International Product Manager

Wow, talk about confusing! Whoever coined the terms product life-cycle management and product lifecycle management, must have intended to confuse everyone and anyone in business. As confusing at it may seem, there is an inherent difference between both of these product management principles and it’s incumbent upon businesses to understand their meanings.

Both Product Life Cycle & Product Lifecycle Approaches Can Increase Profit

Perhaps it’s best to start by describing the differences between these two principles of product management and show how each plays a vital role in maximizing gross profit margins. Afterward, it will become abundantly clear how both used in unison can help maximize revenue and increase gross profit.

What is Product Life Cycle Management?

Product life-cycle management refers to a product’s phases of growth and decline within the given market or industry to which it’s sold. It basically refers to a product’s life from its introduction, growth, peak and eventual decline. In fact, these are the four phases of product life-cycle management. In each of these phases, companies adopt different pricing and marketing strategies.

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