Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its

life cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.

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1 Product life cycle (PLC) o 1.1 Request for deviation o 1.2 Market identification 2 Lessons of the product life cycle (PLC) 3 Limitations 4 See also 5 References 6 External links

Product life cycle (PLC)
Like human beings, products also have a life-cycle. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar lifecycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. To say that a product has a life cycle is to assert three things:
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Products have a limited life, Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller, Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.

The four main stages of a product's life cycle and the accompanying characteristics are: Stage 1. 2. 3. 4. 5. Characteristics costs are very high slow sales volumes to start little or no competition demand has to be created customers have to be prompted to try the product

1. Market introduction stage

2. Growth stage

6. makes no money at this stage 1. costs reduced due to economies of scale 2. sales volume increases significantly

it is launched. sales volume peaks and market saturation is reached 3. and at some point. competition begins to increase with a few new players in establishing market 6. increase in competitors entering the market 4. 3. ] Limitations . petrochemical industry. Maturity stage 4. costs are lowered as a result of production volumes increasing and experience curve effects 2. Industrial profits go down costs become counter-optimal sales volume decline or stabilize prices. profitability begins to rise 4. 1. Saturation and decline stage 4.not all products or services die. but clothes probably will not. public awareness increases 5. 2. increased competition leads to price decreases 1. it grows. Jeans may die. it can be the end of a micro-entrant within the grander scope of a macro-environment. prices tend to drop due to the proliferation of competing products 5. granted prior to the manufacture of an item. profitability diminish 3. may die. fast-food industry. are just a few that demonstrate a macro-environment that overall has not terminated even while micro-entrants over time have come and gone.3. profit becomes more a challenge of production/distribution efficiency than increased sales Request for deviation In the process of building a product following defined procedure.at least in the short term . an RFD is a request for authorization. brand differentiation and feature diversification is emphasized to maintain or increase market share 6. Legal services or medical services may die. but depending on the social and political climate. probably will not. to depart from a particular performance Market identification Termination is not always the end of the cycle. The auto industry. A fair comment is that . Lessons of the product life cycle (PLC) It is claimed that every product has a life period.

and the typical PLC model can only be used as a rough guide for marketing management. some products do not (or to date. but also a constant level of sales over a number of decades. and a steep sloped decline stage. a short maturity stage. It can probably be said that a given product (or products collectively within an industry) may hold a unique PLC shape. A product such as Coca Cola and Pepsi would experience growth. A fad product would hold a steep sloped growth stage.The PLC model offers some degree of usefulness to marketing managers. at the least. Nevertheless. The duration of PLC stages is unpredictable. Coca Cola and Pepsi are examples of two products that have existed for many decades. in that it is based on factual assumptions. . it is difficult for marketing management to gauge accurately where a product is on its PLC graph. This is why its called the product life cycle. A rise in sales per se is not necessarily evidence of growth. but are still popular products all over the world. Strict adherence to PLC can lead a company to misleading objectives and strategy prescriptions. Furthermore. Another factor is that differing products would possess different PLC "shapes". have not) experienced a decline. A fall in sales per se does not typify decline. Both modes of cola have been in maturity for some years. It is not possible to predict when maturity or decline will begin.