It is about managing controlling and looking after the different phases of the product’s life in order to cope with the changes and to keep an eye on a product to manage its profit margins and assess when it becomes unprofitable for the organization.
Stages of Product Life Cycle Management
An Introduction to Market
Product is launched in this step and it becomes available to the customers .As it is the initial stage so the company’s cost of having that product is high and profits are relatively low.
Growth Stage
At this stage the cost level reaches the economical level and the level of profit margin increases.
Maturity Stage
Experience increases and it is type of a boom in the life of a product here profit margins become higher. At this stage market saturation is reached.
Decline Of The Product
After the boom comes the decline phase of the product where profitability of the product vanishes.
Is It Important To Remain Upto Date In Product Lifecycle Management?
YES! It is important to remain up to date about the changing trends in the market so that modifications can be made in the product to keep it viable for a long period of time. If the market trends will not be followed or the product related campaigns are not revised accordingly then that prove to fatal for the product’s health.
Expertise Is Required
In managing the lifecycle of any product it is very important that the monitoring and management must be conducted by some expert so that chances of errors must get minimized.
Consequences of Negligence In Product Lifecycle Management
The negligence can be very harmful to the life of the product. It can result in bringing end to product’s life before time. It is understood that everything in this world have a limited time. One has to face the downfall or pass away from this world likewise it should be very clear that every product is not going to prosper forever and a time will come when it will lose its worth but it does not mean that companies should not take care of a product’s lifecycle, its management is very important to avoid its expiration before the time.
References
Antti Sääksvuori, Anselmi Immonen (2008), “Product Lifecycle Management, pg 253