Product Life Cycle Management System (PLC) Research Paper

Introduction:

Every product will have a life cycle which is called as PLC and maintaining the life cycle using technology in a systematics process id called as Product Life Cycle Management System (PLC). Every product shall have a expiry date. Any product management, right from introduction to disposal is called as PLC. It helps companies to increase profitability by selling the products with in expiry dates. If companies don’t have systematic expiry dates process management of their products leads to having huge quantity of stocks without sale and for disposal which is loss for any organization. If we see apparels, accessories etc., usually companies sell products with discounts and offers if their products are going to expire in near dates. There are products which cannot be sold using discounts and offers and few of them are like medicines etc., where companies have to dispose the expired medicines is a process defined by pollution control board etc.,

The entire product management cycle consists of five important steps and they are Stage of product development, Stage of Introduction of product to the market, the stage of growth which can also be called as sales, Stage of maturity and the final stage id decline or disposal. Every product and service will have all these five steps irrespective of the company size and volume. It is not mandatory to follow these five steps exactly where based on products and companies’ strategies they can also be further divided in smaller steps.

Objectives of the study:

  • The understanding of the concept of PLC.
  • The process of PLC management system.
  • How PLC helps organizations to increase their profits or to control losses.
  • How technology is incorporated in PLC.
  • Practical applicability of PLC and analysis.

 Scope of the Study:

The scope of the study is to understand the concept of PLC and it can be designed using technology with well-defined systems and the processes. The examples of few real time companies and their case studies shall also be studied, and the findings and the conclusions shall be derived, and the scope is limited to study using books, articles, journals and the case studies.

Need of the Study:

The success of any organization depends on the performance and sales of their products or services. There are many areas where organizations operate and one of the important and crucial area is managing product life cycle. Unless companies have the data pertaining to the expiry dates of their products with alarming pop up mechanism etc., companies will not have any clue and finally products shall remain expired before sales with in time lines, if the pop up mechanism is there then the companies can sell their products with various strategies like offers, discounts etc., if the product expiry dates are coming close. Hence there is huge need for studying this concept called PLC management system.

Limitations

Every study shall have limitations and the limitations in this research are:

  1. Time is one major constraint
  2. The availability of data where in case studies there may be many aspects which might have included in that particular case study.
  3. Working on Applicability in industry type could not be done

Research Methodology

Denscombe (2007) cited that a social analyst can make use of a variety of surveys to perform this. While carrying out, however, the alternatives have the tendency to rotate around the philosophy of qualitative and quantitative research the primary data and the secondary data were collected through books, journals, articles and other internet sources and the same is applied by talking case studies of different companies and finally the findings and recommendations along with conclusion were given. The future scope of further research is also given in the conclusion chapter. This research is a qualitative research.

Conclusion

Except in product development stage rest all stages the price, promotion, distribution, sales, market share, competition etc., plays important role. The companies can sustain only if they follow the technology driven product life cycle. The key components of PLC are Strategic Goal and competitive analysis of Product, price, Promotion, Logistics and Distribution at all stages of PLC which are product development, Introduction, growth, Maturity and decline. There PLC management should be done using technology which shall enhance quality in strategy at all levels of the PLC. There should be a separate standard operating procedure and policies which should have guiding principles and which shall help companies to develop and execute PLC to have sustainability, consistent growth and increase in profitability. There are so many organizations who were there in our childhood but does not exist now. The products which are there in our childhood are not there now. The land line phones are rarely seen, the big and remote less TV are not there now, which clearly shows that every organization should have well defined PLC in place.

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