What is the focus of product lifecycle management?

The focus of product lifecycle management is primarily on managing a product's lifecycle from inception to disposal. This approach encompasses all stages of a product's life, beginning with the initial concept and development, progressing through production, market introduction, growth, maturity, and eventual decline and disposal or recycling.

Effective product lifecycle management ensures that businesses can optimize each phase for better resource management, market alignment, and overall profitability. It involves collaboration across various departments, such as engineering, manufacturing, marketing, and sales, to coordinate the product's journey and address any challenges that arise.

By prioritizing a holistic view of a product's lifecycle, organizations can make informed decisions regarding improvements, cost reductions, and strategic marketing, ensuring that they respond adeptly to changing market conditions and consumer demands throughout the product's life.