Product Lifecycle Management, PLM, integrates engineering, manufacturing and service to reduce costs, improve quality and reduce time to market. Today, PLM has evolved to include the entire enterprise. This means coexistence with other point solutions and enterprise applications for product information and operations is important. Over time the profitability and the types of customer change and the marketing cost per customer varies. By analyzing these indicators - profit, competitors, cost per customer, customers, and sales - Toyota can determine which phase of the product life cycle their product has reached or is moving towards. There are 4 phases: Introductory Phase, Growth Phase, Maturity Phase and Decline Phase. Once Toyota has identified the phase by analyzing the indicators (characteristics) through research, Toyota can formulate their marketing objectives for that phase and develop a marketing strategy for that phase. Toyota can do this until there product has reached the decline phase and they decide to discontinue production and sales.…
