What is Product Management? Definition of Product Management, Product Management Meaning and Concept
Product management is the area of the marketing mix aimed at organizing and deciding the details and characteristics of those products that each company offers in the market.
Within the marketing mix concept , product management occupies a prominent place along with the other variables: price, promotion and distribution. Businesses are in charge of deciding what goods and services they produce and make up their portfolios, how they do it, what kinds of marketing strategies they employ to deliver them, and many other related issues.
In other words, from a marketing point of view, optimally administering and managing one or more products that make up the portfolio of a company is to a large extent the greater or lesser success it enjoys in its economic activity. This happens because it brings together the many tasks related to the product and its implementation, from initial design to sale to the customer or consumer. In fact, it is one of the foundations of a marketing plan.
Main role of product management in marketing
The execution of product management tasks allows companies to know the existing opportunities in the market, develop products of a certain nature and utility in relation to them and their offer to potential consumers. In this sense, it could be summarized that product management pursues the profitability of companies, as well as their commercial success by adapting their activity to the needs of the markets.
On the other hand, this basic discipline in the field of business marketing focuses on the long term, since it seeks the adaptation of firms in the markets, their growth and durability.
Product management essentials
The essential aspects of product management are as follows:
- Choice of goods and services to be marketed, taking into account the size and nature of the company and its resources, as well as its market power and presence in a certain sector. Research and market knowledge are required.
- Design and development of products, throughout their life cycle. Companies look for opportunities in the market or those sectors where they can have a greater degree of competitiveness, both in the creation of new products and in all stages, from production to distribution, final sale and subsequent services for customers.
- Control of the brand through its use in the products offered. Good product management should serve to strengthen the brand and grant your company economic, competitive and reputational benefits.