The product lifecycle refers to the stages a product goes through, from its initial introduction to the market until its eventual decline and discontinuation. 

The product lifecycle is typically divided into four main stages:

• Introduction: This is the stage when the product is first launched and introduced to the market. During this stage, sales are typically low, and the focus is on building awareness and generating interest among potential customers.
• Growth: Once the product gains traction in the market, it enters the growth stage. Sales increase rapidly during this stage as more and more customers become aware of the product and begin to purchase it.
• Maturity: Eventually, the product reaches a point of maturity where sales growth begins to slow down. During this stage, the focus is on maintaining market share and generating profits.
• Decline: As the product becomes outdated or faces increased competition, sales will eventually decline. During this stage, the focus is on minimising costs and maximising profits before discontinuing the product.

Not all products follow the same lifecycle, and some may experience longer or shorter periods in each stage depending on factors such as market demand, competition, and innovation.

What is product lifecycle management?

Product lifecycle management (PLM) is managing a product from its inception through design, development, production, and eventually, retirement or replacement. It involves coordinating and integrating all activities and functions in creating, launching, and maintaining a product, including research and development, engineering, manufacturing, marketing, and sales.

The main goal of PLM is to optimise the product development process, improve product quality, reduce time-to-market, and increase profitability. PLM software is often used to help manage the product lifecycle, allowing different teams and departments to collaborate and share information throughout product development.

PLM typically involves the following key stages: 

• Planning and Concept Development: The first stage of PLM involves defining the product requirements, conducting market research, and developing product concepts.
• Design and Development: During this stage, product designs are created, prototypes are built, and testing is performed to ensure the product meets the required specifications.
• Production and Launch: After finalising the design, marketing and sales campaigns are launched.
• Maintenance and Retirement: Finally, after the product has been launched, PLM involves ongoing maintenance, support, and eventual retirement or replacement of the product.

Overall, PLM is essential for companies that want to effectively manage their products throughout their entire lifecycle, from initial development to eventual retirement.

Stages of product life cycle

The stages of the product lifecycle are:

• Development stage: This is the stage where a new product is in the early stages of research and development. The focus is on creating a concept and designing a product that meets the target market's needs.
• Introduction stage: This is the stage where the product is first introduced to the market. The focus is on building awareness and generating interest among potential customers. Sales are typically low during this stage as the product still needs to be discovered.
• Growth stage: This is where the product gains traction in the market, and sales increase rapidly. The focus is on maintaining market share and continuing to generate profits.
• Maturity stage: This is where sales growth begins to slow down as the product reaches a point of saturation in the market. The focus is on maintaining market share and maximising profits.
• Decline stage: Sales decline due to increased competition, changing customer needs, or obsolescence. The focus is minimizing costs and maximising profits before discontinuing the product.

Not all products follow the same lifecycle, and some may experience longer or shorter periods in each stage depending on factors such as market demand, competition, and innovation. 

Therefore, companies need to continually monitor the product lifecycle of their products and adjust their strategies accordingly.

Professionals involved in the product lifecycle

There are several professionals involved in the product lifecycle, including:

• Product managers: Product managers oversee product development, marketing, and distribution. They work with cross-functional teams to ensure that the product meets customer needs and is successful in the market.
• Engineers: Engineers are involved in the design and development of a product. They work to ensure that the product meets technical specifications and is feasible to manufacture.
• Designers: Designers are responsible for creating visual and functional designs. They work closely with engineers and product managers to ensure the product meets the target market's needs.
• Marketing professionals: Marketing professionals create and execute marketing campaigns to promote the product. They work to build brand awareness, generate interest, and drive sales.
• Sales professionals: Sales professionals are responsible for selling the product to customers. They work to build relationships with customers, understand their needs, and close deals.
• Quality control professionals: Quality control professionals are responsible for ensuring that the product meets quality standards and is safe for use by customers.
• Supply chain professionals: Supply chain professionals are responsible for managing the production and distribution of the product. They work to ensure that the product is manufactured efficiently and delivered to customers on time.

Overall, the product lifecycle involves many professionals with different skills and expertise working together to create a successful product.

Roles and responsibilities of a product manager

The roles and responsibilities of a product manager typically include the following:

• Defining the product vision and strategy: The product manager is responsible for determining the overall picture and plans for the product based on market research and customer feedback.
• Conducting market research: The product manager is responsible for conducting market research to understand customer needs and identify opportunities for new products or product enhancements.
• Defining product requirements: The product manager is responsible for determining the requirements based on market research and customer feedback. They work closely with cross-functional teams, such as designers and engineers, to ensure that the product meets customer needs and technical specifications.
• Managing the product development process: The product manager manages the product development process from ideation to launch. They work closely with cross-functional teams to ensure the product is developed on time and within budget.
• Creating and executing the go-to-market strategy: The product manager is responsible for developing and managing the go-to-market process for the product, including pricing, positioning, and promotion.
• Analysing product performance: The product manager is responsible for analysing product performance and recommending product enhancements or modifications based on customer feedback, market trends, and competitive intelligence.
• Collaborating with cross-functional teams: The product manager works closely with cross-functional teams, such as designers, engineers, marketing professionals, and sales professionals, to ensure that the product meets customer needs and is successful in the market.

Overall, the product manager plays a critical role in ensuring the success of a product. They are responsible for defining the product vision and strategy, managing the product development process, and creating and executing the go-to-market strategy. They work closely with cross-functional teams to ensure that the product meets customer needs and is successful in the market.

The demand for PLM skillset

The demand for PLM (Product Lifecycle Management) skillset varies depending on the industry and company. However, PLM is becoming increasingly important in many industries, including manufacturing, aerospace, automotive, and consumer goods. As companies strive to improve efficiency, reduce costs, and increase innovation, they are turning to PLM to streamline product development and bring products to market faster.

Some of the specific skills and expertise that are in demand in the PLM field include:

• Technical expertise: PLM professionals need a solid technical background, including knowledge of CAD (computer-aided design) software tools and PDM (product data management) systems.
• Project management: PLM professionals must be skilled in project management, planning, organising, and leading cross-functional teams to meet project goals.
• Business acumen: PLM professionals must have a strong understanding of business processes, including product development, supply chain management, and marketing.
• Communication skills: PLM professionals must have excellent communication skills, including communicating technical concepts to non-technical stakeholders.
• Analytical skills: PLM professionals must be skilled in data analysis and use data to make informed decisions about product development and market strategy.

Overall, the demand for PLM skillsets will likely continue to grow as companies increasingly turn to technology to improve efficiency and innovation in product development. Those with expertise in PLM will probably be in high demand in many industries.

PLM resources and tools

There are a variety of resources and tools available for PLM (Product Lifecycle Management), including:

• PLM software: Many PLM software tools are available, ranging from comprehensive enterprise-level solutions to smaller, more specialised tools. Some examples of PLM software include Siemens Teamcenter, Dassault Systèmes ENOVIA, and PTC Windchill.
• Cloud-based PLM: Cloud-based PLM solutions offer many benefits, including lower upfront costs, easier collaboration, and scalability. Some examples of cloud-based PLM solutions include Arena Solutions, PropelPLM, and Autodesk PLM 360.
• PLM consulting: PLM consulting firms can help companies to implement and optimise PLM solutions. These firms can provide expertise in software selection, implementation, and customisation.
• Industry associations: Several industry associations focus on PLM, including the PLM Interest Group (PLMIG) and the Product Development and Management Association (PDMA). These organisations provide resources, networking opportunities, and education and training programs.
• PLM books and publications: There are many books and magazines available on PLM, covering topics such as product development, supply chain management, and software selection and implementation. Some examples of PLM books include "Product Lifecycle Management: Driving the Next Generation of Lean Thinking" by Michael Grieves and "PLM for Engineers and Designers" by Benjamin Shank.
• PLM training courses: Many companies offer PLM training courses, either in person or online. These courses can cover PLM software tools, project management, and data analysis.

Many resources and tools are available for PLM, from software solutions to consulting services to education and training programs. By leveraging these resources, companies can improve efficiency, reduce costs, and increase innovation in product development.

A career in product lifecycle management

• A product lifecycle management (PLM) career can be rewarding and offer many opportunities. PLM professionals play a critical role in ensuring that products are developed efficiently, meet customer needs, and are successful in the market. Some potential career paths in PLM include:
• Product Manager: Product managers are responsible for managing the entire lifecycle of a product, from ideation to launch. They work closely with cross-functional teams to ensure that the product meets customer needs, is developed on time and within budget, and is successful in the market.
• PLM Analyst: PLM analysts are responsible for analysing data related to product development, supply chain management, and other areas of PLM. They use data analysis tools to identify trends, make recommendations for process improvements, and measure the success of PLM initiatives.
• PLM Consultant: PLM consultants help companies select, implement, and optimise PLM software tools. They provide software selection, implementation planning, customisation, and training expertise.
• PLM Project Manager: PLM project managers manage PLM implementation projects, including software selection, system integration, and user training. They work closely with cross-functional teams to ensure the project is completed on time and within budget.
• PLM Engineer: PLM engineers are responsible for designing and implementing PLM software solutions. They work closely with product managers and other stakeholders to ensure the software meets the organisation's needs.

Overall, a career in product lifecycle management can offer a challenging and rewarding opportunity to make a real impact on product development and innovation. 

PLM professionals can work in various industries, including manufacturing, aerospace, automotive, and consumer goods. They can specialise in product management, data analysis, software implementation, and project management.