Product life-cycle management (marketing)

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, 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 global complexity and engineering challenges of developing new products for the global competitive markets. ^{[ quote needed ]}

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 is achieved through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. PLC management makes the following assumptions: ^{[ citation needed ]}

Products have a life cycle and have a life cycle.
Product sales pass through distinct stages, challenges, opportunities and problems to the seller.
Products require different marketing, financing, manufacturing, purchasing, and human resources in each life cycle stage.

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 the market for the environment and the environment, the economic and market needs. Product life cycleThe product life cycle is a product of this concept, but it is a product that exists, however, due to a limited shelf life. From the business perspective, a good business, the product needs to be sold before it finishes its life. In terms of profitability, it may be useful to understand the overall profitability of the business, which is a few strategies, which are provided to ensure that the product is sold within the defined period of maturity.

Extending the life cycle

Extending the product life cycle by improving sales, this can be done through

Advertising: Its purpose is to get more audience and potential customers.

Exploring and expanding to new markets: By conducting market research and offering the product (or some adaptations of it) to new markets, it is possible to get more customers.

Reduced price tag: Many customers are attracted by the price cuts and discount tags.

Adding new features: Adding value to the product catches the attention of many buyers.

Packaging: New, attractive, useful or eco-friendly packaging.

Changing customer consumption habits: Promoting new trends of consumption.

Special offers: Raising interest by offering Jackpot and other offers.

Heightening interest: The following are some of the profiles of some of the following: Eco-friendly production processes, good work conditions, funding the efforts of non-profit organizations (cancer cure, anti-war efforts, refugees, GLTBI, environment and animal protection, etc.) and the like.

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 the same over and over again. ^[1]

Characteristics of PLC stages

There are the following major product life cycle internships:

Traineeship	Characteristics
1. Market introduction stage	This is the stage in which the product and the product are nominally and non-attained. The market for the product is not competing initially and the company. The products start to gain distribution as the product is not new and the product is not assured and the price of the product will be determined as low or high. ^[2] costs are very high slow sales volumes to start little or no competition request has to be created customers have to be prompted to try the product makes little money at this stage
2. Growth stage	In the growth stage, the product is present in the market and the consumers are habitually aware of the product and the growth of the product. product. The customers are getting satisfied from the product and they are buying it again and again. The ratio of the product repetition for the trial procurement and the competitiveness of the market is more attractive and attractive. This helps in creating a better market in the market and also results in decreasing the product price. costs reduced by economies of scale sales volume increases significantly profitability begins to rise public awareness increases competition begins to increase with a few new players in establishing market increased competition leads to price decreases
3. Maturity stage	In maturity stage, the cost of the product has been increased because of the volume of the product and the product started to experience the curve effects. Also, more and more competitors have seen the market. In this way, the product of the product. The decline of the product and the cost of attaining sales. The brand or the product differentiation via rebating and discounts in the market. Also, there is a decline in the entire cost of marketing through distribution and promotional efficiency with switching and segmentation. ^[3] costs are decreased as a result of production volumes increasing and experience curve effects sales volume peaks and market saturation is reached increase in competitors entering the market prices tend to drop due to the proliferation of competing products brand differentiation and feature diversification industrial profits go down
4.Saturation and decline stage	In this internship, the profit of the product of the product has begun to decline because of the deletion of the product from the market. The market for the product in this stage, started to show negative rate of growth and corroding cash flows. The product, at this stage may be kept but there should be less adverts. ^[4] costs become counter-optimal sales volume decline prices, profitability diminish profit becomes a challenge of production / distribution Note: Product termination is usually the end of the business cycle, only the end of a single entrant within the scope of an ongoing business program.

Identifying PLC stages

Identifying the stage of a product is a art more than a science, but it is 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. ^{[ quote needed ]}

Identifying features	Introduction	Growth	Maturity	decline
Identifying features	Internships
Sales	low	High	High	low
Investment cost	Very high	High (lower than intro stage)	low	low
Competition	Low or no competition	High	Very high	Very High
profit	low	High	High	low

Product life cycle at different stages

Software

PLM solution providers for consumer brand manufacturers include Centric Software and ec Vision Independent. ^[5]

References

Jump up^ Levitt, Theodore (November 1965). “Exploit the Product Life Cycle” . Harvard Business Review .
Jump up^ Anderson & Zeithaml, Carl R. & Carl P. (Mar 1984). “Stage of the Life Cycle Product, Business Strategy, and Business Performance”. The Academy of Management Journal . 27 NO 1: 5-24.
Jump up^ Griffin, Abbie (Feb 1997). “The Effect of Project and Process Characteristics on Product Development Cycle Time”. Journal of Marketing Research . 34 NO 1: 24-35.
Jump up^ Steffens, Paul (August 2002). ” ” The Life Cycle Product Concept: Buried or Resurrected by the Diffusion Literature? ” “. Academy of Management Conference . 1 (5) : 1-30.
Jump up^ COMMERCIAL OPERATIONS MANAGEMENT: Process and Technology to Support 9380228554 RAVINDAR TOMAR – 2009 “Major Commercial Players Total Spending on PLM software and services is estimated to be above $ 15 billion Software and ec Independent PLM solution providers …

Box, Jonathan Mbosia, Extending product lifetime: Prospects and Opportunities , Tanzanian Journal of Marketing September, 2012
Day, G. “The Product Life Cycle: Analysis and Applications Issues,” Journal of Marketing , Vol 45, Autumn 1981, pp 60-67.
Levitt, T., “Exploit the product life cycle,” Harvard Business Review , Vol 43, November-December 1965, pp 81-94.
Dhalla, NK, Yuspeh, S., “Forget the product life cycle concept,” Harvard Business Review , Jan-Feb 1976
Rey FJ, Martin-Gil J., Velasco E. et al., “Life Cycle Assessment and External Environmental Cost Analysis of Heat Pumps,” Environmental Engineering Science , Vol 21, September 2004, pp 591-604
Westkämper, E., ” Annals of the CIRP , Voluntary Approaches and Visions Towards Sustainable Manufacturing,” Vol. 49, No. 2, 2000, pp 501-522
Chan, KC and Mills, TM, “Modeling competition over product life cycles,” Asia-Pacific Journal of Operational Research , Vol 32, no. 3, 2015, DOI: 10.1142 / S0217595915500219
Anderson, C. and Zeithaml, C. 1984. Stage of the Life Cycle Product, Business Strategy, and Business Performance. Academy of Management , 27 (1), pp. 5-24
Griffin, A. 1997. The Effect of Project and Process Characteristics on Product Development Cycle Time. Journal of Marketing Research , 34 (1), pp. 24-35
Levitt, T., 1965. Exploit the Product Life Cycle. Harvard Business Review
Steffens, P. 2002. The Product Life Cycle Concept: Buried or Resurrected by the Diffusion Literature ?. Academy of Management Conference , 1 (5), pp. 1-30