Product management
Because the term marketing is so often equated with marketing communications, let’s refer to this market-driven role as product management
You need product management if you want low-risk, repeatable, market-driven products and services. It is vastly easier to identify market problems and solve them with technology than it is to find buyers for your existing technology
Product Management identifies a market problem, quantifies the opportunity to make sure it’s big enough to generate profit, and then articulates the problem to the rest of the company. We communicate the market opportunity to the executive team with business rationale for pursuing the opportunity including financial forecasts and risk assessment. We communicate the problem to Development in the form of market requirements; we communicate to Marketing Communications using positioning documents, one for each type of buyer; we support the sales effort by defining a sales process supported by the requisite sales tools so that the customer can choose the right products and options
If you don’t want to be market-driven, you don’t need product management. Some companies will continue to believe that customers don’t know their problems. Some companies believe that they have a role in furthering the science and building the next great thing.These companies don’t need product management—they only need project management, someone to manage the budgets and schedules. But these companies also need to reexamine their objectives. Science projects cannot be made into products in the short-term. Don’t expect revenues if your company is focused on the “R” in Research and Development. Product management can guide you in the “D” in R&D—the development of technology into problem-solving products
Product Management is one of the four areas of marketing. The other three parts of the marketing mix are pricing, promotion, and distribution
Product management is a function within a company dealing with the day-to-day management and welfare of a product or family of products at all stages of the product lifecycle.
The product management function is responsible for defining the products in the marketing mix. Product management typically deals with:
Defining new products and product requirements (New Product Development)
Defining product business criteria including managing costs
Securing internal resources for product team
Translating feature requirements into engineering specifications
Working across all functions to bring a product to launch
Leading teams to ensure execution towards product objectives
Defining supportability requirements
Evangelizing the product internally across all functions
Evangelizing the product externally with press, customers, and partners
Bringing new products to market
Product differentiation
Product positioning and outbound messaging
Product Life Cycle considerations
Product portfolio management
Product management may also represent an organization's approach to the process of managing and marketing its products and services as smaller businesses inside the larger enterprise, supported by multi-function product teams (led by product managers) and a standard product development process
Product management typically deals with all of the end-to-end aspects of a product or product line including product profitability, the role may be split with closely related functions Product marketing, program management, and project management
Because the term marketing is so often equated with marketing communications, let’s refer to this market-driven role as product management
You need product management if you want low-risk, repeatable, market-driven products and services. It is vastly easier to identify market problems and solve them with technology than it is to find buyers for your existing technology
Product Management identifies a market problem, quantifies the opportunity to make sure it’s big enough to generate profit, and then articulates the problem to the rest of the company. We communicate the market opportunity to the executive team with business rationale for pursuing the opportunity including financial forecasts and risk assessment. We communicate the problem to Development in the form of market requirements; we communicate to Marketing Communications using positioning documents, one for each type of buyer; we support the sales effort by defining a sales process supported by the requisite sales tools so that the customer can choose the right products and options
If you don’t want to be market-driven, you don’t need product management. Some companies will continue to believe that customers don’t know their problems. Some companies believe that they have a role in furthering the science and building the next great thing.These companies don’t need product management—they only need project management, someone to manage the budgets and schedules. But these companies also need to reexamine their objectives. Science projects cannot be made into products in the short-term. Don’t expect revenues if your company is focused on the “R” in Research and Development. Product management can guide you in the “D” in R&D—the development of technology into problem-solving products
Product Management is one of the four areas of marketing. The other three parts of the marketing mix are pricing, promotion, and distribution
Product management is a function within a company dealing with the day-to-day management and welfare of a product or family of products at all stages of the product lifecycle.
The product management function is responsible for defining the products in the marketing mix. Product management typically deals with:
Defining new products and product requirements (New Product Development)
Defining product business criteria including managing costs
Securing internal resources for product team
Translating feature requirements into engineering specifications
Working across all functions to bring a product to launch
Leading teams to ensure execution towards product objectives
Defining supportability requirements
Evangelizing the product internally across all functions
Evangelizing the product externally with press, customers, and partners
Bringing new products to market
Product differentiation
Product positioning and outbound messaging
Product Life Cycle considerations
Product portfolio management
Product management may also represent an organization's approach to the process of managing and marketing its products and services as smaller businesses inside the larger enterprise, supported by multi-function product teams (led by product managers) and a standard product development process
Product management typically deals with all of the end-to-end aspects of a product or product line including product profitability, the role may be split with closely related functions Product marketing, program management, and project management