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Product Lifecycle Management

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What is product lifecycle management?

Product lifecycle management (PLM) is the process of maintaining and managing the performance and functionality of a product from its inception through its retirement. PLM involves all aspects of production, design, marketing, sales, support, scalability, and all other aspects of the product’s creation and delivery to customers. PLM is useful when making decisions surrounding the product’s launch, growth, value and eventual removal from the market.

What is product life cycle management and its importance?

  • Product life cycle management is critical in determining how to be strategic about a product’s launch and growth.

In order for any product to be successful, it must provide value to its users. This is true about any product, regardless of its position in the life cycle. Some key product life cycle management fundamentals include maintaining secure, managed access to the product, maintaining the integrity of the product throughout its life cycle, and ensuring that all data and processes used in the design, engineering, sales and service of the product are managed throughout its life.

What are the 5 stages of product life cycle?

  • The five stages of the product life cycle are: concept and design, development, production and launch, support and service and retirement.

Every product goes through five stages in its life cycle. In the concept and design stage, the product’s value is discovered, its vision is established, customer personas are established and wireframes are created for what the product will look like. The development stage is when the product is built, iterations are developed and a viable product is created. Production and launch is the process in which internal and external stakeholders supporting the product gather all materials necessary to successfully launch the product. The support and service stage includes all processes for maintaining the product’s post-launch value while continuing to add value and discover new audiences. The retirement stage is when the product’s value is at a minimum and most customers have replaced the product with something that better fits their needs, or when the company chooses to discontinue the product ending the its life cycle.

What is agile product lifecycle?

  • Products created through Agile have a life cycle of six stages: concept, inception, iteration, release, maintenance and retirement.

In the concept phase, product owners determine the scope of the project and communicate key goals and requirements in documentation before moving onto the inception phase. During inception, the concept is outlined, and the software development team begins designing the project architecture and user interface. From here, the product moves into the iteration phase.

The iteration phase is where developers work with UX designers to create an iteration of the product that includes all requirements and feedback and the bare functionality of the product. Iterations are repeated several times until a minimum viable product is produced.

In the release phase, the product is released to quality assurance analysts, engineers and managers to perform functionality tests while user training takes place and documentation is created. At the end of this phase, the product is deployed into production.

The next phase is the maintenance phase, in which development teams provide support to ensure the product remains functional. Additionally, new iterations may be developed to add new functionality and updates to the existing product.

The final stage is the retirement phase, where the product is replaced or becomes obsolete and developers stop supporting it, eventually removing it from the market.

Courses

Expand Your Product Lifecycle Management Career Opportunities

Learn in-demand product management skills through expert-led courses from Udemy.

Udemy

Topic:

A knowledge graph-based overview of LCA principles and framework for sustainable product design and development

 

What you'll learn:

  • Gain a high-level…

4.5
(530)
Udemy

Topic:

Complete Product and Customer Lifecycle Management Course

 

What you'll learn:

  • Core tools and techniques required to develop a well-detailed product road map that…

3.0
(1)
Udemy

Topic:

Complete Course on Quality, Product & Customer Lifecycle Management

 

What you'll learn:

  • Introduction to Product Development

  • Product Life…

4.2
(5)
Udemy

Topic:

The most complete course available on Product Management. 13+ hours of videos, activities, interviews, & more

 

What you'll learn:

  • Understand the varying role…

4.6
(39714)
Certifications

Product Lifecycle Management Certifications + Programs

Take your career in a new direction with a product management certification from Udacity.

General Assembly’s Product Management course teaches the end-to-end product management (PM) process to a real-world scenario, from evaluating users and managing a roadmap to creating a minimum viable product (MVP) and developing metrics.

 

What you'll accomplish

This is a beginner-friendly program with no prerequisites, although students may have had exposure to product development concepts or be informally taking on PM responsibilities in their current role. Throughout this expert-designed program, you’ll:

  • Determine key risks and assumptions of a product in order to prioritize research and discovery work.
  • Validate hypotheses by gathering user feedback via MVPs, interviews, experiments, and testing.
  • Execute competitive research to highlight market gaps and trends.
  • Speak fluently with developers, user experience designers, and other business stakeholders about priorities, requirements, and workflow.
  • Apply metrics alongside objectives and key results (OKRs) to measure a product’s success and track its life cycle.
  • Apply what you’ve learned to create a portfolio project: a presentation detailing your product creation strategy.

 

Why General Assembly

Since 2011, General Assembly has graduated more than 40,000 students worldwide from the full time & part time courses. During the 2020 hiring shutdown, GA's students, instructors, and career coaches never lost focus, and the KPMG-validated numbers in their Outcomes report reflect it. *For students who graduated in 2020 — the peak of the pandemic — 74.4% of those who participated in GA's full-time Career Services program landed jobs within six months of graduation. General Assembly is proud of their grads + teams' relentless dedication and to see those numbers rising. Download the report here.

 

Your next step? Submit an application to talk to the General Assembly Admissions team


 

Note: reviews are referenced from Career Karma - https://careerkarma.com/schools/general-assembly

 

Udacity
Beginner
4 months
10 hours

Product Managers are responsible for designing and delivering a profitable product or feature into the market. In this program, you will learn to define product strategy and KPIs based on market analysis, pitch a product vision to get stakeholder buy-in, and design a user-centered prototype that adheres to engineering constraints. Then, you will develop an execution timeline that handles competing priorities, communicate a product roadmap that builds consensus amongst internal stakeholders, and create a comprehensive go-to-market plan based on product KPIs. Finally, you will build tests to enhance product features based on market data.

Udacity
Beginner
4 months
10 hours
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