Why is this tool essential for businesses?

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Product lifecycle management:
The life cycle of a product refers to all the transition phases of an item over time, from its design through its launch on the market to its final extraction from the market. And today, faced with the strengthening of competition and the increasing complexity of products, it is becoming crucial to monitor the life cycle of its assets or products.

It is a marketing tool that allows any industrial company to make the right canadian cto cio email list decisions and define the strategy to be carried out at each stage of the product's evolution. This significantly helps the company to modify competitive strategies and actions in the market, and therefore, to increase its profitability. We tell you everything.

3 What are the factors influencing the life cycle of a product?
How useful is product lifecycle management for the business?
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As a reminder, the concept of product life cycle was introduced by the German economist Theodore Levitt. This is a very essential approach, because it contributes enormously to the development of the company. Indeed, this study is able to guide the company during its strategic approach, its marketing and also during its product portfolio management.