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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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.

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Pharmaceutical Product Lifecycle management