Product life cycle management is a process which supports in managing and coordinating the complex cross-functional practices thereby delivering the best possible product. The PLM Systems as an enabling technology for PLM manages product from its conception and manufacturing, to its retirement and disposal. The PLM systems offer optimization in development process by giving a competitive and cost effective solution with high quality.
The incredibly successful company that has brought us products like the iPhone and iPod. Both of these products quickly became must-have devices and sold phenomenally throughout the world. Unlike most companies, Apple was able to successfully develop an iPod killer.
It did this with the future in mind, allowing them to ultimately retain the market. What can the healthcare industry learn from such an approach?
Specifically, it describes a number of commercialisation steps that each product goes through as it penetrates the market. Apple foresaw the ultimate decline of a dedicated personal music device—the iPod—in lieu of a more broadly useful device, such as the iPhone.
So, rather than dedicated time to building a better iPod, they focussed on building its perfect competitor. We all remember the white earbud headphones synonymous with iPods. As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.
Introduction The introduction phase is the period where a new product is first introduced into the market.
This typically requires a lot of resources and finances. As a result, many companies, startups especially, are practicing a new approach to product development known as The Lean Approach. The introduction phase is usually associated with slower growth as the public is not familiar with the product, the sellers may not be adequately trained to sell, and clear and definite distribution channels are yet to be established.
Demand for the product is also quite immature at this stage. So how does this relate to healthcare you may wonder?
Well… a hospital may introduce a new ward. In this phase, one will see a lack of familiarity among patients about these new services, and even the healthcare providers themselves may not have enough knowledge to give enough information.
This is normal and indicative of the stage the new product is at. Growth The growth phase is when your product starts to sell at a much faster rate.
The public is becoming increasingly aware of your product and word of mouth is starting to spread. Demand is strong and the service is now booking out. Very soon, the product will begin to compete with new alternatives being introduced into the market.
A good example of this stage in healthcare is the availability of a new pharmaceutical product. Fresh from successful clinical trials, the drug is likely to generate attention in the media. Patients may approach their healthcare providers requesting that particular medication as a result of increased popularity or awareness.
Decline The decline phase refers to the period when the product reaches its saturation point. In this case, the price can start increasing, though the number of sales will decline.
In this phase, a decision is needed: In healthcare, a suitable example could be a medical device or equipment such as a wheelchair.
As technology improves, the consumer market, including healthcare professionals who use that particular product may start to see it as old or outdated. They perceive the product as no longer being able to effectively provide the required care to the patient.
The device sales will decrease sharply and the company needs to either improve the device, by offering a newer edition, or replace it with a better alternative. One that keeps up with the changes and needs of society.Dynamic product portfolio management with life cycle considerations.
It includes marketing and product launch decisions, and product life cycle stages.
BMW car has only two-stage of product life cycle, introduction and growth stages. The X5 series and the 3 series were introduced in and , respectively. Based on BMW’s product life cycle, these two series are both in the Growth stage. It is necessary to continually strive to lower the environmental burden by means of energy and resource conservation, and to eliminate harmful substances, through and at all phases of the product life cycle, from development and design, to procurement, production, distribution, consumption and . Before starting the research on Product life cycle and its management I think you must have an fair ides of the current market situation of the nokia and sony ericsson handets/products. Canon, Dell, HP, Microsoft, Palm, Research in Motion and Sony. Intense competition threatens to reduce the company's market share and revenue earning.
the decision maker in our model might be the head of the product portfolio of the DSLR camera lines at Canon Inc. In the portfolio management model, we include the following three key. PRODUCT LIFE CYCLE (PLC) Product life cycle is the sequence of strategies deployed as a product goes through its life cycle.
It is necessary to consider how products and markets will change over time and must be managed as it moves through different stages. Know Your Product's Life Cycle Every product you introduce has a life cycle of its own-some long and others quite short.
And your marketing strategy must vary at each stage in that cycle. Dec 27, · haha.. lets yunusemremert.coms on what a short life cycle means to you.
If 12 months is short i am guessing almost every camera is replaced every 12 months these days. general life-cycle assessments of popular materials used by designers and products bought by consumers.
where and how was it made? Michael Holste in Product Life Cycle, Today we’re announcing servicing extensions for Windows 10, changes to the Office ProPlus system requirements, and new details on the next perpetual release of Office and Long-Term Servicing Channel (LTSC) release of Windows.