The art and science of product lifecycle management
As a business leader, you understand that products are not meant to last forever, yet their management throughout their lifecycle can significantly impact your bottom line.
Product Lifecycle Management (PLM) is a strategic approach that involves managing all the information, people, and processes involved throughout a product's life. Specifically, the product lifecycle includes:
- Development & launch
- Growth
- Maturity
- Decline
The initial stage is when the new product is designed, developed, and put on the market. At this stage, your expenses will be high, but your revenues will be quite low. Consumers are not aware of your product and its values and features.
During the growth stage, more consumers learn about your product. To reach a larger audience, it is important to have effective marketing techniques, rely on word of mouth, and establish strong…
