Understanding Product Lifecycle

Mastering it and utilizing all possible opportunities build in to the lifecycle.

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PLM – Product Lifecycle Management means mastering:

  1. Product definition lifecycle (product desing evolution)
  2. Product portfolio (idea, development, market, not in delivery, historical - lifecycle phase products)
  3. Product unit lifecycle (specification, creation, delivery, maintenance of each individual product unit)

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The essential idea of Product Lifecycle Management is to enable efficient and planned management of a product through out its lifecycle - making informed lifecycle decisions around it  regarding resource allocation, product development and marketing activities

Product Management – is a business discipline responsible for:

 

  1. Seeing that the offering meets customer needs at all times
  2. Assuring that the product portfolio has the right coverage and is cost competitive in all relevant segments
  3. Securing that the products have the right features available for users
  4. Seeing that the company sells actively to right markets
  5. Seeing that the company develops world class products & services with optimal customer value
  6. Seeing that the company has capability to promote its offering efficiently with a right message
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