- Product Life Cycle Management
The observation of an item as it moves through the typical stages of development, growth, maturity and decline. Effective product life cycle management brings together the many companies, departments and employees involved with the product's production to streamline their activities, with the ultimate goal of producing a product that outperforms its competitors and is highly profitable.
Proper management of a product's life cycle has many benefits, such as getting the product to market faster, putting a higher quality product on the market, improving product safety, increasing sales opportunities and reducing errors and waste. Specialized computer software is available to assist with product life cycle management through functions such as document management, design integration and process management.
Investment dictionary. Academic. 2012.
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Product life cycle management — is the succession of strategies used by management 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. Product life… … Wikipedia
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life cycle — The lifetime of a product or business, from its creation to its demise or transformation. Bloomberg Financial Dictionary * * * life cycle UK US (also lifecycle) noun [C, usually singular] MARKETING, PRODUCTION ► the series of changes that a… … Financial and business terms
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brand life cycle — Mktg the three phases through which brands pass as they are introduced, grow, and then decline. The three stages of the brand life cycle are: the introductory period, during which the brand is developed and is introduced to the market; the growth … The ultimate business dictionary