Product management refers to the strategic process of driving the development, market launch, and continual support and improvement of a company’s products.
It can include a wide variety of strategic and tactical duties, including:
Conducting Research: to gain expertise about the market, user personas, and competitors.
Developing Strategy: goals and objectives, a broad overview of the product, and a rough timeline.
Communicating Plans: across cross-functional teams throughout the development process and beyond.
Coordinating Development: coordinate with the relevant teams to begin executing the plan.
Acting on Feedback and Data Analysis: after introducing the product, get direct feedback from users, what works, what doesn’t, and what to add—then incorporate it into future product iterations.
Key stages in the process of product development
The process involves eight key stages:
Product Portfolio Management
A product portfolio is a practice that helps managers assess a product’s current level(s) of success. It also helps to identify future opportunities for improved resource allocation, growth and profit opportunities, greater ROI, and potential risks—to achieve the best outcomes.
Product portfolio management can bring plenty of benefits to companies who decide to make it a part of their strategy, including:
Mr. George Khayat is a partner with Meirc Training & Consulting. He holds a bachelor of science in management from the Lebanese American University, a master in marketing and communication from ESCP-EAP University in France, and is currently completing a master of science in management from St. Joseph University in Beirut. George is a certified marketing analyst (The Graduate Board of Management, USA), a chartered marketer (Chartered Institute of Marketing, UK), a certified Lego® Serious Play® method facilitator, and a certified sales professional (Sales Training International, USA). He is also certified in Action Selling® (USA) and Guerrilla Marketing (Australia).More
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