Product Management 1

• Product


  Anything that is produced, whether as the result of generation, growth, labor, or thought, or by the operation of involuntary causes
• Definitions of product


  • In manufacturing
  • In project management
  • In marketing
• Product Management

  A function within a company that deals with the planning or marketing or forecasting of a product or products through at all stages of the product lifecycleA function within a company that deals with the planning or marketing or forecasting of a product or products through at all stages of the product lifecycle
• Product Development


  The process of designing, building, operating, and maintaining a good or service. Product development adds things like pricing, marketing, and customer support to the technology to create a complete product
• New Product


  The dynamics of markets, technology, and competition have brought changes to virtually every market sector and have made new product development one of the most powerful business activities
• Six categories of new products

  • New-to-the-world Products
  • New-to-the-firm Products
  • Additions to Existing Product Lines
  • Improvements or Revisions to Existing Products
  • Repositioning
  • Cost Reduction
• Product Mix


  The set of all products a particular marketer offers for sale to buyers
• Product Life Cycle


  The stages a product goes through from introduction to decline
• Product Planning Process


  1. Product Initiation

  2. Feasibility

  3. Development

  4. Testing

  5. Product Launch
• Roles of a Product Manager

  • Understanding and representing user needs
  • Monitoring the market and developing competitive analyses
  • Defining a vision for a product
  • Aligning stakeholders around the vision for the product
  • Prioritizing product features and capabilities
  • Creating a shared brain across larger teams to empower independent decision-making