Product Life Cycle Management

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Abstract


Product life cycle management is the succession of strategies used by management and as a product goes through its product life cycle. The conditions in which a product is sold changes over time and must be managed as it moves through its succession of stages. It is claimed that every product has a life period, it is launched, it grows, and at some point, may die. A fair comment is that - at least in the short term - not all products or services die. Jeans may die, but clothes probably will not. Legal services or medical services may die, but depending on the social and political climate, probably will not. Even though its validity is questionable, it can offer a useful 'model' for managers to keep at the back of their mind. Indeed, if their products are in the introductory or growth phases, or in that of decline, it perhaps should be at the front of their mind; for the predominant features of these phases may be those revolving around such life and death. Between these two extremes, it is salutary for them to have that vision of mortality in front of them. However, the most important aspect of product lifecycles is that, even under normal conditions, to all practical intents and purposes they often do not exist (hence, there needs to be more emphasis on model/reality mappings). In most markets the majority of the major brands have held their position for at least two decades.


The dominant product life-cycle, that of the brand leaders which almost monopolize many markets, is therefore one of continuity. the PLC is a dependent variable which is determined by market actions; it is not an independent variable to which companies should adapt their marketing programs. Marketing management itself can alter the shape and duration of a brand's life cycle. Thus, the life cycle may be useful as a description, but not as a predictor; and usually should be firmly under the control of the marketer. The important point is that in many markets the product or brand life cycle is significantly longer than the planning cycle of the organizations involved. Thus, it offers little practical value for most marketers. Even if the PLC (and the related PLM support) exists for them, their plans will be based just upon that piece of the curve where they currently reside (most probably in the 'mature' stage); and their view of that part of it will almost certainly be 'linear' (and limited), and will not encompass the whole range from growth to decline.

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APA

Chandan Nune, S. (2021). Product Life Cycle Management. Afribary. Retrieved from https://afribary.com/works/product-life-cycle-management

MLA 8th

Chandan Nune, Saathwik "Product Life Cycle Management" Afribary. Afribary, 04 Sep. 2021, https://afribary.com/works/product-life-cycle-management. Accessed 25 Sep. 2021.

MLA7

Chandan Nune, Saathwik . "Product Life Cycle Management". Afribary, Afribary, 04 Sep. 2021. Web. 25 Sep. 2021. < https://afribary.com/works/product-life-cycle-management >.

Chicago

Chandan Nune, Saathwik . "Product Life Cycle Management" Afribary (2021). Accessed September 25, 2021. https://afribary.com/works/product-life-cycle-management