Product lifecycle management (PLM) refers to the handling of a good as it moves through the typical stages of its product life: development and introduction, growth, maturity/stability, and decline. This handling involves both the manufacturing and marketing of the good.
What is meant by product life cycle? Product life cycle (PLC) is the process of a product’s growth, maturity, and decline over time. It consists of four stages: introduction, growth, maturity, and decline. During each stage, the product experiences different levels of sales and profits.