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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, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come from the area where it was ...
There are several life-cycle models in each industry to consider, but most are rather similar. What follows below is one possible life-cycle model; while it emphasizes hardware-oriented products, similar phases would describe any form of product or service, including non-technical or software-based products: [16]
Internal factors such as product's functionality and profit objective, and external factors such as company's image or expected price of competitive products will influence target selling price. Company's long-term profit plan and life-cycle cost are considered when determining target profit margin.
Product life cycle can be viewed as an important source of investment decision for the company. If a company or brand wants to make sure that its products are successful, it needs to study the product life cycle to analyze market attractiveness and supplement the conclusion before it launches a new product or enters a new market. [15]
Life cycle inventory (LCI) analysis involves creating an inventory of flows from and to nature (ecosphere) for a product system. [32] It is the process of quantifying raw material and energy requirements, atmospheric emissions, land emissions, water emissions, resource uses, and other releases over the life cycle of a product or process. [33]
The product life cycle concept consist of 4 stages: introduction, growth, maturity, obsolescence. [11] It outlines the stages the product was first introduced into the market until it is finally removed from the market. The length of the life cycle, duration of each stage and the shape of the curve vary widely for different products.
Product assortment – product range, product mix, product lines; Branding; Packaging and labeling; Services (complimentary service, after-sales service, service level) Guarantees and warranties; Returns; Managing products through the life-cycle [6] Price: Price refers to the amount a customer pays for a product.
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