Product management refers to an organization’s total control of entire product life cycle, including everything from planning to evaluation, production to marketing. On the other hand, product lifecycle management(PLM) combines people, data, processes, and business systems. It gives product information to businesses and their extensive supply chains.
Product lifecycle management
PLM – In industry, product lifecycle management is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service
Product lifecycle management includes aspects such as product development, marketing, sales revenue, market share, and profit margins. It is the management of the entire lifecycle of a product, from conception, through design, manufacture, and service. Production management also involves elimination decisions. Product elimination begins with identifying products then moves on to consider corrective actions. It then moves on to a projection of how the product’s elimination will affect the entire business. And finally, it moves to the implementation phase, where management decides on the item’s removal strategy.
The role of the product manager
The product manager is often in charge of analysing market conditions, defining the product’s characteristics or functions, and overseeing its production. Also,the role of product manager varies depending on the organization’s organisational structure. And it can encompass everything from strategies to a wide range of activities. In order to maximize the impact and benefits for an organization, product managing function must be independent.
The primary goal of the product manager is to lead to new product development, although the entire product links to its life cycle. However, Superior and diverse new products offer unique benefits and increased value to customers. They are the primary driver of success and product profitability, according to the Product Development and Management Association (PDMA).
Different functions in product management
There are many different functions in product management, depending on the size and history of the company. Sometimes there is a product manager. And sometimes the job of the product manager is shared by others. Often profit and loss (P&L) is the main metric for assessing the performance of a product manager. In some companies, the product management function is central to many other activities around the product. Bringing a product to market and actively monitoring and maintaining it in the market are just a few of many functions. If system features are not specified, product managers may have effective control over customers and logistic decisions.
Bridging the gap between various skill teams
In business, product management often plays an inter-disciplinary role in an organisation, bridging the gap between various skill teams, notably engineering and marketing teams. For example, product managers often translate business objectives of production into engineering needs, sometimes called technical specifications. In contrast, they may work to describe the capabilities and limitations of the final product for marketing and sales, sometimes called a commercial description. Product managers may have many officials reporting directly for various operational tasks or a change manager overseeing new programs. Separation of production from manufacturing research, if any, is the responsibility of the production manager to close the gaps.
One last thought
Typically, in technology companies, product managers have experience in computer science, business, and customer service. In order for the organization to achieve its goals according to its production plan, the product management department works closely with the finance and sales departments. Product management includes product development, analysis, and product budget structure. Other topics covered include process management, facility management, quality control, material management, and cost management.