Importance of Product Management

What is Product Management?

Product management is a method of planning, forecasting, production, marketing and distribution of a product. Basically, product management is related to all tasks from raw material to the consumption of the final product.

Definition of Product Management

According to businessdictionary.com, The organizational structure within a business that manages the development, marketing and sale of a product or set of products throughout the product life cycle.

According to wikipedia.org, Product management is an organisational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle.

Importance of Product Management

  • Product management conduct research, that helps the company to gain knowledge of market, competitors and other business-related questions.
  • Product management helps to make develop strategies.
  • Product management helps to make coordination with pre-decided plans.
  • After the product has been introduced to the marketplace, the product professional will learn, from data analysis and by direct feedback from users.

Challenges of Product Management

  • Understanding of consumer’s taste is a big challenge. Sometimes the manager is unable to understand the taste of the customers and faces huge loss.
  • Retention is also considered a big challenge. because there are many competitors in the market, Who also try to capture new customers.
  • Technology is a big challenge. Because if the company has outdated it decreases the attention and throwout the company from competition.
  • Pricing is a big challenge. Because when the company makes its final products. it should be reasonable and must be less than with its competitors.

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