Product lifecycle management (PLM) is the process of managing a product as it progresses through the traditional stages of its life: development and introduction, growth, maturity/stability, and decline. This includes both the manufacture and marketing of the product. The Product Lifecycle Management idea informs business decisions ranging from pricing and promotion to expansion and cost-cutting.
There are many different ways to describe the phases of product development and no one industry standard. However, the phases below represent a typical development cycle.
· Concept and design: The ideation phase, during which the requirements of a product are established based on criteria such as competitive analysis, market gaps, or consumer demands.
· Develop: The detailed design of the product, as well as any relevant tool designs, will be produced. This phase comprises product validation and analysis, as well as prototype creation and field testing. This provides critical input on how the product is being utilized and what improvements are required.
· Production and launch: Pilot feedback is utilized to fine-tune the design and other components to create a market-ready version. The new product's manufacturing is scaled, followed by market launch and distribution.
· Service and support: Following the launch of the new product, the period of time when service and support is offered.
· Retirement: At the end of the product’s lifecycle, its withdrawal from the market must be managed – along with any retrials or absorption into new concept ideas.
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