How can product lifecycle management affect strategy in BSG?

Product lifecycle management is crucial because it guides how companies formulate and adjust their strategies based on the stage their products are in—introduction, growth, maturity, or decline. As products transition through these stages, market demands, competition, and customer preferences evolve. Therefore, companies must adapt their strategies accordingly; for instance, during the introduction phase, a business might focus heavily on awareness and aligned marketing efforts, while in the decline phase, they may need to cut costs or pivot their product offerings.

By understanding and analyzing where a product stands in its lifecycle, a company can optimize pricing, promotional activities, and resource allocation to maximize profitability and market share. This adaptive approach ensures that the company remains competitive and responsive to changing market conditions, making it foundational to a successful business strategy in the BSG context.