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it is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal
Its the period between developing an item till using/ consuming as an end product.
From conception all the way to usage, termination and disposal
PLM process is starting of creating the concept of the product and selection it. It finishes at the end of usage in customers' hand moreover the recycle management. PLM process does not depend on the department understanding, the process respects to the data analysys of whole product life. Siemens is one of the former organization about PLM.
Product life cycle management starts from Design phase and managing till the phase out of the product in the market. Life cycle ends with introducing a new product in place of the old one...
Today mobile and laptops have a very short life cycle.....
I see PLM as a marketing tool to manage a product(s)/service(s) and their features. It starts by defining a product/service targeting specifc market(s) for a specific price.
It is mainly used for innovative products where such products go through a bell shaped life cycle starting with early adopters then mainstream then retirment.
The outcomes are the product/service features, marketing and sales strategies, pricing strategies, and after slaes services plan. These outcomes covers the product/services through the different stages of its life.
everything in life has a life cycle.
in business lifecycle is;introduction stage,growth stage,maturity stage and finally decline stage.
we should manage our business around these stages,.you must know at this time where your product is in terms of lifecycle.
you must manage your full cycle.we spend alot during introduction,less into growth,much less in maturity,and not a penny in decline
Product lifecycle is cradle to grave. staring from design of the product to take out from shelves.
I too agree with Khaled and others its entire lifecycle of a product from its conception, right from design , prototype, manufacture , market , sell, after sales service and disposal
