Product Life Cycle Management, or PLCM, is a systematic approach to managing the entire lifecycle of a product from its inception through to its eventual demise. It involves the development and maintenance of an efficient and effective system to control all aspects of a product’s life, including design, production, marketing, sales, customer service, and disposal. By focusing on the needs of customers and their preferences over time, it can help companies maximize profits while minimizing waste and environmental impact. With PLCM, businesses are better able to identify potential problems before they even arise – ensuring that their products remain competitive in a constantly changing market.