Product management is a part of an organisation that is in charge of making and taking care of a product or group of products over the course of their entire lifecycle. Product management includes a wide range of tasks, such as researching the market, designing the product, developing it, putting it on the market, and managing it afterward.
The most important things that a product management function has to do are:
Market research is the study of the market to find out what customers want and what trends are happening, as well as to learn more about the competition.
Product planning is the process of making a product roadmap that shows the product’s strategic direction and the key features and functions that will be added over time.
Product design is working with the product’s designers and developers to make sure it meets the needs of the target audience.
Product Development: Managing the development process, which includes setting priorities, coordinating activities, and making sure the product is delivered on time and on budget.
Product Launch: Creating a “go-to-market” strategy and putting it into action, such as making marketing materials, training sales teams, and talking to customers.
Product Lifecycle Management is the process of keeping track of a product’s performance, getting feedback, and finding ways to make it better throughout its lifecycle.
The product management function is a key part of making sure that the organization’s products meet the needs of the target audience and are in line with the strategic goals of the organisation. Product managers are in charge of making sure that a product is successful throughout its lifecycle, from the time it is first thought of to the time it is released. Product managers are able to make products that are good for both the business and the people who use them because they work closely with cross-functional teams and talk to stakeholders.
Usage
It is used in Agile Project Management
