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 technology sector, 'product lifecycle management' involves the coordination of engineering, manufacturing, and marketing efforts to maximize the product's market relevance and profitability. A tech company executive might state, 'Effective PLM strategies are key to our ability to innovate and compete in a rapidly evolving market.'

Practice Scenarios

Design

Scenario:

Managing the various design stages is proving to be complicated. The lack of alignment among teams is an issue.

Response:

We need to integrate Product Lifecycle Management to provide a consistent overview of the design stages.

Operations

Scenario:

Our product is nearing the end of its lifecycle. We need to start planning for the next iteration.

Response:

I agree, a robust Product Lifecycle Management process will help us in planning the next iteration.