Almost any company that produces a product could benefit from Product Lifecycle Management (PLM), but let's take the example of a tech company like Apple. Apple constantly innovates and releases new products, so effective PLM is crucial. In the introduction phase, PLM would help Apple in planning and developing a new product like the iPhone. In the growth phase, PLM would assist in scaling production and managing increasing demand. During the maturity phase, PLM would aid in identifying when sales start to plateau and planning for updates or new models. Finally, in the decline phase, PLM would help in managing the phasing out of the product and the introduction of replacements. Thus, PLM can help Apple in managing its products effectively throughout their lifecycle.
Neglect of product lifecycle management can lead to loss of opportunities and the product’s quick di...
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