What are different types of product management processes?

Product Management Processes are processes that control the life cycle of the product. The process of this kind creates a model for the lifetime of the product that allows the company to create a strategy and budget for product processing in each of its phases. There are two primary types of product management processes. One type of process describes a product from an engineering point of view and is an important aspect of the company's information technology structure. Another type of product management process describes the product from a marketing point of view and concerns factors such as costs, prices and sales. There are four different phases in this process: conception, design, realization and operation and maintenance of the product.

Every four phases of this kind of product management focuses on human involvement and also communication via the Internet, telecommunications services and industrial software. For example, in the conception phase, designers can use 3D software and even clay models to create aesthetics for the product and develop details such as dimensions and urooms of certain parts. The implementation phase requires programmers to develop tools that can create a product, program instructions and communicate with the designers to ensure that the product details correspond to those set out in the conception phase.

The second main product management process concerns commercial aspects of the product life cycle. The purpose of these processes is to control the behavior of the product while it is on the market. Like the processes associated with product engineering, this management process also includes four different phases. They are an introduction to the market, growth, maturity and decline.

Each phase of this process reveals a different projection of what can be expected in terms of cost, profitability and marketing. During the first phase in which the product is introduced into the market, professionals assume that the costs are high and that demand is created using aggressive marketing campaigns designed to focus the right demography.The second phase represents the growth of the product and specialists assume that costs are falling and profits are rising. Competition also increases at this stage and requires the company to reduce prices to attract more customers.

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stage of maturity and decrease in this process refers to the point in which the market is saturated. A decrease in profits at these stages and marketing campaigns may slow down. Many businesses focus on distribution instead of selling in the final stages of this product management process.