Product Life Cycle Management


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. . 2012.

Look at other dictionaries:

  • 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

  • product life cycle management — ➔ management * * * product life cycle management UK US noun [U] (also PLM) MARKETING, COMMERCE ► decisions that are made about a product s appearance, price, advertising, etc. to suit each stage in the product life cycle: »Toyota is one of many… …   Financial and business terms

  • product life cycle — The course of a product s sales and profitability over its lifetime. The model describes five stages, each of which represents a different opportunity for the marketer. A new product starts in the development stage, during which the original idea …   Big dictionary of business and management

  • Product life cycle — Der Produktlebenszyklus ist ein Konzept der Betriebswirtschaftslehre und beschreibt den Prozess zwischen der Markteinführung bzw. Fertigstellung eines marktfähigen Gutes und seiner Herausnahme aus dem Markt. Dabei wird die „Lebensdauer“ eines… …   Deutsch Wikipedia

  • Life cycle — refers to: * Biological life cycle ** Honey bee life cycle * Life cycle of a nation * New product development * Product life cycle management * LIFECYCLE Fundraising * Software life cycle * Adobe LifeCycle …   Wikipedia

  • Life-cycle assessment — Cradle to grave redirects here. For other uses, see Cradle to the Grave (disambiguation). A life cycle assessment (LCA, also known as life cycle analysis, ecobalance, and cradle to grave analysis)[1] is a technique to assess environmental impacts …   Wikipedia

  • Life cycle assessment — A life cycle assessment (LCA, also known as life cycle analysis, ecobalance, and cradle to grave analysis) is the investigation and valuation of the environmental impacts of a given product or service caused or necessitated by its existence.… …   Wikipedia

  • 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

  • The Technology Life Cycle — (TLC) is an important tool The diagram below illustrates the typical life cycle of a manufacturing process or production system from the stages of its initial conception to its culmination as either a technique or procedure of common practice or… …   Wikipedia

  • 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


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.