Product management is the process of guiding the development and life cycle of a product from idea to retirement. It involves defining, developing, and delivering a product that meets the needs of customers and stakeholders. Product management typically includes the following responsibilities:
Scope of product management
- Product strategy
- Market research
- Product development
- Product launch
- Product marketing
- Product pricing
- Product road-map
- Performance monitoring
- Product retirement
Actions of product management
Product strategy: This involves defining the product vision, goals, and positioning, and aligning the product with the overall business strategy.
Market research: This involves gathering and analyzing customer and market data to identify opportunities, and to validate product concepts and features.
Product development: This involves working with cross-functional teams such as engineering, design, and marketing to develop and deliver the product.
Product launch: This involves planning and executing the product launch, including marketing and sales efforts.
Product marketing: This involves developing and executing marketing plans to promote the product, including positioning, messaging, and go-to-market strategies.
Product pricing: This involves determining the appropriate pricing strategy for the product.
Product road-map: This involves developing a plan to improve and evolve the product over time, and managing the product life cycle.
Product performance monitoring: This involves gathering data on product usage and customer feedback, and using it to improve the product and make informed decisions about its future.
Product retirement: This involves planning for the end of a product’s life and phasing it out of the market.
Deliverables of product management
Product management is a cross-functional role that requires a balance of technical, marketing, and business skills. It involves working closely with various teams within an organization to ensure the successful development and delivery of a product that meets the needs of customers and stakeholders.
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