Abstract: As per standardized references definition of PLM (Product Lifecycle Management) is “An integrated information driven approach comprised of people, processes/practices & technology to all aspects of products life, from its design to manufacture, deployment & maintenance- culminating in the products removal from service & final disposal.” Due to the issues related to the inefficient production management in any enterprises it makes it essential to engineer & incorporate the knowledge of PLM in the production sites. Out of a wide knowledged body (PLM) some concepts are taken into consideration in our paper, like its importance, phases, product cannibalization & so on. The purpose of this paper is to provide a clear knowledge of what stages a product goes through starting from its appearance in the market, how companies are influenced in introducing updated version of their products, six-sigma & lean manufacturing methods, etc.