Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.

Goals

The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life. To create successful new products the company must understand its customers, markets and competitors. Product Lifecycle Management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise. PLM solutions help organizations overcome the increased complexity and engineering challenges of developing new products for the global competitive markets.

Product life cycle

The concept of product life cycle (PLC) concerns the life of a product in the market with respect to business/commercial costs and sales measures. The product life cycle proceeds through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. PLC management makes the following three assumptions: Once the product is designed and put into the market, the offering should be managed efficiently for the buyers to get value from it. Before entering into any market complete analysis is carried out by the industry for both external and internal factors including the laws and regulations, environment, economics, cultural values and market needs. From the business perspective, as a good business, the product needs to be sold before it finishes its life. In terms of profitability, expiry may jolt the overall profitability of the business therefore there are few strategies, which are practiced to ensure that the product is sold within the defined period of maturity.

Extending the product life cycle

Extending the product life cycle by improving sales, can be done through Something important to notice is that all these techniques rely on advertising to become known. Advertising needs the others to target other potential customers and not the same over and over again.

Characteristics of PLC stages

There are the following major product life cycle stages:

Identifying PLC stages

Identifying the stage of a product is an art more than a science, but it's possible to find patterns in some of the general product features at each stage. Identifying product stages when the product is in transition is very difficult. More recently, it has been shown that user-generated contents (UGC) (e.g., in the form of online product reviews) has the potential to reveal buyer personality characteristics that can in turn be used to identify product life cycle stage. features''' ! Introduction !! Growth !! Maturity !! Decline