![]() The price of new products should be as high as possible.How did these definitions of product lifecycle evolve to our current understanding?Īs early as 1985 there was clear understanding that: In 1959 Patton wrote that there was consensus that the key element of the product lifecycle was that profits are high during the growth phase and decline due to competition during the maturity phase. The next reference was from a man called Jones who worked for Booz, Allen and Hamilton, and in 1957 he theorized that there was a lifecycle that is characteristic of most products and he put forward this terminology: In 1931 Otto Kleppner developed a precursor to what we now understand as the basic product lifecycle where he suggested that products go through three stages: To understand how and why product lifecycle management first developed and why there is a clear and growing need for PLM, we first need to look at what we mean by product lifecycle.
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