Product management

Encyclopedia : P : PR : PRO : Product management

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Topics in Marketing[.]

Key concepts

Product / Price / Promotion "Placement" / Service / Retail Research / Strategy

Promotion

Advertising / Sales promotion Personal Sales / Publicity Public relations / Direct

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Marketing#Roles>Roles

Promoters / Infotainers

Product management is a function within a company dealing with the day-to-day management and welfare of a product or family of products at all stages of the product lifecycle.

The product management function is responsible for defining the products in the marketing mix. Product management typically deals with:

• Defining new products and gathering product requirements (New Product Development)
• Defining product business criteria including managing costs
• Securing internal resources for product team
• Translating feature requirements into engineering specifications
• Working across all functions to bring a product to launch
• Leading teams to ensure execution towards product objectives
• Defining supportability requirements
• Evangelizing the product internally across all functions
• Evangelizing the product externally with press, customers, and partners
• Bringing new products to market
• Product differentiation
• Product positioning and outbound messaging
• Product Life Cycle considerations
• Product portfolio management

Product management may also represent an organization's approach to the process of managing and marketing its products and services as smaller businesses inside the larger enterprise, supported by multi-function product teams (led by product managers) and a standard product development process.

Product management typically deals with all of the end-to-end aspects of a product or product line including product profitability, the role may be split with closely related functions Product marketing, program management, and project management.

Alternative approach

Product Management is a collective term used to describe the broad sum of diverse activities performed in the interest of delivering a particular product to market.
From a practical perspective, product management is a domain that holds two disciplines: product planning and product marketing. This is because the product's functionality is created for the user via product planning efforts, and product value is presented to the buyer via product marketing activities.

See also

• Product
• Product Manager
• Product marketing
• Product planning
• Marketing management
• Brand management
• Software product management
• Association of International Product Marketing & Management
• Toolkits for User Innovation
• Configuration System

Articles

• [Product Management & Product Marketing - A Definition] - An article that discusses in detail the roles of Product Management & Product Marketing in the high-tech industry
• [Your NPD Portfolio may be Harmful to your Business' Health] - A research article on the practical application of Product Portfolio Management in Product Innovation - by thought-leader Dr. Robert G. Cooper
• [Portfolio Management for New Products: Picking the Winners] - A white paper discussing the use of Product Portfolio Management in New Product Development - by thought-leader Dr. Robert G. Cooper

Commercial resources

• [Blackblot - Product Management Expertise]
• [Pragmatic Marketing]
• [Sequent Learning Networks]
• [ZigZag Marketing]

 

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