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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 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 ...
Product lifecycle management (PLM) should be distinguished from 'product life-cycle management (marketing)' (PLCM). PLM describes a product's engineering aspect, from managing its descriptions and properties through its development and useful life. In contrast, PLCM refers to the commercial management of a product's life in the business market ...
The Life Cycle-Competitive Strength Matrix was introduced to overcome these deficiences and better identify "developing winners" or potential "losers". [6] A more practical approach is that of the Boston Consulting Group's Advantage Matrix , which the consultancy reportedly used itself though it is little known amongst the wider population.
A company's place on the matrix depends on two dimensions – the process structure/process lifecycle and the product structure/product lifecycles. [2] The process structure/process lifecycle is composed of the process choice (job shop, batch, assembly line, and continuous flow) and the process structure (jumbled flow, disconnected line flow, connected line flow and continuous flow). [2]
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.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
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.