Define "product lifecycle management."

Product lifecycle management (PLM) is a comprehensive approach that involves overseeing all stages of a product's life, from the initial conception and design, through production, distribution, use, and ultimately to disposal or recycling. This holistic view is crucial for organizations seeking to improve efficiency, enhance product quality, and optimize overall costs throughout the entire lifecycle of a product.

By managing all phases, companies can better coordinate resources, understand market demands, maintain compliance with regulations, and integrate feedback from various stakeholders. This ensures that products are not only meeting customer needs but also being managed in a responsible manner in terms of sustainability and resource utilization.

This option stands out as the correct definition of product lifecycle management because it encapsulates the breadth of activities and considerations involved throughout the entire lifecycle, unlike the other choices which focus on isolated phases or aspects of management.