Why is it called product management?

Product management is called so because it involves managing a product throughout its lifecycle, from conception to development, launch, and beyond. The term “product” refers to any tangible or intangible offering that fulfills a need or solves a problem for a target market.

Here’s why it’s called “product management”:

1. Product strategy: It is the process of outlining the general goals and objectives of the product, as well as determining target markets and customer demands.
2. Market analysis and research: Analysing the market to find trends, opportunities, and dangers from competitors. To guide product decisions, this entails analyzing industry trends, market dynamics, and client wants.
3. Product Planning and Roadmapping: Developing product plans and roadmaps that specify the features and capabilities that will be added gradually is known as “product planning and road mapping.” This includes setting release dates, prioritizing features, and coordinating product development activities with corporate objectives.
4. Cross-Functional Collaboration: Maintaining alignment and coordination throughout the product development process by closely collaborating with cross-functional teams from engineering, design, marketing, sales, and customer support.
5. Product Development and Launch: Managing the entire development process, which includes specifying the requirements for the product, collaborating with engineering teams to construct and test it, and organising sales and marketing initiatives to ensure a successful launch.
6. Product performance monitoring: It involves keeping an eye on and analysing key performance indicators (KPIs) to assess the product’s performance and pinpoint areas in need of development. This entails monitoring data on market share, revenue, customer happiness, user engagement, and other metrics.
7. Iterative Improvement: Continuously refining and enhancing the product in light of user input, industry trends, and performance indicators. This could entail introducing upgrades, additions, or new functions to meet changing consumer demands and market conditions.

To drive a product’s success in the marketplace, product management generally combines strategic thinking, market analysis, project management, and stakeholder collaboration. The phrase “product management” highlights the significance of managing a product as a strategic asset inside an organisation and captures the complex nature of this function.