Product management is specific lifecycle functionality within an organization that deals with forecasting, planning, production, its marketing etc. at all stages of its lifecycle of a product.
The role of product management may comprise of product marketing and product expansion and improvement. These two are different approaches related to a product; however, these two are complementary to each other. However both these efforts aim at the success of increasing sales revenue, market share, and profit limits.
Product management is dealt by product manager and he is found responsible for analysing the current condition of market, and explaining the functionality of the products. Product management can be an individual department or else it can be an allied member to marketing.