Why is product lifecycle management important ?

 Windows Vista. Google Glass. New Coke. Bisleri Pop. Suzuki Kizashi...!

How many of you are still using these products?

Forget about using it, many of you may not remember some of these brands even existed!

Worldwide, companies launch hundreds of new products every year. The products range from everything we need from the time we get up till we sleep at night or even from birth to death! It could be toothpaste, a breakfast snack, beverage, mobile, software, mobile app, television, cooking-range, washing machine, automobile, and many more. Among other aspects, the success or failure of a product could be attributed to – product lifecycle management.

Product lifecycle basics

Product cycles are unique to products and the industry. In general, the term product lifecycle refers to the timeframe covers:

  1. Identification of a problem or a need.
  2. Developing the idea or concept.
  3. Creation of the design.
  4. A prototype is ready.
  5. Introduce the product into the market.
  6. Manufacture the product in bulk.
  7. The market accepts the product leading to its growth.
  8. The market demand stabilizes or reaches maturity.
  9. Customers lose their interest (better products are available) and the product enters the decline stage.
  10. The product reaches its end-of-life or disposal.

While the product lifecycle of a car like Maruti 800 was over thirty years, it could be a few months for a ‘junk snack.’


Read more at https://www.productdossier.com/blog/details/0000000205

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