Product Management

Role of Product Management

Product Management forms an essential aspect of the operations of any business organization. It can also be considered that the existence of an organization depends entirely on the product that it proposes to sell in the market.

The role of Product Management involves several activities ranging from strategic to tactical areas and differs on the basis of the hierarchical structure of the organization. It involves the planning, forecasting and the marketing of the product and all the phases of the life cycle of the product. In fact, Product Management can be classified as an independent department within the organization.

Product Management and Product Development are integrated together, though there is a minute difference between both these terms. Product Development denotes the development of a product that a company visualizes to bring into the market right from the stage of inception, whereas, Product Management involves the placement of a product in the market in a favorable position that would ultimately enhance the sales revenues, boost the market share and increase margins of profit. The main thrust of product management is towards spearheading a product with a force that would rate the company as the number one in the industry. A product that becomes the cynosure of the entire industry as well as competition earns its rightful place in the market.

Aspects of Product Management

There is a large variety of roles in which the Product Management functions that are dependent on the size of the company. At times, the product management is headed by a Product Manager and there are times when this role is complemented by other roles. Normally, there is a Profit and Loss factor that holds the key for assessing the performance of a product. In some organizations, the function of the product management serves as a nucleus of several other activities revolving around the product whereas in certain companies it is one of those routine functions that are required to promote a product and closely monitor its performance in the market.

In almost all companies, the product management group performs an intermediary role within the other teams of the organization, especially between the product engineering and commercial departments. Product Management generally outlines the specific objectives of business that has been set up for a product and which has to be marketed by the sales force into the market. The Product Management is also responsible for emphasizing on the specific requirements of the market at that stage and the definite role that the product should play in the market.

Placement of the Product

It is absolutely essential the timing and the placement of the product by the Product Management. The Product Management analyzes the market thoroughly taking into considerations the risk involved and the requisite promotional activities to be undertaken by the commercial and marketing departments of the company. It is this thorough analysis that pays off in the long run as it provides a leading edge over competition. It is the aggressiveness of the sales staff that makes a niche in the industry and the product is launched successfully for all times to come.

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