Product Life Cycle Management

AAA

DEFINITION of 'Product Life Cycle Management'

The observation of an item as it moves through the typical stages of development, growth, maturity and decline. Effective product life cycle management brings together the many companies, departments and employees involved with the product's production to streamline their activities, with the ultimate goal of producing a product that outperforms its competitors and is highly profitable.

INVESTOPEDIA EXPLAINS 'Product Life Cycle Management'

Proper management of a product's life cycle has many benefits, such as getting the product to market faster, putting a higher quality product on the market, improving product safety, increasing sales opportunities and reducing errors and waste. Specialized computer software is available to assist with product life cycle management through functions such as document management, design integration and process management.



RELATED TERMS
  1. Product Life Cycle

    The period of time over which an item is developed, brought to ...
  2. Comparative Advertising

    A marketing strategy in which a company shows how its product ...
  3. Word-Of-Mouth Marketing - WOM Marketing ...

    When a consumer's interest for a company's product or service ...
  4. Marketing Mix

    Usually referring to E. Jerome McCarthy's 4 P classification ...
  5. Advertising-To-Sales Ratio

    A measurement of the effectiveness of an advertising campaign ...
  6. Life Cycle

    The course of events that brings a new product into existence ...
Related Articles
  1. How do name-brand products compete with ...
    Investing

    How do name-brand products compete with ...

  2. Hidden Costs Of Product Rebates
    Personal Finance

    Hidden Costs Of Product Rebates

  3. Consumer Confidence: A Killer Statistic
    Retirement

    Consumer Confidence: A Killer Statistic

  4. Evaluating Grocery Store Stocks
    Economics

    Evaluating Grocery Store Stocks

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center