Product Management

Product management is an organizational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle

.The product manager is often responsible for analyzing market conditions and defining features or functions of a product and for overseeing the production of the product. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. To maximize the impact and benefits to an organization, Product management must be an independent function separate on its own.

While involved with the entire product lifecycle, the product management’s main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products—ones that deliver unique benefits and superior value to the customer—are the number one driver of success and product profitability.