Product life cycle management is a hands-on technique for guiding a product from inception to widespread consumer sale. The best supply chain and workflow methods for fulfilling sales targets and carrying out a business’s overall strategy can change as a product evolves.
We’ll go over the product life cycle and how to execute successful product management and will tell you about idea screening in marketing.
What is product life cycle management?
The approach to managing how an item develops from an idea to a completely formed product is known as product lifecycle management. It is also known as PLM. PLM covers the design, manufacture, production, marketing, and upgrades of a product, among other things. Effective product life cycle management brings together and organizes the various stakeholders involved in the creation of a product, increasing efficiency and establishing a measurable, goal-oriented procedure for bringing an idea to market.
What is the purpose of PLM?
PLM ensures that each product a firm manufacture is of the highest quality, profitability, and put a great influence on customers.
Let’s take a look at the product life cycle and identify the six stages. All of these can assist you in launching your next product successfully.
- Idea generation (Ideation)
The first step in the product development process is to come up with new product concepts. You find product concepts based on consumer requirements, price, and market research at the first idea stage.
- Idea screening in marketing
While the idea generation stage focuses on generating as many ideas as possible, the concept screening stage focuses on narrowing down the alternatives to select the finest ones. This prevents resources from being squandered.
- Product Development
This stage of the product development life cycle is when you create a “blueprint” for bringing your best product idea(s) to reality. Then you may put it to the test to get some early feedback.
- Business and marketing strategy
This is where you design a strategy for bringing your product concept to the masses.
- Product Development
Now is the time for your new product concept to take shape. This is the stage where the “product development” part of the “product development life cycle” comes into play. Use your tried-and-true concepts, make adjustments depending on feedback, and design your product around your marketing and commercial strategy.
- User testing
At this point, your team should have finished the majority of the work on your new product or feature. Before a complete market release, the purpose is to collect user input on performance and uncover annoying defects.
- Launch
It is one of the most crucial stages of the product development life cycle, as it is here that the product is made available to all of your clients.