What is product management?
Product Management is an organizational function in business that focuses on product development and brand expansion. This method usually focuses on the internal aspects of the product life cycle, while project marketing functions on the external aspects of the same product. While some parts of the product management apply to existing projects, most of these methods are used for new products or to expand the company to new areas. Managers look at the existing markets and are looking for places where their company is poorly represented or where there are spaces for new products. The viability of the creation of projects to solve these problems determines whether the company adjusts the existing product line, starts a new line, or simply refuses to enter this market. These studies focus on two areas, market viability and individual interest. Market viability mostly focuses on similar products that are currently on the market, and attempts at similar projects KTEré has failed in the past. By interrogating these areas, product managers can determine whether the market is missing the segment or whether the market cannot support this segment.
Individual interest usually revolves around groups of panels. A group of people is exposed to the idea of a product. They evaluate their individual interest in the product, how much they would pay, what the product forces them to think about, etc. Between the results of both areas, companies know whether they should continue to develop the products and in the direction in which they should go.
The next step in product management is development. This phase is the first step that contains a real product. In this step, teams work together to create and develop a new line. This will culminate in the prototype or alpha version. This version is distributed among testers to gain its views, which are then used to create a number of updated prototypes.
This is usually when product management and product marketing are divided. InFormations on the new product trailers are published and cause appetite to the customer base. This is usually common only for new products; Line adjustments rarely create enough public interest to guarantee a full -fledged advertising campaign. Although it is unusual that the product will be discarded at this point, it can still happen.
The last phase is release. The product is located in stores and feedback from customers will start on the basis of a wide base. While the function, such as customer support and prolonged products, is important concepts, the typical product management team does not deal with them. The feedback generated by the project is used to re -evaluate the market point for EW nmezers and the cycle begins again.