Product Life Cycle Management

By | October 14, 2017

Stages of the Product Life Cycle Management

Why firms need management strategies?

All products in the market must be supported with advertisement strategies because sale rates must keep   at the higher level and some strategies are developed to achieve this goal. This process also helps to the investors for extending life time of the product. But still ,after the one day product don’t have a power in the market any more so amounts of the product must be decreased gradually. On the other hand, new products are supported to handle this process wisely. This cycle is too important for the firm and they should take care of this cautiously.

Product Life Cycle

Product Life Cycle

Product life time stages

Nowadays to fix the problem in this process and to maintain the strength of the company or firm, businesses management systems have discovered. Actually we can summarize all as a four stages.

  • introduction
  • growth
  • maturity
  • decline

Introduction part is related to presentation of the product for the market and customers. At the growth stage, product seems familiar for the customer and sales are at the suitable level for the seller. At the maturity stage, product is the famous and attractive completely and all of the customers want to buy it immediately. But other dealers can show theirselves with same products to catch the customers to the own brands so competition begins naturally. Finally At the decline stage, life of the product begins converging to the end. All of these stages happen with unplanned and unpredictable durations so dealers and firms analyze the market correctly, they estimate and use   their own supports logically.

Product Life Cycle

Product Life Cycle

Functions of the Management Systems

What does the plm term mean?

It is required thing that you must take side on the market with respect to your strategies and financial goals because of this , plm have created for the firms.Plm term is refer to the  product life cycle management.Plm is not just technological monitoring and control system is also work approach to handle the  all organizational actions  simultaneously. If we also mention about main functions of the product life cycle management we can determine three certain and clear functions of this.

Product Life Cycle

Product Life Cycle

  • It supports creating data about the product, protect with secure programming techniques and allow to be accessible to the responsible.
  • It solves the problem about information flow and gathering.
  • It manages all activities about work actions. This functions help to the firm to control the market naturally at the required level.
Product Life Cycle

Product Life Cycle

Application Steps of the Management Systems

We can now focus steps of the process one by one. In the beginning firm must determine its criteria, objectives, constraints and supports and with these informations,

  • Make an action plan, find the suitable strategy and work approach.

After that, integrate the all informations about product in the one center.

  • Divide work to the different teams and they must work with each other at the same time.

Now, system must be standardized without any extra human help to fix the problem. At this stage, firm can begins marketing actions and product can be designed according to the rules. Finally all things that have required are communication with other customers.

  • Take information about quality and satisfaction.
Product Life Cycle

Product Life Cycle

Benefits of the Management

The main idea for this process is;

  • Gain flexibility and simplicity
  • Increase productivity
  • Reduce costs that creates reducing risk for the company

So product life cycle management is handled cautiously because of the their importance.