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What is Product Life Cycle Management?
The term "product life cycle management" (PLM) refers to managing information related to all aspects of a product from inception, engineering design and manufacture, and service and disposal.
Simply put, PLM is about managing data. All the information about a product needs to be accessible in one place. Consequently, this includes design, materials, manufacturing processes, and quality data. It also consists of the bills of materials (BOMs) for each product configuration. Henceforth, this makes it possible for products to be developed and manufactured with consistent quality and reliability.
Why is Product Life Cycle Management Needed?
Product Life Cycle Management (PLM) helps companies manage the entire lifecycle from conception, design, and manufacture to service and disposal. Furthermore, PLM describes the engineering aspect, from managing descriptions and properties of a product through its development and useful life; it includes development processes such as conceptual design, design layout, detailed design, and process planning.
Moreover, PLM integrates people, data, processes, and business systems. It provides product information for companies and their extended enterprise to optimize the entire product lifecycle. PLM enables those involved in products to make better decisions faster by giving easy access to information about products. Henceforth, this reduces time-to-market and ensures that products meet quality standards.
The Product Life Cycle Management Stages
Whether you're a small business owner or a multinational corporation, managing your product lifecycle is essential to the success of your business.
Consequently, the four stages of product lifecycle management can help you with this.
# Product Idea Stage
If you've already run a successful business that sells products, the idea stage can be easy to navigate. But if you're desperate to get started or in a new industry that requires you to invent new products, it's important to be prepared. Similarly, this can be an obstacle course in and of itself because there are so many variables that influence your product idea.
# Product Creation Stage
Once your idea has been validated, products are ready for production — but not necessarily for sale. Moreover, your product goes through multiple processes in the manufacturing process, from concept design to prototyping to testing out-of-the-box and finally, shipping it out into the world. The whole process is contingent on the data collected from testing each iteration of your product.
# Product Growth Stage
The next step is growing with your product and accepting that it is no longer new. It could be a couple of years before it reaches this stage, and that's okay. Additionally, the key here is to keep marketing, but know that it won't take as much effort as in the introductory phase. You'll need to maintain a steady marketing flow, but the customers will start coming to you.
# Product Maturity Stage
After your initial growth phase, you'll reach a level of maturity where the market begins to saturate. There are fewer customers to capture, so the focus shifts from acquisition to retention. Henceforth, this is when you need to think about how best to retain the customers you already have and maximize revenue from each one.
Product Life Cycle Management Presentation
The product life cycle management presentation by SlideTeam is a professionally made PowerPoint presentation that offers vivid illustrations, relevant charts, tables, and high-resolution images to help you explain your product management concepts and strategies to your audience.
Moreover, the product lifecycle management PPT template will facilitate understanding the importance of PLC and the need for proper planning and execution.
The product lifecycle management PPT has been designed after a thorough study of various business processes, which will ensure that you do not leave out any crucial aspect of product management when you present your ideas with this handy slide deck.
These product life cycle management slides are easy to understand and use. Additionally, they offer complete flexibility to users who want to change the text, color, or font size.
Here, we enlist the key slides included in this presentation:
Slide 1: Cover Slide
The cover slide is the first slide that your prospective audience will see. It is important to capture their attention and get them excited to learn what you have to say.
For the template, the slide displays title i.e. Optimization of Product Lifecycle Management and your company name.
Consequently, this slide can be very simple, or it can be very detailed if you choose. If you decide to go with just a title, keep in mind that the title should speak for itself and tell your audience what your presentation is about.
If you want to go a step further, you can add images or text to help explain what the presentation will be about.
Slide 2: Key Common Challenges Faced by Product Leaders
This slide depicts key challenges faced by product leaders, such as meeting engineering dependencies, creating unique propositions, prioritizing product roadmap, etc.
Henceforth, some of the critical challenges to be mentioned in the deck slide include:
- They face issues in managing cross-functional teams
- Leaders face difficulty in prioritizing product roadmap for building the right product to attract more.`
- They face challenges of product excellence impacted by slow innovation cycles
- Product leaders face issues in coaching managers to ensure product success & proper management
- Leaders resist technological changes that affect product delivery time, etc.
Slide 3: Comparing Product Metrics with Key Competitors
Keeping a check on competitors' activities using product metrics aids companies in getting prepared for winning an edge over others. Furthermore, this slide highlights the comparison of product metrics with key competitors, which focuses on:
- Churn rate, conversion rate
- Cost per acquisition, feature usage
- Weekly active users, new customer growth rate
- Customer lifetime value, etc.
Additionally, the metrics illustrate the description for each product metric. It even showcases the percentage of each metric present in our company and competitors.
Descriptions in the slide include the cost involved in customer acquisition, customers satisfied with product features, the number of customers that the company loses, etc.
Slide 4: Role of Product Manager in Lifecycle Phases
This slide depicts the role of the product manager in lifecycle phases. Consequently, the four lifecycle phases and the role that the product manager plays in them include:
- Introduction - Subject Expert
- Growth - Growth Hacker
- Maturity - Retention Strategist
- Decline - Solution Seeker
As a subject expert, a manager's role is to focus on understanding customers & market to get valuable insights. Likewise, a product manager's role as a growth hacker is to optimize & support users to accelerate development.
Furthermore, retention strategists focus on minimizing churn by offering value positions to customers. And as a solution seeker, the product manager's goal is to determine the best results & focus on strategic thinking.
Slide 5: Essential Strategies to Develop Product throughout its Lifecycle
Developing a product is competent and, at the same time, exciting, as a lot of strategies that are vital in its development have to be noted down in metrics. Henceforth, this slide highlights a strategy to develop a product throughout its lifecycle in all four stages: introduction, growth, maturity, decline, etc.
Henceforth, key characteristics (according to phases) to keep in mind while developing a product throughout its lifecycle include:
- Sales - Less sales, peak sales, decreasing sales, etc.
- Costs - High cost/client, low cost/customer, average cost/client, etc.
- Profits - Rising profits, negative, high profits, etc.
- Customers - Creators, middle majority, early adopters, etc.
- Competitors - Stable numbers are beginning to decline, few, etc.
Likewise, essential strategies according to product development phases include:
- Product - Brand diversification, provide the basic product, phase out weak items, etc.
- Price - Price penetration, use cost-plus, competitive pricing, etc.
- Distribution - Develop intensive distribution, establish selective distribution, etc.
- Advertising creates awareness in the mass market, reduces the level needed to retain the most loyal customers, etc.
- Sales Promotion - Stimulate brand switching, use sales promotion techniques, etc.
Slide 6: How to Prioritize Right Product to Achieve Financial Objectives
This slide describes the procedure to prioritize the right product to achieve financial objectives. Furthermore, the four steps in the procedure include:
- Creating product vision - Product vision offers transparency in product direction, aligning the team with product vision for standardizing product priority decisions, etc.
- Establishing a process for collecting innovative ideas - Designate employees for prioritizing product features, use the best product management system for getting insights & valuable feedback, etc.
- Selecting framework for product prioritization - Focus on making data-driven decisions by aligning scores to each product feature idea, evaluate ideas based on parameters vital for product development, etc.
- Supporting priorities with data - Collect customer feedback to get valuable insights for other effective decisions, survey customers, business stakeholders, and target audience to gather data for feature ideas, etc.
Slide 7: Metrics to Monitor Product Financial Performance
Monitoring the product's financial performance is as vital as executing the idea in the market. This slide focuses on metrics to monitor a product's financial performance, covering details for four analysis types. Such as:
- Business metrics
- Current Analysis
- Impact on Business
- Other comments
Business metrics cover information for basis, namely, customer engagement, sales revenue, customer acquisition, customer churn, customer satisfaction, etc.
Likewise, each metric's impact on monitoring financial performance's business can be low, medium, and high. The table even highlights comments like taking action before an event, recruiting new salespeople to improve revenue, etc.
Slide 8: Benefits of Disruptive Innovation & Marketing
This slide exhibits disruptive innovation & marketing benefits that cover innovative benefits, start-up opportunities, etc. Take a detailed look at these benefits here:
- Innovative benefits - Build capability to offer new & innovative products, improve ways of collecting required information, revolutionize research methods, etc.
- Room for business growth - Companies & businesses that are focusing on incorporating disruptive technologies in their existing offerings can retain potential customers, etc.
- Improves Processes - Applying disruptive innovation principles enables companies to adapt to changes, evaluate business processes and find suitable solutions, etc.
- Start-up Opportunities - Firms focusing on new technologies can create a position as thought leaders in the market; help companies gain a significant foothold in already existing markets, etc.
Slide 9: Six Areas for Assessing Product Managers Maturity
This slide highlights six different areas for assessing product managers' maturity. These areas are as follows:
- Business acumen - Alignment with company strategy, prioritizing portfolio, go-to-market pricing, measuring product financial KPIs, etc.
- Customer experience grounding - Build customer-centric experiences throughout their lifecycle, etc.
- Soft Skills - Capability to lead team members efficiently, influence change adoption in the company, manage diverse groups of individuals, etc.
- Market orientation - Capability to define market trends, systems, rivals' strategies, etc.
- Technical skills - Capability to cover technological trends, product roadmaps, product development lifecycle, etc.
- Enablers - Building innovative culture by developing employee career paths, creating innovation-oriented organizations, etc.
Slide 10: Techniques for Assessing Product Management Opportunities
Different kinds of techniques are required to assess each product’s opportunity in the market. This slide shows the techniques with their description, pros & cons. Henceforth, some of the key techniques for assessing product management opportunities include:
- Opportunity assessment - Measure product success by using revenue model and metrics on prior basis
- Scoring - Quantitative assessment by comparing individual scores
- Change types - Considers aspects such as product experience & business model
- Calculating ROI
- Alignment framework - Assesses opportunities at early stage
- Minimum viable product - Product value to offer excellent value to users
- Calculating cost of delay
Furthermore, the table exhibits details for each technique’s pros and cons. One can select them based on their business requirements.
Slide 11: Steps to Improve Product Marketing Strategy
Strategy for product marketing aids businesses in taking their product from development to launch & guides them in pricing, distribution, promotion, etc. This slide shows steps to improve product marketing strategy that focuses on:
- Data analysis - Identify problem areas, use analytical software to determine ineffective product marketing strategies, determine marketing channels, etc.
- Make adjustments - Focus on establishing strong online presence, frequent social media postings, encouraging interaction, calculating marketing outcomes, etc.
- Focus on top customers - 80% of customers bring 20% of sales, maximize overall sales volume, stay focused on building lasting relationships, etc.
- Stay updated for new possibilities - Communicate with marketing consultants regarding new digital technologies, impact marketing strategies & results, etc.
- Be consistent & persistent - Prepare social media posting schedule to avoid unnecessary delays, etc.
Slide 12: Product Lifecycle Marketing Model for Revenue Growth
This slide highlights the product lifecycle marketing model for revenue growth. Moreover, it includes customer interactions & value over time in context to reach, act, convert, and engage. The curve chart showcases the relationship between customer interaction and value & time. It even presents a flowchart for demand generation & purchase intent, indecisive customers, repeat customers, etc.
Additionally, some of the essential key highlights to mention in the slide includes:
- Companies market products initially by generating demand through events, sponsorship, etc.
- Customers repeat purchase behavior after getting excellent services
- Likewise, develop programs for customer engagement, etc.
Slide 13: Customers Communication Preference throughout Product lifecycle
This slide focuses on customer communication preferences throughout the product lifecycle that covers a comparison between chatbots and humans. Furthermore, key highlights for customer communication preference are as follows:
- 66% of employees agree with the fact that chatbots speed up procedures that will result in better customer services
- 60% of customers believe that artificial intelligence technology could minimize the time to get feedback from customers.
Customers generally prefer human contact over automation. Additionally, mention the statistics that differentiate humans and chatbots. 13% of US customers believe chatbot is the method they want to get contacted for better customer service. Moreover, 3% of US customers require automated experience.
On the other hand, 64% of customers feel companies have lost contact with humans. Henceforth, 71% of customers prefer to interact with humans instead of automation software.
Slide 14: Key Areas Impacted by Product Lifecycle Management
This slide illustrates the impact of product lifecycle management, such as building innovative products, rapid development & product launch, compressing cycle time, reducing supply risks, etc. Consequently, some of the key areas impacted by product lifecycle management include:
- Builds 12% agility into innovation portfolios by aligning resources, risk & budget with transformational innovation initiatives
- Results in 15% increase in product development & launch by managing an integrated enterprise product record
- Moreover, eliminates rework & compresses cycle time by 25% through configuring flexibility in processes if it requires any change
- 17% reduction in supply risks by continued assessment of qualified parts & vendors
- Additionally, results in more informed and fast decisions by getting a 360-degree view of product quality across lifecycle stages, etc.
Download Competent Product Life Cycle Management Presentation at SlideTeam
Get the PowerPoint template now and save your precious time. Furthermore, various individuals and professions can use the Product Life Cycle Management PPT slides. For example, marketing department managers, business analysts, entrepreneurs, consultants, and project managers.
Additionally, the Product Life Cycle Management PPT template has many features that make it highly compatible. The user can edit the icons, graphics, images, text, and font size and color of the slides in this deck.
Moreover, the template is entirely editable in two of the most commonly used editing platforms - Microsoft PowerPoint and Google Slides.
