In lifecycle management, 'LCM' stands for Lifecycle Management. It refers to the holistic approach of managing the entire lifecycle of a product, from inception through development, deployment, maintenance, and retirement. Effective LCM ensures that products meet regulatory requirements and fulfill customer needs throughout their lifespan. By integrating feedback and performance metrics at each stage, businesses can refine their offerings and optimize resource allocation. This strategic management not only extends the product's viability in the market but also enhances operational efficiency and reduces costs.