Life Cycle Management Summary
Ensures that the on-going value of the product is maximized both in terms of its evolutionary improvement and its sustainability
Anderson, A. M. (2017). Life Cycle Management. Product Development and Management: Body of Knowledge: PDMA, (pp. 247-282).
The Life Cycle of a product is identified as having two parts:
- First part presents the stages that a product goes through from initial launch to final withdrawal from the market.
- Second part focuses on sustainability with a strong emphasis on Life Cycle Assessment.
Part 1 Life Cycle Management
- Most products have a life cycle which follows the stages of introduction, growth, maturity and decline.
- In general, product life cycles have become shorter over recent years placing greater pressure on organizations to develop new products and to regenerate existing ones.
- Product management in terms of all elements of the marketing mix – product, price, promotion and distribution, are determined by the stage of a product’s life cycle.
- In many product categories, product development strategies focus on product rejuvenation through improvement or enhancement to product features and functionality as a means of extending the product life cycle.
- A critical stage of the Product Life Cycle is introduction. Here the product manager must focus on WHAT product you are selling, WHO you are selling to, HOW you will reach your target market and HOW will you promote the promote your product and convince the target market to purchase.
Part 2 Sustainability and Life Cycle Assessment
- Sustainable development meets the needs of current generations without compromising the ability of future generations to meet their own needs.
- Many companies have a specific mission, vision and strategy emphasizing the importance of sustainable product development.
- PDMA, as part of its Innovation Management Standard, has developed a Sustainable Innovation Maturity model for assessing a organization’s performance.
- Life cycle analysis, a key sustainability tool, looks at a product’s entire life, which encompasses ore extraction, material production, manufacturing, product use, end-of-life disposal, and all of the transportation that occurs between these stages
- Various certification standards are available to recognize a product’s sustainable design
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