Managing product end-of-life and retirement

Managing product end-of-life and retirement is the process of phasing out and discontinuing a product from the market when it is no longer profitable or viable to continue selling it. This capability includes identifying the right time to retire the product, creating a plan for product discontinuation, managing inventory and supply chain, communicating with customers and stakeholders, and complying with regulatory requirements. It also involves ensuring a smooth transition for customers to alternative products or services and minimizing any negative impact on the company’s reputation or brand.

Beginner competence definition

At the beginner level, managing product end-of-life and retirement involves understanding the basic principles of product retirement and the company’s policies and programs related to managing product retirement. Beginner-level professionals should be able to participate in managing product retirement, communicate effectively with team members and stakeholders, and follow established protocols and procedures related to product retirement.

Intermediate competence definition

At the intermediate level, managing product end-of-life and retirement involves a deeper understanding of product retirement and the ability to work closely with cross-functional teams to identify the right time to retire the product, create a plan for product discontinuation, manage inventory and supply chain, and communicate with customers and stakeholders. Intermediate-level professionals should also be able to identify opportunities for repurposing or recycling product components, and train and coach others on product retirement strategies and policies.

Advanced competence definition

At the advanced level, managing product end-of-life and retirement involves a comprehensive understanding of product retirement and its application in complex, global organizations. Advanced-level professionals are able to design and implement product retirement programs that comply with legal and regulatory requirements, minimize negative impact on the environment and the company’s reputation or brand, and align with the company’s overall business goals and values. They are also able to use advanced techniques such as data analytics, market research, and customer insights to manage product retirement, and use those insights to inform business decisions and strategies. Advanced-level professionals also have strong leadership skills, with the ability to inspire and motivate cross-functional teams to achieve product retirement goals and drive continuous improvement throughout the organization.