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 Because if the company has outdated it decreases the attention and throwout the company from competition.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