A Complete Guide: What is Product Management

David
Laura Angelica updated on 2020-09-25 16:26:16

In an organization, you would come across a wide range of procedures focusing to drive the business activities promptly. The Product Management process is the only procedure in a firm collaborates with other department activities in an organization to ensure consistent development in business. The main source of any business is product or solution based on the services they offer to the clients. The Product Management process focusses on the full life cycle of the product development from its origin until the end product up to the sales. The role of the Product Management process occupies a crucial part in the growth of any organization.

what is product management

What is Product Management?

The Product Management process is an important procedure which grasps the entire aspects of the business and serves as a key factor in the success of an organization. The Employees involved in the Product Management process should be responsible and careful while handling the data related to products as it brings an unexpected impact on the profit rates in the business activities. This process covers the full life cycle of the products, starting from the plan, design until the execution. This process has a great impact on the success of the products amidst the competitive market.

The Product Managers carry out the Product Management process and they are highly responsive to organize all the departments in an organization to produce products or design solutions in respect to the customer's needs without compromising the quality factors. The Product management process also takes care of the product cost and try to make it affordable to the customers. This process brings miraculous changes in business activities and wins the competitive market by resolving the practical challenges.

The main criterion of Product Management procedure is to manage the products precisely to satisfy the requirements of the customers from time to time without any excuses. The Product Management process serves as a bridge between the customers and the organization. In the Product Management procedure, the Product Managers carries the data from the customers as product feedbacks and try out innovations in the product to meet the demands in the competitive market.

This process handles the product plan, design, market analysis, sales department to implement the customer's needs in the product in an effective manner. The contribution of the Product Management procedure for the successful growth in business activities is immeasurable. Every successful organization has an outstanding Product management process to compete in the competitive grounds with their trade name.

product management process

What is the product management process

The Product Management process life cycle is divided into 6 steps. Surf through the process in detail below.

  • Vision Development

The first step in the Product Management process is Product Vision development. Here, the Product Manager defines the product and its features. He/She conducts a brainstorming session with the other employees in the team at this stage of the Product management process. The following questions are raised during the session

  • Who will be the end-users of this product?
  • What are the advantages of using this product?
  • How do you measure the success level of this product?
  • What are the special features when compared to the alternatives in the market?
  • Does it adhere to the Business goals?

In this stage, you can build a clear picture of the product and the end-users of the product.

product management definition
  • Understanding Customers and Market

In this Product Management phase, a virtual end-user is imagined identifying He/She requirements, analyzing the customer behaviour, age, occupation, gender, life goals. Along with the customer understanding, primary and secondary research on market is carried out to get a clear view of the current market demands.

what is product management
  • Develop a Strategy

It is high time to design a Strategy combining the data collected from market research, Product key features, and Business goals. The strategy has to be documented and written as a roadmap for better understanding. Make use of a reliable roadmap templates to record your strategy ideas for future reference.

product management process
  • Product Development

In this stage, the Product Manager creates a document containing the product specifications along with the customer's needs. Now the product development starts with the prototypes and mockup designs. During this cycle, all the data is documented to get a clear picture of how they had implemented the product in pace with the defined specifications and customer's data.

product management definition
  • Marketing and Sales

Here, the marketing strategy and launching plans need to be finalized to avoid confusions. In this Product Management stage, you have to be very careful because it is the stage where you will be delivering your product to the end-user. Product promotion, market price value and timely product release create a great impact on the success of the product in the competitive grounds.

what is product management
  • Track the Product's success

The final stage in the Product management process is that tracking down the data like user's interest, revenue, the popularity of the product etc. These metrics give you a clear idea about the successful reach of the products to the target audience without any difficulties.

product management process

Tools for product management

In the product management process, choosing the right tool while designing the product is a tedious process. This stage involves professional minds and experienced hands to recommend the perfect product design tool as per the requirements. Product managers play a vital role in selecting the suitable tool according to the needs. There are an immense collection of UX/UI design tools in the digital market finding out the best one is a challenging task. Figma, Sketch, InVision Studio, Axure, Wondershare Mockitt conquer the UX/UI design tool market optimally. Most professionals prefer Wondershare Mockitt for its simple outlook and user-friendly interface. It has unique embed elements to save your design time. You can find ready to use templates, widgets focusing on a wide range of industries. Here comes a short description of its stunning features below.

product management definition

The Highlighted Features of Wondershare Mockitt

  • Simple drag and drop action are enough to build a complex UI/UX design for your needs.
  • The 'Asset Library' carries ready to use icons, widgets for ease inclusion in the project which saves your design time.
  • Share your work with your team and collaborate to discover new ideas on the project.
  • Insert transition, gestures and animation in your project effortlessly.
what is product management

Optimum Utilization of Wondershare Mockitt by Product Managers

In the Product management process, the product managers can use this app precisely by creating wireframe projects perfectly within a short span. It saves the design time even while handling complex projects. The guiding tutorials in its official webpage assist the product managers to use this program effectively without any dilemmas. When the Product manager employs Wondershare Mockitt, then He/She can share the product design works to another team flawlessly. In the Product Management procedure, the design stage becomes easy when the employees try out Wondershare Mockitt tool.

product management process

Conclusion

Finally, you are in the last lines on the discussion about Product Management process. You would have understood the importance of this procedure and its impact on business growth. The wise selection of design tool while developing the product design plays a vital role in the product life cycle procedure. Choose Wondershare Mockitt and you will not regret at any point of time during the Product management cycle. It is a reliable tool to work with and provides a great opportunity to explore innovative ideas on its simple interface. Stay connected to discover the unknown functionalities of Wondershare Mockitt.

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