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.