The term ‘product lifecycle’ is used to refer to the stages a product goes through during its development and use, from its initial conception through to its eventual disposal.
Many businesses will have multiple products in different stages of their lifecycle at any one time, and managing this process can be complex. In order to maximise profits, businesses need to have effective strategies in place for managing multiple product lifecycles.
The first step in managing multiple product lifecycles is to understand the different stages of the product lifecycle. Typically, these stages include research and development, introduction, growth, maturity, and decline. With a clear understanding of each stage, businesses can identify when and where to invest resources in order to maximise returns.
Once a business has a firm grasp of the different stages of the product lifecycle, it is important to create a product development roadmap. This roadmap should be tailored to the needs of the individual products and should incorporate both short-term and long-term goals. It should also set out how resources will be allocated across each product, taking into account budget and other constraints.
Product lifecycle management should also involve identifying key performance indicators (KPIs) for each product. KPIs are measurable values that can be used to assess the performance of a product over time. They provide a useful benchmark for assessing progress and can help to assess the effectiveness of product development strategies. Common KPIs include customer satisfaction, sales figures, and product cost.
It is also important to regularly review the product lifecycle. This review should assess the performance of each product, identify any areas for improvement, and plan for the future. This process should involve both internal and external stakeholders, such as suppliers, customers, and competitors.
In addition, businesses should also consider the impact that their products have on the environment. This is especially important for products that are intended to be used over a long period of time. Companies should consider the environmental impact of their products, and ensure that they are taking steps to minimise any negative impacts.
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Finally, businesses should ensure that they are making use of the latest technologies in order to manage their multiple product lifecycles. Technologies such as product lifecycle management (PLM) software can help to streamline the process, providing real-time visibility of product progress and enabling businesses to make informed decisions based on the data.
To sum up, managing multiple product lifecycles can be complex and challenging. However, with the right strategies in place, businesses can ensure that they are maximising their profits and minimising any negative impacts on the environment.
By understanding the different stages of the product lifecycle, creating a product development roadmap, setting KPIs, and making use of the latest technologies, businesses can effectively manage multiple product lifecycles.