Product Life Cycle Management

Product life cycle management (or PLC management) is the sequential formulation and implementation of strategies used by Marketing Professionals as a product goes through its life cycle. The conditions of the market in which a product gets sold changes over time and the issues that arises with the changes must be managed as the product moves through its succession of stages.

Indeed, without effective product lifecycle management, success mapping and product phase-outs would be virtually impossible. Imagine if you as a manager or entrepreneur had no idea which of your offerings are really doing well. How would you take expansion decisions about your product lines in the future?

The market characteristics and challenges faced in each stage of the product life cycle is very unique and certain issues are common across industries.

 

Based on these characteristics Product and Brand managers take decisions about formulation and implementation of strategy.

The GE-McKinsey matrix is often used for analysis of the business market structure and subsequently design a series of strategies, based on the analysis. Another similar tool for analysis is the Michael Porter’s 5 forces model.

Do let me know if you have any queries regarding this article.

By the way, do you know about customer network value and how to manage the same?

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 75 high impact research papers with hundreds of citations as per Google Scholar. He has also authored/edited a number of books. He is the Editor and Founder of Business Fundas. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.