THE ROLE OF PRODUCT LIFE CYCLE MANAGEMENT IN COMPETITIVE MARKET POSITIONING-KESORAM INDUSTRIES LIMITED

Abstract

Product Life Cycle Management (PLM) plays a crucial role in helping organizations maintain a strong competitive position in dynamic and highly competitive markets. PLM is a strategic approach that manages a product throughout its entire life cycle, from concept development and design to manufacturing, marketing, distribution, and eventual decline or replacement. Effective PLM enables companies to optimize product performance, reduce costs, improve quality, and respond quickly to changing customer needs and market trends. In today's business environment, where innovation and customer satisfaction are key drivers of success, organizations use PLM to enhance decision-making and streamline product-related processes. By understanding the different stages of the product life cycle—introduction, growth, maturity, and decline—companies can develop appropriate marketing, pricing, production, and promotional strategies to maximize profitability and market share. PLM also facilitates collaboration among departments, improves resource utilization, and supports continuous product innovation. Furthermore, Product Life Cycle Management helps businesses identify opportunities for product improvement, extension, or diversification, enabling them to sustain their competitive advantage. It assists organizations in anticipating market challenges, managing risks, and maintaining customer loyalty through effective product planning and management. As competition intensifies across industries, PLM has become an essential tool for achieving long-term business growth and strengthening market positioning. This study examines the significance of Product Life Cycle Management in enhancing organizational competitiveness, improving market responsiveness, and supporting strategic decision-making. It highlights how effective PLM practices contribute to business success by aligning product strategies with market demands and customer expectation.