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What is Product Life Cycle Management?


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Just about all manufactured products have a limited life, and during this life they will pass through four product life cycle stages; Introduction, Growth, Maturity and Decline. In each of these stages manufacturers face a different set of challenges. Product life cycle management is the application of different strategies to help meet these challenges and ensure that, whatever stage of the cycle a product may be going through, the manufacturer can maximize sales and profits for their product.

Published in: Business, Technology
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What is Product Life Cycle Management?

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  2. 2.  The application of different strategies to meet challenges of four product life cycle stages Ensure that the manufacturer can maximize sales and profits
  3. 3.  To manage the product life cycle, need to focus on key business areas: ◦ Development ◦ Financing ◦ Marketing ◦ Manufacturing ◦ Information
  4. 4.  First and important phases of the manufacturing process Need to spend time and money Photo: flickr/anachrocomputer
  5. 5.  Funds to launch a new product and sustain it through the Introduction stage Further investment through the Growth and Maturity stages Adapt the manufacturing process in the Decline Stage Photo: flickr/caston_corporate
  6. 6.  Adapt the marketing and promotional activity, depending on stage of product life cycle Photo: flickr/EmaStudios
  7. 7.  Manufacturing cost may change during its life cycle: ◦ New processes and equipment: high cost ◦ Market develops and production increases: cost start to fall ◦ Efficient and cheaper methods of production: costs fall further Photo: flickr/caffeineguy
  8. 8.  Information is crucial to the success of any product ◦ Potential market data ◦ Feedback about different marketing campaigns ◦ Monitoring the growth and decline of the market Photo: flickr/featureset1
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