Product life cycle management (or PLC management) is the sequential formulation and implementation of strategies used by Marketing Professionals as a product goes through its life cycle. The conditions of the market in which a product gets sold changes over time and the issues that arises with the changes must be managed as the product moves through its succession of stages.
The market characteristics and challenges faced in each stage of the product life cycle is very unique and certain issues are common across industries.
Based on these characteristics Product and Brand managers take decisions about formulation and implementation of strategy.
The GE-McKinsey matrix is often used for analysis of the business market structure and subsequently design a series of strategies, based on the analysis. Another similar tool for analysis is the Michael Porter’s 5 forces model.
Do let me know if you have any queries regarding this article.
By the way, do you know about customer network value and how to manage the same?
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