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