Product management is the process of developing, launching, and overseeing products throughout their lifecycles. It encompasses everything from market research and product development to pricing and post-sales support.
There are many different ways to approach product management, but one of the most popular frameworks is known as the "five stages of product management." This framework divides the product management process into five distinct phases:
Ideation: This is the phase where product managers come up with new product ideas. This can be done through customer research, market analysis, or simply brainstorming sessions.
Development: Once an idea has been selected, it needs to be turned into a tangible product. This is the role of the development team, which is responsible for designing, building, and testing the product.
Launch: Once the product is developed, it needs to be launched to the market. This includes creating marketing materials, setting up distribution channels, and pricing the product.
Growth: After the product has been launched, the focus shifts to growing the business. This includes things like customer acquisition and retention, expanding into new markets, and scale.
Maturity: Eventually, all products reach a point of maturity where growth slows down. This is the phase where product managers focus on maintaining the product, managing its decline, and preparing for the next generation of products.
