About Product Management
Product management is a corporate function that provides organizational controls and support. Product management is a career that focuses inwardly on corporate strategy, nursing products through all stages of their life cycle, from drawing board and development through testing and production. Product managers provide a vital function for corporate entities by facilitating production and keeping their fingers on the pulse of a project at all stages.
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History
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Proctor and Gamble initiated the concept of product management in the 1930s. The company compared product success of their Ivory soap with Camay. The former sold very well while the latter struggled. The executives promoted an internal manager to focus on the Camay line and all aspects of its development. The concept proved successful and gradually Camay became more profitable. The business model spread to other corporations and by the 1960s, it found inclusion in Harvard Business School classes.
Function
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Product management is found in many large corporations, from product specific to software to IT firms. Products may be physical items, ideas or software functionality. In each case, the product management team oversees product planning, product definition, market requirements, product life cycle and product differentiation. The manager will work to gather the requirements for the product internally and externally to provide development with a list of specifications that the product must meet. The manager will shepherd the product as it moves from group to group internally to maintain management continuity.
Types
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Corporate need dictates different types of product management. For each company, the product manager may select, develop and place a company's product. The manager may be assigned a product or may be in charge of selecting a product that is on the drawing board. They will incorporate factors such as demographics, competition and company business model as they begin the development process. In many ways, the product manager is the cruise director of a product's journey through the company's internal workings until it reaches production. In some companies, the product manager may be associated with the marketing manager, which means her job continues after the product goes "live."
Misconceptions
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Product management debunks many corporate myths. For example, more resources do not necessarily equal better performance. Without consistent and firm direction, products can flounder amid a great many resources. Product management provides direction and resource management as well as support through the development, testing, quality assurance and production stages. Product management also debunks the myth that stacking the high-end resources together means a better product. If product functionality and performance are complicated by too many resources, it can delay development and quality assurance. A product's flaws must be identified before it reaches production stage.
Benefits
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The benefits of sound product management include fewer inaccuracies in translating user need to development specifications. Through market planning in the early stages of product development, demand can help direct a project's growth.
The product manager is a central clearinghouse of information, facilitating the launching of products and eliminating confusion between different corporate groups working on the product.
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