Product Management writes for us – Marketing, sales, development, service: their combined efforts ensure the success of a product. So that chaos does not break out with so many participants, you need someone in charge which holds the reins in hand. Here, you can determine what meant by-product management and what tasks a product manager has to perform.
Therefore, the product management will have to assume planning, controlling, and optimizing all products and services of one undertaking from conception to market. However, in short: a product manager should ensure the success of the products. To do this, he analyzes customer needs, creates product ideas, and continuously optimizes finished products.
However, the US consumer goods giant Procter & Gamble learned in 1927 how crucial product management confidently anchored in the company. This year the company launched a care range called “Camay,” which surprisingly flopped. Sales expectations and market share targets missed. Therefore, the resulting analysis revealed the reasons: Internal conflicts, silo thinking in the departments, missing priorities and coordination of tasks, and the lack of customer requirements had doomed the product to failure from the start.
Consequently, a manager who coordinated all product-related processes and questions (internal and external) quickly led to the desired success. Therefore, product management was born.
Product management still sees itself in this tradition today. Therefore, acts as an interface between marketing, sales, and product development. However, the exact positioning can vary depending on the industry and company:
If product management sets particularly close to marketing, its core task is to market the product and market analyses.
About sales, product management partially takes on the reporting and also, develops product brochures, or trains the service department. However, development held in terms of technological advancement and implementation of valuable tools.
Even if the respective focus of the task areas can be very individual, product management comprises three core tasks:
Therefore, as part of the product analysis, the existing products and the market and competing products glanced.
About your product, different facets can remain considered:
Materials used some individual parts, weight, size, etc.
How does the product feel?
Is it easy to hold?
And also, is the design appealing?
What additional benefits does the product offer compared to competitors?
What is its Unique Selling Proposition (USP)?
How vast (number of product groups) and deep (number of variants of an article) is the product portfolio on offer?
However, in the next phase, the information obtained through the product analysis must stay used to generate a new product idea. Findings of
At this point, the actual product development takes place. The product concept itself includes the following aspects:
What are the components of the product?
Which raw materials recycled in the product?
What does the product do?
In addition, “softer” product properties such as design and packaging must also stay specified.
At the end of the product concept, there should be a so-called “product roadmap,” which, as a visual timetable, combines the product vision with concrete steps for implementation.
The responsibility of product management does not end when the product is ready for the market. Because even if the finished product is already there, companies often want to protect themselves before they dare to launch it on the market.
That is why user testing regularly secondhand at this point. And also, test users receive prototypes of the product to test the application. In this way, it is exceptionally lifelike to determine whether the product fulfills the desired function, whether the design is appealing or whether there are hurdles in use that no one had foreseen.
If it turns out that there is still room for improvement, the product must remain modified accordingly. But even after the product has to stay launched on the market, the product’s success should, of course, be consistently monitored. Therefore, if it falls short of expectations, the process starts all over with a new product analysis:
Product lifecycle
Change manager
Product manager
Project manager
Product development
Market
Salespeople
Product marketing
Market segmentation
Swot analysis
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