Product management is an organizational function that guides every step of a product’s lifecycle — from development to positioning and pricing — by focusing on the product and its customers first and foremost. To build the best possible product, product managers advocate for customers within the organization and make sure the voice of the market is heard and heeded.
Product management contributes heavily to the success of products. This contribution is made by properly understanding market opportunities, setting realistic goals for product development, aligning resources to meet those goals, taking into account multiple constraints (e.g., time, cost, or quality of resources), creating a realistic product roadmap, and monitoring the progress of the product throughout its life cycle.
The benefits of Product management to organizations are:
- Product management articulates the customer value that sales sell
- Product management reduces risk of product failure
- Aligning market needs with key organizational objectives
- Product management future-proofs organizations
The methodology of conducting Product Management is depicted in the diagram below:
