Product Cost and Life Cycle Management (PCLM)
Produce cost and life cycle management (PCLM) is the management of a product at all stages of its life, including development, introduction, growth, stability, and decline. PCLM is a way of ensuring that products meet their profit and/or cost targets.
What Small and Midsize Businesses Need to Know About Product Cost and Life Cycle Management (PCLM)
By understanding the various stages in a product's life cycle, SMBs can make informed decisions on pricing, promotions, expansion, and cost-cutting. PCLM allows businesses to plan when to increase or decrease the manufacturing or marketing of a product. This helps refine the various stages of a product's life cycle to make each stage as cost-efficient as possible and therefore maximize the profit the product can generate.