Product management is the process of developing, pricing, promoting, and distributing products to customers. It involves the coordination and collaboration of activities to bring products to market. Examples of product management can range from the initial product idea and vision setting to market research, designing and building the product, pricing it, promoting it, and distribution.
At the beginning of product management, product vision and goals need to be developed. This is also known as product strategy and involves deciding what the product should be, who it should serve, and how it should be positioned in the market. Once the strategy has been developed, it will guide the rest of the product’s development process.
Next, research and analysis take place. This involves market research to find out what customers think of your product and who would be a likely buyer. It also involves competitive analysis to understand what other similar products exist in the market, and if there is an opportunity for your product to fill a gap.
Product design follows the market research stage and involves creating the actual product. This includes architecture, engineering, User Interface design, prototyping and other activities such as usability testing.
After the product has been designed, pricing needs to be determined. This requires a deep understanding of the costs involved in producing and selling the product, as well as the competitive landscape. The pricing strategy should serve the overall business goals.
The final step in product management is marketing and distribution. This involves deciding how the product is going to be promoted, where it will be sold, who will be the target customers, and other important decisions. Distribution will also need to be planned - from packaging to the actual delivery of the product.
Overall, product management involves the cornerstones of product strategy, research and analysis, design, pricing, and marketing and distribution. It requires careful planning, coordination, and collaboration to bring a product to market.