product-lifecycle-management

Vocabulary Word

Definition

In business, 'Product Lifecycle Management' (PLM) is like the life story of a product. It starts at the conception or creation of the product, goes through introducing it to the market, having people buy and use it, and then eventually phase it out.

Examples in Different Contexts

In the fashion industry, 'product lifecycle management' is crucial for responding quickly to changing trends and managing seasonal product lines. A fashion designer might explain, 'PLM enables us to rapidly iterate designs, manage production schedules, and ensure timely delivery to retailers.'

Practice Scenarios

Business

Scenario:

The market for our flagship product seems to be saturated. We may need to innovate to stay competitive.

Response:

Absolutely, deploying a Product Lifecycle Management strategy can help us in managing the lifecycle of the product.

Tech

Scenario:

The disparate software applications are resulting in redundancy and inefficiency. We need a factor unifying everything.

Response:

Product Lifecycle Management, in this case, can serve as the unifying factor, centralizing product data and streamlining processes.