Product Life Cycle Management (PLCM)
Product Life Cycle Management (PLCM) and Product Management “who needs it?” you may ask. Think about some of the iconic products of our times such as Porsche 911, Sony Walkman, Apple iPod, Range Rover and many more that define the modern age. How did they come to existence? How did they become so successful?
Take a moment and consider Porsche, since the launch of Porsche 911 in 1963 and essentially remaining true to its original concept, Porsche continues to outsell all other super cars. Ferrari, Maserati and Lamborghini may make your heart stop but it is the Porsche that is making a profit for its manufacturer and has done so for over 40 years. What differentiates this car from its competition even though it has remained essentially the same?
Product Management and PLCM (Product Life Cycle Management) is at the heart of these iconic products. PLCM starts before a product is launched and right at the inception of ideas. Clear understanding of the trends, customer needs, price positioning and the ability to translate these into a technical briefing document is the key to success. It is only when your development engineers have clear objectives and defined products to aim for that a truly fit-for-purpose product can be delivered. This results into marketing products that are popular, profitable and sometimes become a brand in themselves.
PLCM and professional Product Management also keeps a product going, enabling it to evolve and change with the changing customer’s demand, emerging technologies and ever present competition.
The same is true in the service industry. Whether you are an insurance service, hotel, restaurant, transport company or an airliner you are in the business of selling products. Your products may not come in neat boxes with great looking packaging, but never-the-less you are selling a product. As with any product, proper Product Management and PLCM apply to its entire life.
WiSE conneX has developed an end to end PLCM process enabling you to apply a sound and comprehensive process to your product development efforts. This all encompassing process reduces waste, increases the chances of success and extends the profitable life span of your products. PLCM enables you to respond to changing customer’s needs, disruptive technology, and competition before they threaten the livelihood of your organisation, preventing forced exit from markets or segments.
Benchmarking, product fit, identifying product enhancements, competitive positioning, and new product definition and development process.
- Product Life Cycle (PLC) Process
- Review of current products
- Recommendation on new products or services
- Product Life Cycle Management (PLCM) tools