In marketing, Product life cycle management is the process of implementing the strategies of business management when a product goes under its life-cycle. The selling strategy of product changes over time, to manage the moves and retain the target market; Product life cycle management is used.
Product life cycle is defined as the development in which the product is established, introduced to the market and lastly remove from the market, and Product life cycle management is the observation of these stages where a product undergoes the stages of development, growth and maturity and decline. Effective Product life cycle management involves many companies, departments and employees who are responsible for product’s production, with the intent of outperforming its competitions and gained high profits from the market.
Books on Product life cycle management
Book 1 –
Product Lifecycle Management: 21st Century Paradigm for Product Realisation By John Stark (published by Springer Science & Business Media, 2011)
Book 2 –
Product Lifecycle Management By Antti Saaksvuori, Anselmi Immonen (published by Springer Science & Business Media, 2005)
How Product life cycle management works?
There are four clear steps in Product life cycle; each step has designed to perform a different job for business and managing the life cycle of their products.
The most expensive stage for a company in order to launch a fresh product, while introducing a product the market size seem small, after as time goes it will expand. The overall budget which includes, research and development, consumer testing and promotion needed, can be very high.
Depends on sales and profits, when the company starts to gain profit margins, which allow more investment in promotional.
The establishment of the product with the intent to maintain the market shares they have already built up.
Over time the product starts to shrink in the market due to the market becoming saturated or consumers are switching to different products, where the company can switch to less cheap production method or market.
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