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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.
The primary product-related decisions facing the retailer are the product assortment (what product lines, how many lines and which brands to carry); the type of customer service (high contact through to self-service) and the availability of support services (e.g. credit terms, delivery services, after sales care).
[5] and "the element of the marketing communications mix that is non-personal, paid for by an identified sponsor, and disseminated through mass channels of communication to promote the adoption of goods, services, persons, or ideas." [6] One of the shortest definitions is that advertising is "a paid, mass-mediated attempt to persuade". [7]
Marketers typically begin planning with a detailed understanding of customer needs and wants. A need is something required for a healthy life (e.g. food, water, shelter, emotional bonding); A want is a desire, wish or aspiration; When needs or wants are backed by purchasing power, they have the potential to become demands.
In the past, marketing practice tended to be seen as a creative industry, which included advertising, distribution and selling, and even today many parts of the marketing process (e.g. product design, art director, brand management, advertising, inbound marketing, copywriting etc.) involve the use of the creative arts. [23]
Product lifecycle management (PLM) should be distinguished from 'product life-cycle management (marketing)' (PLCM). PLM describes the engineering aspect of a product, from managing descriptions and properties of a product through its development and useful life; whereas, PLCM refers to the commercial management of the life of a product in the ...
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Product life cycle plays an important role in marketing. The first reason is that the managers will follow the four stages to make product plans for pushing out new products. Secondly, the level and growth of sales will change a lot during the four stages so the managers need to adjust the product plan appropriately and timely.