Product Lifecycle Management (PLM)

Product lifecycle management (PLM) is the process of strategically managing a product from initial production to its time on shelves to the end of its selling life.

What Is Product Lifecycle Management (PLM)?

A product life cycle includes a number of stages, from the initial product conception, through production and sales, and ending with the end of the product's life, which could be due to market shifts or the product becoming unsuitable for the shelf. Product lifecycle management (PLM) is the process of managing this entire journey. Brands focus on several factors when managing the product life cycle, including: - Marketing and sales strategies for the product - Compliance-related issues - Service, support, or maintenance - Assessing end-of-life signs - Inventory management and supply chain logistics Many brands use product lifecycle management (PLM) solutions to automate product monitoring, maintain listings, and manage inventory shifts. These solutions also provide brands with insightful data that can inform business and product-related decision-making.

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