Product Management – Definition, Primary Function, History, and More
Definition of Product Management
Product Management – Product management is the area of the marketing mix aimed at organizing and deciding the details and characteristics of those products that each company offers in the market.
Product management occupies a prominent place within the marketing mix concept and the other variables: price, promotion, and distribution. Companies are concerned with deciding what goods and services to produce and make up their portfolios, how they do so, what types of marketing strategies they employ to sell them, and many other related issues.
In other words, from a promotion point of view, optimally administering and managing one or more products that make up a company’s portfolio earnings, to a large extent, the greater or lesser success it enjoys in its economic activity. It happens as it brings organized the many tasks related to the product besides its implementation, from the initial design to the sale to the customer or consumer. It is one of the foundations of a marketing plan.
ALSO READ: CORE BUSINESS
The primary function of Product Management in Marketing
The execution of product management tasks agrees to companies to know the present opportunities in the market, develop products of a specific nature and utility, and offer them to potential consumers. In this sense, it could summarize that product management pursues the profitability of companies and their commercial success by adapting their movement to the needs of the markets.
On the other hand, this primary discipline in occupational marketing attentions in the long term since it pursues the adaptation of firms in the markets, their growth and durability.
ALSO READ: STARTING A SMALL BUSINESS
Product Stewardship Essentials
The essential aspects of product management are as follows:
Choice of belongings and services to market. Considering the size and nature of the company and its means and market power and presence in a given sector. In addition, research work and knowledge of the markets require.
Design and development of goods throughout their life cycle. Companies seek opportunities in the market or those sectors where they can count on a greater degree of competitiveness. Both in creating new products and in all stages. From production to distribution, final sale and subsequent amenities for customers.
Control of the brand done its use in the products accessible. Good product management should reinforce the brand and give your company economic, competitive and reputational benefits.
The History of Product Management
Product management was born during the Excessive Unhappiness when a 27-year-old marketing manager proposed the idea of a “brand man”: an employee managing a specific product instead of the traditional sales role. Since the 1930s. The continued triumph of this function has led to the growth of product organizations across all industries and geographic regions.
1931: Neil H. McElroy, head of marketing for Proctor & Gamble, writes a 300-page memoir on the need for a “brand man” to manage specific products.
The late 1930s – McElroy is a consultant at Stanford University, where he influences two young visionaries: Bill Hewlett and David Packard.
1943-1993: Hewlett-Packard maintains 50 years of 20% year-on-year growth by implementing the “brand man” philosophy in its new corporation.
In the late 1940s – Toyota develops JIT manufacturing philosophies, which Hewlett-Packard later adopts.
1953: Toyota develops the Kanban method.
The 1970s: American technology companies began to develop lightweight processes instead of the cumbersome processes that emerged from manufacturing industries.
The 1980s: The development of agile methodology processes and a greater acceptance of “brand management” functions take root in many technology and software companies.
2001: The Agile Manifesto is written. Mainly ending silos between departments and outdated processes to accommodate a unified product management function.
Product Management Features – The Product Manager and Beyond
In some cases. A single product manager is responsible for managing a single product or an entire range. This person must show strong competence in at least one area that affects product management and passion for or good command of others. It often manifests itself in one of two cases: an experienced enterprise marketer passionate about an exceptional user experience. And can speak tech jargon fluently. Or a technical developer who understands the product so well that you can start directing your creation. These individuals have proven to be so rare and valuable that product management commands the highest salaries today. From across the technology industry.
Since it is hard to find people with experience in both areas, product management is often left to small specialists. At Atlassian, we’ve created a triad. Where a development lead, a design lead, and a business lead collaborate to drive product strategy. Supporting the trio are product managers, product marketing managers, and many of the other positions listed below:
Product Manager – Directs the product function at the organizational level. He makes sure product managers and their teams take care of every product.
Product Owner – Takes a more energetic role in product development by managing the engineering team’s backlog and communicating with other stakeholders.
Product Marketing Manager – Enhances the ability of product teams to reach and learn from customers through marketing campaigns tailored to the product and the insights they bring.
User Experience Researcher – User experience is one of the primary responsibilities of the product manager. Still, a specialized user experience researcher, who studies user behaviors and makes recommendations for use. Is an excellent addition to any product team.
Since There is no clear path.
Many impatient candidates focus instead on the core competencies of the job. For example, I studied Information Management, a new discipline at the University of Colorado at Boulder (USA). Half of the classes
I took were business administration and computer science to speak both “languages” and bridge the two worlds. Similar skills to consider are data analysis (specifically SQL), project management, and strategy. Programming schools, universities, and professional development centers worldwide highly publicized these product management skills.
ALSO READ: WORK FROM HOME BUSINESS
Review Product Management – Definition, Primary Function, History, and More.