Having a good product that addresses true customer needs has always been a foundation for business success. The most competitive enterprises in the world are nowadays offering exceptional products that are appealing to their customers. However, the inception, the development, production, marketing and sales of an excellent product is a very challenging process, which has a unique place in the portfolio of an enterprise’s organizational functions. Specifically, there is a need for structuring and organizing various product lifecycle management activities in a consistent way. This need is addressed by modern practices for product management. Product management is part of strategic management. It comprises a very rich set of activities that cover a product’s entire lifecycle: From inception and feasibility assessment to launch and the development of a proper marketing strategy. Product management is closely associated with product development, as it is primarily about managing the development steps of a product. In recent years, it is also related to innovation management processes, as most successful products are innovative.
In most cases product management is carried out as a staged process, which allows transitions and feedback loops across the different stages. Some of the prominent stages and activities of the Product Management process are:
The above listed activities are not exhaustive. However, they are indicative of the product management process and the duties of the product management team.
Product management activities are quite standard and well-illustrated in product management handbooks. Nevertheless, it is the quality of the execution of these activities that leads to success. To this end, the following best practices must be considered:
Product management activities are without doubt a vehicle for improving business results. They success depends on the right people, the right environment and the interdisciplinary processes including design thinking, agile product development processes, product analytics and more. Enterprises must therefore invest on creating a modern agile product management environment, which will enable them to turn their product strategies to a long-term growth strategy.
Startups Must Learn How and When to Pivot
Finding your way in the sea of FinTech Applications
Reinventing Product Quality with Zero Defect Manufacturing
An introduction to Software Product Engineering
Gamification Platforms: The state of play
The rise of the iERP and its role in the Digital Transformation
Unbiased Human Centric AI Systems: The Basics you Need to Know
Elevating your Business Productivity with Process Automation
Top Technology Trends for the Future of Insurance
Green IT Initiatives for the Twin Transformation of Industrial Enterprises
We're here to help!
No obligation quotes in 48 hours. Teams setup within 2 weeks.
If you are a Service Provider looking to register, please fill out this Information Request and someone will get in touch.
Outsource with Confidence to high quality Service Providers.
If you are a Service Provider looking to register, please fill out
this Information Request and someone will get in
Enter your email id and we'll send a link to reset your password to the address
we have for your account.
The IT Exchange service provider network is exclusive and by-invite. There is
no cost to get on-board;
if you are competent in your areas of focus, then you are welcome. As a part of this exclusive