Product Management

Product management is an organizational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. The role may consist of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins.

The product management is an active part of the initiation of a new product concept through to the readiness and commercial launch and sales of new products. Product management drives the business case and justification to start new product development and has an active role throughout the steps and or stages to develop, test and launch a new product. Product management is also involved in product change and lifecycle decisions and planning. Product elimination can begin with the identification of candidates for a change in lifecycle (in some cases due to a new product launch and therefore replacement; a lack of sales of a product and therefore a phase out plan; or an obsolescence in technology and therefore an immediate removal from sale). This process then proceeds with a cross functional plan to remove the product from active sale. The obsolescence plan will include a comprehensive view of the impact on the organization (inventory associated with the product, assets and manufacturing / assembly resources associated with the producing the products, active commercial agreements, service and support requirements, and marketing assets and areas to update and update.