Product management | Solutional Webdesign Antwerpen

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Product management is a key business function that involves overseeing a product’s life cycle from inception to delivery. The concept originated from a 1931 memo by Procter & Gamble President Neil H. McElroy, who proposed the role of ‘Brand^[1] Men’ tasked with managing various aspects of a product such as packaging, positioning, and sales^[2]. Today, the role has evolved to include analyzing product distribution, optimizing strategies, and collaborating with managers. Product managers are pivotal in driving company growth by managing the company’s product line on a daily basis, defining product strategy, documenting requirements, and aligning with various departments. Their duties may vary depending on the company’s size, industry, and history. They are evaluated based on income statement responsibility, with a focus on driving revenue and growth.

Terms definitions

1. ↑ Brand ( Brand ) A brand is a distinct identity that differentiates one product or service from others. Originating from a practice of marking livestock in ancient times, brands have evolved to convey information about origin, quality, and value. Today, a brand is more than just a name or logo—it encompasses various elements like design, slogan, core values, and personality traits that resonate with consumers. The concept of brand management has also emerged, focusing on building, maintaining, and aligning the organization with the brand. The effectiveness of a brand is often measured by its awareness and recognition among consumers. Brands communicate with their audience through various channels like advertising, promotions, direct marketing, and public relations, aiming to create emotional connections and loyalty. Ultimately, a successful brand can drive sales, enhance customer loyalty, and set a product apart in the marketplace.

2. ↑ sales. Sales is a key aspect of business operations that pertains to the selling of goods or services at a defined cost. This process entails the transfer of ownership and agreement on a price. In countries with common law, sales are typically regulated by commercial codes. The individuals involved in executing sales are referred to as salespersons, who play a specialized role in the sales process. Sales is generally seen as the final stage of marketing, implementing the plan into action. It requires persuasion and effort to bring resources into a company. Sales are considered an output of a larger system within an organization, with the sales and marketing processes supplying inputs and outputs to each other. This process is often integrated within the larger business structure in large corporations, with multiple teams focusing on driving profits and success.

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Product management (Wikipedia)

Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.

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