Product Lifecycle Management Marketing

Marketing management product life cycle.

Product lifecycle management marketing. Product life cycle is the timeline of demand for the product from its initial stage of introduction. The product revenue and profits can be plotted as a function of the life cycle stages as shown. Product lifecycle management refers to the handling of a good as it moves through the typical stages of its lifespan. Product lifecycle management sometimes product life cycle management represents an all encompassing vision for managing all data relating to the design production support and ultimate disposal of manufactured goods.

Product lifecycle management plm should be distinguished from product life cycle management marketing plcm. Product lifecycle management plm introduction to product lifecycle management. The product lifecycle in a marketing context is all the stages of a product s life span that are related to its promotion and sales. Introduction following product development the marketing team develops a promotion and sales strategy and introduced a product to the market.

Whereas plcm refers to the commercial management of life of a product in the business market with respect to costs and sales measures. After a period of development the product is introduced or launched into the market it gains more and more customers as it grows and eventually the market stabilizes and the product becomes mature. Plm concepts were first introduced where safety and control have been extremely important. 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 stage.

The product life cycle. The product life cycle is a well known framework in marketing products typically go through four stages. Let us now discuss the various stages of a product starting from its innovation to its decline stage. This sequence is known as the product life cycle and is associated with changes in the marketing situation thus impacting the marketing strategy and the marketing mix.

It can be broken up into 4 basic stages. The product life cycle stages are 4 clearly defined phases each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products. Development introduction growth maturity and decline. Product lifecycle in marketing.

Stages include introduction growth maturity and decline and are explained in detail here.