What does product lifecycle management in retail involve?

Product lifecycle management (PLM) in retail involves managing a product from its inception through various stages of its life cycle all the way to its discontinuation. This comprehensive approach encompasses several critical phases, including the concept and design of the product, development, introduction to the market, growth, maturity, and finally, the decline or phase-out of the product.

By managing a product throughout its entire lifecycle, retailers can make informed decisions that enhance product performance, optimize inventory levels, and align marketing strategies with customer needs. PLM helps in responding to market trends, managing costs, and ensuring that the product remains relevant and competitive.

Ultimately, this holistic view allows retailers to maximize profitability while minimizing waste and inefficiencies throughout the product's journey. Focusing solely on one aspect, such as supply chain management, profitability tracking, or post-sale services, does not capture the full scope of PLM, which integrates various functions to ensure effective product management.