Definition
Identify, sequence, plan and communicate the process of growth opportunities for new products and product management throughout the life cycle (formerly Project Roads).
In detail
Product Lifecycle Management (PLCM) is a process for identifying, prioritizing, planning, and communicating new product growth opportunities and managing the full product lifecycle, formerly known as product route development. It ensures that each stage of a product from concept to end-of-life has a clear strategy and resource allocation. Unlike strategic planning (macro direction), PLCM focuses on opportunity management for specific product lines. It typically outputs product roadmaps, lifecycle stage assessments, and investment decisions.
Example in practice
A consumer goods company updates its product roadmap annually, using PLCM to evaluate the growth potential of each product line. By analyzing market trends and customer needs, they decided to increase investment in a new product while phasing out declining products. The roadmap became a consensus for R&D, marketing, and finance, ensuring resource focus.