the life cycle of its products, from conception to decline. This involves conducting market research, developing and launching new products, and continuously monitoring the product’s performance. Effective PLCM requires a well-designed strategy, cross-functional collaboration, and continuous monitoring and adjustment of the product’s life cycle. By managing the product lifecycle effectively, companies can 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.