What is Product Management?

What is product management as a function and driving force in your business

Product management is an essential part of most businesses. As business managers, stakeholders and executives, having a good product management system in place can be a proper determinant at times of whether your product succeeds or not in the marketplace.

 

product management

What is product management

 

Product management is a role in which involves the planning, marketing and production of a product to ensure it succeeds in the marketplace. The project management’s role is regularly handled by a project manager. Not all companies are structured the same and as a result of that the product manager’s role may be handled across a wide array of individuals or departments handling different functionalities.

When handling product management, you are going to manage the product through its entire product life cycle.

Fill-in-the blank Excel KPI templates, dashboards, scorecards:

Although some company’s product management process may be different, there are three main aspects of what makes up product development:

  • Planning the product
  • Introducing the product
  • Managing the product after it is launched
  1. When it comes onto planning out the product you are going to get together with your team to plan out ideas for the upcoming new product, evaluating your market to see if it’s really a good fit and creating new models for old products if necessary. You are also going to set the vision for the product and create a mission statement so that your team can work in harmony towards a shared goal.
  2. Introducing the product consists of mainly executing the product plan that you and your team have planned out.  You are going to constantly overview the product development processes until it’s finished. This process also involves marketing and launching the product into the market. You have to ensure that your vision of the product is portrayed in the branding and it brings something different into the market.
  3. After the product is launched you then have to continue managing the different operations that go into creating the product. You got to also keep on tweaking the product and coming up with new models. This process is going to always be changing because you are going to have to tweak your marketing to ensure that you get your message across to customer’s right.
product management tool and template

Product planning

 

You are going to have to keep an eye on your competitors and look out for external innovations that you can capitalize on and also see if you can make your production process more efficient so you can create products faster and efficient while maintaining the product’s quality.

By looking at what product management is above you can see that it can be a vital part of any business. 

When you don’t have a company that embraces product management it can get pretty unorganized. The sad truth is you still have companies that don’t have a product management system in place. They just pump out poor quality products into the market without doing any market research and expect customers to just flock by the thousands to buy their product.

Product management helps to keep things organized and helps put all  the different  product development processes into a framework that make things easier and more efficient for managers.

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