What are the Stages of Product Lifecycle Management?
PLM typically encompasses the following stages:
Development: This is the initial phase where ideas are generated, and feasibility studies are conducted. It often involves research and development (R&D) to bring the concept to life. Introduction: In this stage, the product is launched into the market. Marketing strategies are crucial to create awareness and attract early adopters. Growth: During the growth phase, sales begin to increase rapidly. The focus is on scaling production and expanding distribution channels. Maturity: The product reaches its peak in terms of market penetration. Competition becomes fierce, and the focus shifts to differentiation and maintaining market share. Decline: Eventually, sales begin to decline due to market saturation, technological advancements, or changing consumer preferences. Strategies may involve product updates or phasing out.