Product Life Cycle Management: Maximizing Product Potential
Understanding Product Life Cycle Management
Product life cycle management (PLM) is the sequence of techniques used by business management as a product goes through its life cycle. It involves handling the product as it moves through various stages of its life, combining both manufacturing and marketing aspects. PLM encompasses the entire process from the initial idea to the end of the product's life.
Product Life Cycle Stages
The stages of a product life cycle are (1) Introduction, (2) Growth, (3) Maturity, and (4) Decline. Each stage presents unique challenges and opportunities for a business.
Benefits of Product Life Cycle Management
Product life cycle management involves the application of different strategies to navigate the challenges faced during each stage of a product's life cycle. It helps businesses make informed decisions on how best to produce products at a low cost and effectively market them.
Conclusion
Product life cycle management is a vital strategy for businesses to maximize the potential of their products. By integrating all aspects of a product's life cycle, businesses can ensure efficient production, marketing, and overall success in the market.