Managing products in order to make them effective for the users is an essential part of the product management. Product management is something that involves the organizational lifecycle within an organization in order to make the final product effective and efficient. Product management is an internal based activity that comprises of numerous activities from the strategic towards the tactical areas. Depending on an organization, product management can be a separate function or it can be a part of marketing or any other function.
Goal of any product management system is to make new products effective and efficient. Thus, focusing on the new products, product management involves crucial areas too. Product management varies according to the size and structure of the firms. Large enterprises no doubt need more effective product management system thus, it comprises of essential roles and responsibilities. The product managers usually handle the role of product management, whereas sometimes it is often handled by other supervisors.
Managing product(s) is an essential task that needs time and attention. If product is managed properly from the first stage, it will end up with better outcomes and will help in increasing the demand of that particular product. Thus, product management is one of an important and crucial task for every organization in order to make the product best quality and quantity wise. Furthermore, product planning and product marketing are the essential parts of product management that helps in making any product the best one.
Donald R. Lehmann, Russell S. Winer 92005), "Product management", McGraw-Hill/Irwin, pg 494