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. Investing

    How do name-brand products compete with ...

  2. Personal Finance

    Hidden Costs Of Product Rebates

  3. Retirement

    Consumer Confidence: A Killer Statistic

  4. Economics

    Evaluating Grocery Store Stocks

Hot Definitions
  1. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  2. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  3. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  4. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  5. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  6. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
Trading Center