Product life cycle management talks about the survival span of a product or to describe it better. The stages a exacting product undertakes from the time it is formed until it becomes futile any longer. Consequently, in short it articulates of a product from formation through its phases of wear and tear and lastly when it is of no use.
The life cycle of any product is an e-book, software-product or an information-product which has the following phases in its life as a product in the market. First and foremost, when the product is intended for launching then it consumes a lump sum from the producer for a variety of stages like test stage, sampling and approval. Throughout this period the products do not bring in any kinetic returns to the producer or manufacturer.
The next phase is the introduction of the product in to the global market. Throughout this stage, the manufacturers fix a definite value for the product. The value will be such that it may help the consumer to meet all expenses he or she faced to make the product as its cost. The value also adds the marketing expenses and profits as well. So it is the story at the rear of a recently launched product. The products are not sold to the seller's expectation as well as floods in the marketplace. As a result, a requirement occurs to make a demand for such product and the price has to be decreased to make it gettable by everybody with good grace. This is the second phase of the Product life cycle management.
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