Product Management

Top 5 Product Management Definitions

What does Product Management Mean?

Well, the wording Product management might sound simple but the core processes and tasks associated with Product Management need a high-level skill set and competencies. First, let’s try to understand the meaning of Product management.

Finding a good Product Management Definition can be a difficult thing. This is because Product Management is often defined very differently in each organization.

1. Product management is an organizational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle.

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The above definition is mainly focused on the Product Development Process.

2. Product management is the role and function within an organization that is responsible for a product’s overall success. Product Managers work with groups inside and outside of the company to build and execute a plan to make sure the product best meets its financial and strategic goals.

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3. Product Management can be defined as the general business structure within a company that supports and manages all the activities related to developing, marketing and selling a product – or even more than one – all through its lifecycle.

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4. Product management is an organizational function that guides every step of a product’s lifecycle: from development to positioning and pricing, by focusing on the product and its customers first and foremost. To build the best possible product, product managers advocate for customers within the organization and make sure the voice of the market is heard and heeded.

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5. The organizational structure within a business that manages the development, marketing and sale of a product or set of products throughout the product life cycle. It encompasses the broad set of activities required to get the product to market and to support it thereafter.

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