Product management is an important organizational role. Product management course for all aspirants transitioning into the most indemand role as a product manager. Following are some basic product management terms and definitions that any product manager should be familiar with. Companies that are responsible for the production and distribution of products have a lot on their plates. The ultimate guide to product management definition and. Product management is the process of collecting and using data on the products that a business or organization sells, handles or makes.
Product management definition in the cambridge english. The role of the product management is somewhat misunderstood because its definition varies across companies and across industries. The product manager and the product development process. Every product is made at a cost and each is sold at a price. Product management the four primary responsibilities of product management. As the field of digital product management continues to rapidly evolve, so do the words and phrases used by its. Product management is the endtoend process of developing and marketing products throughout their lifecycle from concept to retirement. This course provides an introduction to product management pm with an emphasis on its role within technologydriven enterprises. Agile product management has been fashionable for some time. Definition of product the intention of this appendix is to define the term product, and provide several examples of infusions using single and multiple products. Practical guide to product management in digital media. This is product management is a weekly podcast for product managers with over 1,000,000 downloads.
Deeply understand customers and their job to be done 2. A product manager is a professional who is in charge of evaluating and making recommendations on all aspects of a companys products through the entire product life cycle. The role evolved out of a set of responsibilities that traditionally fell to lead developers and engineers. There are, for example, complementary disciplines that can be part. The product manager drives the strategy to bring the. A product manager communicates product vision statement in the highest form of leadership to. Overseeing the movement of goods from supplier or manufacturer to point of sale. The organizational structure within a business that manages the development, marketing and sale of a product or set of products throughout the product life. Product management is the development, marketing and sale of a product to a customer business dictionary definition. In some cases, product marketing is treated as a separate. Product management is the entrepreneurial management of a piece of business product, product line, service, brand, segment, etc. The strategic role of product management how a marketdriven focus leads companies to build products people want to buy 5 product management is a wellunderstood role in virtually every.
In order to understand what a product management framework is, its helpful to understand the literal definition of a framework. In the last ten years, the product management role has expanded its influence in technology companies. Gtm gotomarket a product s gtm or gotomarket is a strategic plan encompassing the major tactics and resources that a company will use to release, promote and sell the product. Similarly, product lifecycle management plm integrates people, data, processes and business systems.
We continue the hunt for product management knowledge and keep delivering resources from those with more product management experience. The practice of project management in product development. Definitions of product management are roughly the same around the globe and in various industries. The product management business model and process 4. Product management has long been viewed as one of the more effective. Glossary of product management acronyms and jargon. The product managers job must be done in the context of an overall product development process. Define and plan product lines and product enhancements. A product manager, by definition, is a generalist who must rely on numerous. Without a product management philosophy and discipline, an it organization becomes. The great ones are invaluable because they can work effectively across the entire organization product, marketing, sales there is no onesize fits all description of either of their roles and. Product management is an organisational function within a company dealing with new product development,business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Product management is the practice of managing a portfolio of products throughout their lifecycle from concept to endoflife.
Distribution management is an overarching term that refers to. The importance of a product management framework 280 group. The guide to the product management and marketing body of. The product management arena is defined as four key areas. Definition of product center for international blood and. But different people associate different meanings with it from simply using the product backlog to extending scrum by. Product management is an organisational function within a company dealing with new product development,business justification, planning, verification, forecasting, pricing, product launch. Define what to build technically feasible valuable to the customer easy to use 4. What are successful principles of product management. Acknowledgments we wish to thank the project management institute. Generally, the product manager also called the product ceo does all the product management. A project manager is responsible for a single part of a product lifecycle product development, while a product managers responsibility is to lead a product from the germ of an idea to launch, focusing on features, business value, and. Typically, this product development process is driven more by the product. Product managers are typically found at companies that are building products or technology for customer or internal use.
Project management involves planning and organization of a companys resources to move a specific task, event, or duty toward completion. It can be thought of as the strategic management of. A product specification also referred to as product specs is a document with a set of requirements that provides product teams the information they need to. Product management is an interdisciplinary role that reaches across teams to plan, design, and continuously bring better products to market. Product management is a key organizational process for high tech b2b companies involving more or less all parts of the company. Greg geracie is a recognized product management thought leader and the president of actuation consulting, a global provider of product management training, consulting, and advisory. The art of product management is to combine a deep understanding of your target customers needs and desires with the capabilities of your engineering team and the technologies they. Technology businesses use two definitions of marketing. Key aspects of product strategy, product development. This role evolved from the brand manager position that is often found at consumer packaged goods companies. Behind every great product silicon valley product group. One reason is that product management encompasses a wideranging area of responsibilities. Product data management pdm or product information management pim is the business function often within product lifecycle management plm that is responsible for the. To understand product management and its challenges requires a deeper dive than a two sentence definition.
Pdf on jan 1, 2006, p kotler and others published marketing management find, read and cite all the research you need on researchgate. Wikipedia product management is an organizational lifecycle function within a company dealing with the planning, forecasting, and production, or. It is equally easy to define products that can be built profitably but which are not compelling to the customer. Insight creation product strategy product planning product marketing gotomarket. One reason is that product management encompasses a wideranging area. Product focus is a global provider of product management courses in the uk, us and europe. Indeed, the role itself means very different things in different organizations. The strategic role of product management how a marketdriven focus leads companies to build products people want to buy 5 product management is a wellunderstood role in virtually every industry except technology.