What is product Lifecycle management?
This
could be the basic question which is linked with the life of a product. In general
term this is the life of a product which describes the life of a product, right
from it initiation / inception to its end. Journey of a product is just like
human life and could be correlated very easily. As Human life starts up with
the born of a baby, it further goes to the next stages of the life via growth and
development of mind and body, similarly a product enters in to life cycle right
from the stage of inception / introduction and further goes to the next stages
like growth, maturity and finally to the decline stage and end of product
lifecycle.
Product
lifecycle with example; can give a better understanding.
 |
| Product Lifecycle stage |
Product
lifecycle stages
Product
lifecycle management is a very broad topic within it. Above graphical image
represents the various stage of a product from the introduction to
discontinuation stage.
Development:
This
is initial phase of product lifecycle, where product is started to develop for
the specific market / requirement with the help of Research & development section of an organization. This stage
is associated with some factors like; Large capital investment, high risk, New
ideas/innovation etc. This stage of product lifecycle is the zero profit stage,
as product is in its initial /development phase and no commercial activity is
happened at this stage.
Inception:
Inception
is a stage of a product introduction to the market i.e. Product
commercialization. This stage could take more time span as compare to other
stages of the product lifecycle, as product introduction and induction to the
market is very crucial. This stage is allied with the Product launch, Product
Marketing, Market Competitiveness, Brand building, target customer requirement
etc. so this stage could be most expensive stage as well.
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More…..
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Growth:
This
stage comes after Product Development and introduction to the market. Growth
phase could show volatile nature after developmental work and product launching
and market introduction. Product cost reduced at this stage, as revenue
generation began with product sales. Increment in sales and revenue encourages
organization / companies for more capital investment for the growth of the
product.
Maturity:
Maturity phase of the product lifecycle faces more competitiveness in the market. This stage can be names as most experienced stage of the product lifecycle. Where companies / Organization make improvements in the product according to market moves, Market prices and learning’s from mistakes to sustain in the market. Maturity phase may last for long term / short term depending upon brand /
Decline
This
stage of product lifecycle is linked with the decreasing trend of the revenue /
profit, reason is high competition, Market saturation and demand of new product
features. This is destiny of product as well as this stage is inevitable, part
of product lifecycle. Loss at this stage starts to like as market loss, sales
loss; results to decline prices and profitability.
Discontinuation:
This
stage is the results of previous subsequent stages, after maturity product
start to decline with the time due to loss in product demand, loss in revenue
so the organization / company discontinue the product from the market or
re-invent / re-discover the ideology behind the product.
We
hope this article of total pharmaceutical topic helps you to refreshing your knowledge bucket; other useful
articles may uplift the information stock of the mind.
Pharmaceutical Quality Management system- An Overview
What is Quality Management system for Pharmaceutical Industry?
Elements of quality management system: An Overview
Pharmaceutical Regulatory Authorities all over the world
Quality management system: What is Quality Policy?
Pharmaceutical Product Lifecycle management