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 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 Because if the company has outdated it decreases the attention and throwout the company from competition.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.