Product management is the activity undertaken to manage products throughout their lifecycle. The product manager is considered the parent of the product taking care of the product and ensuring that there is a good market for the product at all times. For being able to establish a good market for the product a product manager has to be vigilant through all the stages namely planning, development and marketing of products. It order to manage products it becomes necessary to liaison between the various functional departments of the company to ensure good coordination of activities thereby ensuring profitability.
The product management activity should operate within the boundaries laid down in the strategic plan and as such is an integral part of the marketing function. The main objective of a Product Manager is to plan and specify a product / product portfolio in line with the long term strategic plan - Business Plans are a fundamental part of this process. Proposed products must provide good synergy within the overall product portfolio i.e. product variants must be planned in accordance to meet market needs and within the scope and capabilities of the company. Product management training is necessary in order to manage products efficiently throughout their lifecycle. Managers are required to take care of the minutest details regarding products to ensure that the products are not only developed with a lot of efficiency but also managed with a lot of expertise.
The product management activity should operate within the boundaries laid down by the organization and should be carried out effectively. It is important to discuss product strategy and then go ahead with the establishment of the product. Proper training in product management will help professionals learn new techniques and concepts of product management. The Product Manager is on hand during the course of the Sprint for questions and confirmation of progress in the right direction. Tracking of progress plays a major role in product management and is important as products once introduced lose their market very easily. Therefore a good track record of a product is very important in order to have a consistent market for it. Undergoing product management training will help organizations inculcate a sense of managing products and building a goodwill for them . Proposed products must provide good synergy within the overall product portfolio i.e. product variants must be planned in accordance to meet market needs (Time to market) and within the scope and capabilities of the company.