THE ROLE OF PRODUCT LIFE CYCLE MANAGEMENT IN COMPETITIVE MARKET POSITIONING AT ICICI BANK

Abstract

Product Life Cycle Management (PLCM) plays a crucial role in helping organizations develop, manage, and optimize their products throughout different stages of the product life cycle, including introduction, growth, maturity, and decline. In the highly competitive banking industry, effective PLCM enables financial institutions to maintain market relevance, enhance customer satisfaction, and achieve sustainable growth. This study focuses on the role of Product Life Cycle Management in strengthening the competitive market positioning of ICICI Bank, one of India's leading private-sector banks. The research examines how ICICI Bank designs, launches, manages, and innovates its banking products and services to meet changing customer needs and market dynamics. It explores the strategies adopted by the bank during different stages of the product life cycle, including product innovation, digital transformation, service enhancement, customer relationship management, and product diversification. The study also analyzes the impact of PLCM on customer acquisition, customer retention, profitability, brand image, and overall market competitiveness. Data for the study are collected through primary and secondary sources, including customer surveys, company reports, journals, and industry publications. The findings indicate that effective Product Life Cycle Management enables ICICI Bank to continuously innovate its offerings, respond quickly to market changes, and maintain a strong competitive position in the banking sector. Furthermore, the integration of technology-driven services and customer-centric strategies has significantly contributed to the bank’s success in managing product life cycles efficiently. The study concludes that Product Life Cycle Management is a vital strategic tool for ICICI Bank, helping it enhance operational efficiency, sustain customer loyalty, and achieve long-term competitive advantage in an increasingly dynamic and technology-driven financial market