Product Management & its strategic implications

Product management is a market-driven approach to develop and manage products or services:

• Defines what the product should be – is accountable to users for feature sets, navigation, quality, and overall experience

• Is a cross-functional discipline: involves strategy, product development and marketing

• Is accountable for overall product direction, key decisions, including in some cases full P&L control or at least budget control
  

• Ensures that the final product meets specifications

• Evangelizes product to internal and external stakeholders

The strategic implications of a robust Product Management function are many: from increasing the value of the company, understanding the customer today and in the future, ensuring that all possible revenue is being captured, guiding future product investments and controlling the current cost structure of the products, to name a few. For any organization, it is imperative that these and other issues are being taking care of in the Product Management function.