Goals[ edit ] The goals of product life cycle management PLM are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, and reduce environmental impacts at end-of-life. To create successful new products the company must understand its customers, markets and competitors.
If the idea is determined to be feasible and potentially profitable, the product is produced, marketed and rolled out in the growth phase. Assuming the product becomes successful, its production will grow until the product becomes widely available and matures in the mature stage.
Eventually, demand for the product declines and it becomes obsolete, resulting in the decline stage. As the product becomes more successful, it faces increasing numbers of competitors and may lose market shareeventually declining.
For example, a brand-new product needs to be explained to consumers, while a product that is further along in its life cycle needs to be differentiated from its competitors. A General Example of Product Life Cycle, Management and Implementation Using an established industry as an example, recorded television has products all along the stages of the product life cycle.
Zurn Industries, LLC, a leader in commercial, municipal, healthcare and industrial water solutions, identified the need to further define its product life cycle, and implemented a platform created by Advanced Solutions Product Lifecycle Management, LLC to help it do so.
The platform helps Zurn Industries integrate its company-wide product data into a centralized system in such a way that it can report on product development data. Through the use of analyzed data, the company looked at its product life cycle, from the introduction phase to the decline stage, and updated its product workflow so that it operates more efficiently.
The product life cycle platform implemented by Advanced Solutions Product Lifecycle Management essentially created a straight-forward approach to new product development, streamlining the four stages of the life cycle.Research on Evaluating Risk Across the Life Cycle of Manufactured Chemicals, Materials, & Products EPA researchers are evaluating potential impacts to human and ecological health across the life cycle of manufactured chemicals, materials, and products.
", The firm life cycle stages can be treated as an expanded version of the product life cycle concept in marketing and microeconomics (Mueller, ; Rink & Swan, ). There are four main stages of the product life cycle: introduction, growth, maturity, and decline.
Each stage of a product’s life cycle will require different forms of market research to most effectively market your product in the industry.
Here are some examples of the different types of marketing styles and research necessary for each stage: 1. This database includes: premarket and postmarket data about medical devices. It includes information about Device Classification Product Codes, Premarket Approvals (PMA), Premarket Notifications ([K]), MAUDE Medical Device Adverse Event Reports, and CDRH Medical Device Recalls.
Research Papers on Product Life Cycles In approaching a research paper on the Product Life Cycles there are several ways you can examine any product’s life cycle.
This is a topic suggestion on Product Life Cycles from Paper Masters.
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