What is product life cycle management?Also, is it same as product life management.?

Question

best answer will be chosen

Answer 1

From Wikipedia:

Product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its conception, through design and manufacture, to service and disposal.[1] It is one of the four cornerstones of a corporation's information technology structure.[2] All companies need to manage communications and information with their customers (CRM-Customer Relationship Management) and their suppliers (SCM-Supply Chain Management) and the resources within the enterprise (ERP-Enterprise Resource Planning). In addition, manufacturing engineering companies must also develop, describe, manage and communicate information about their products (PLM).

Documented benefits include:[3][4]

Reduced time to market
Improved product quality
Reduced prototyping costs
Savings through the re-use of original data
A framework for product optimization
Reduced waste
Savings through the complete integration of engineering workflows

Product Lifecycle Management (PLM) is more to do with managing descriptions and properties of a product through its development and useful life, mainly from a business/engineering point of view; whereas Product life cycle management (PLC) is to do with the life of a product in the market with respect to business/commercial costs and sales measures.[5]

Good luck....

Answer 2

In my opinion, product management lifecycle is:
1. Write and Read your Features, Epics and Stories in Context
2. Create Product Roadmap
3. Discover Ideas with Story Mapping
4. Create Personas and connect them to your stories as you write them
5. Manage your Teams Workflows