Product life-cycle management (marketing) | Solutional Webdesign Antwerpen

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Product Life-Cycle Management (PLM) is a significant marketing concept that refers to the process of managing a product through all stages of its life, from inception, through engineering design and manufacture, to service and disposal. This concept is based on the fact that every product has a limited life and goes through various stages, each requiring different marketing strategies. The primary goals of PLM include reducing time to market, enhancing product quality, cutting prototyping costs, identifying potential sales^[2] opportunities, maintaining operational serviceability, and minimizing environmental impacts at the product’s end-of-life. PLM also involves strategies for extending a product’s life cycle, such as advertising^[1], market expansion, price reduction, feature addition, and packaging changes. Understanding the characteristics of each stage of the product life cycle, from introduction to decline, is crucial in this process. PLM has been the subject of extensive studies and scholarly work, with various resources available for further understanding.

Terms definitions

1. ↑ advertising. Advertising is a form of communication used to inform or persuade an audience, often with the goal of selling a product or service. Its history dates back to ancient civilizations, where Egyptians used papyrus for sales messages, and wall paintings were used in ancient Asia, Africa, and South America for promotional purposes. The medium evolved over time, from print in newspapers to audio-visual and digital mediums, with the rise of mass media and technological advancements. Advertising strategies can vary, aiming to raise awareness or drive sales, and can target different audiences on a local, national, or global scale. Various methods include print, radio, web banners, and television ads, among others. New trends have emerged in the advertising business models, like guerrilla marketing and interactive ads. The role of women in advertising has also been notable, with their insights being valued due to their purchasing power.

2. ↑ sales. Sales is a key aspect of business operations that pertains to the selling of goods or services at a defined cost. This process entails the transfer of ownership and agreement on a price. In countries with common law, sales are typically regulated by commercial codes. The individuals involved in executing sales are referred to as salespersons, who play a specialized role in the sales process. Sales is generally seen as the final stage of marketing, implementing the plan into action. It requires persuasion and effort to bring resources into a company. Sales are considered an output of a larger system within an organization, with the sales and marketing processes supplying inputs and outputs to each other. This process is often integrated within the larger business structure in large corporations, with multiple teams focusing on driving profits and success.

Product life-cycle management (marketing) (Wikipedia)

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Product life-cycle management (PLM) is the succession of strategies 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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