product lifecycle management
Product Lifecycle Management (PLM) refers to the process of managing the entire lifecycle of a product, from its inception to its retirement. It involves managing all the data related to a product, including its design, engineering, manufacturing, marketing, and after-sales service
poroject lifecycle managment (plm)
PLM helps companies manage the entire lifecycle of their products by providing a centralized database of product-related data that can be accessed by various teams within the organization. This helps to ensure that everyone is working from the same set of data, which can help to reduce errors and improve efficiency. Additionally, PLM can help companies make more informed decisions by providing insights into product performance, customer feedback, and market trends
- This is the initial stage where the product is introduced to the market. During this stage, the focus is on creating awareness and generating demand for the product.
- Growth: In this stage, the product gains wider acceptance and demand increases. Companies typically focus on increasing production and distribution during this stage.
- Maturity: During this stage, the product reaches its peak in terms of sales and profitability. Companies typically focus on maximizing profits by reducing costs and improving efficiencies
- Decline: In this stage, sales of the product begin to decline as newer products are introduced to the market. Companies may consider discontinuing the product or repositioning it to extend its life