Have you ever wondered how fashion lines and brands came to be? It may seem like the easiest thing in the world to have a brilliant design, make it come to life then get everyone to buy it. If it were only like the lemonade stand cute kids sold on summer, but it is not.
If you are thinking of starting your own line being someone filled with ideas is important, however, for everything to run smoothly an important aspect must be present. This is called the product life cycle management which has been made more efficient by the availability of PLM software.
The Importance of PLM in Fashion/Brand Creation
The appropriate product management is seen when the company is able to make all the necessary decisions on each phase of the life cycle. These phases are the following:
- Product Development – When the product, for example a shirt in different colors, are conceptualized, created and tested until the final product is gotten.
- Product Introduction – The phase when the shirts are then introduced into the market. This is in line with shirts hitting stores, becoming available as well as the initial advertising.
- Product Growth – After the shirt has been introduced it is time to ensure it sells. A specific market share must be owned and from there the shares are to go up.
- Product Maturity – There are many reasons why items like shirts age or mature in the market. Perhaps the designs are out of season or there are just better options. This is the phase when the company has to check if they can still do something to improve the product, the shirts.
- Product Decline – During this phase the shirts are not working anymore. The company must make a decision to pull out the shirts, put them on sale and such.
The process is made easier for the product manager using the PLM software which guides the user from product development to decline. Here are the features when the PLM software can be used by the product manager:
- Offers a technical view on figures like revenue, earnings, forecasting as well as marketing and developing.
- Allows user to research the market acquiring understanding of the customer to fulfil their needs. This results in spot-on product development.
- Assists the manager in observing the life cycle of the products, showing alerts when changes and decisions need to be made.
- Determines product success and product decline.
If you are the product manager you must also not solely rely on what the PLM software can do for you. The software can only work if the user understands the proper way of life cycle management. Here are three fundamental characteristics:
- Understand the Basic of Product Management – Be aware about everything regarding the products this includes the market, the customers as well as the competitors.
- Maintain Balance for Product and Market – By knowing the market, you will be able to balance out through correct product development, introduction and make the right decisions during the entire product life cycle.
- Treat Product Management as a Discipline – This task is a full time job and requires strict monitoring and analysis.
If you are aiming for a successful endeavour in the field of fashion and brand lines, you also have to secure an understanding of the correct product life cycle management with the aid of PLM software.