Product managers are responsible for managing a company's product line on a day-to-day basis. As a result, they are critical in both driving the firm's performance and producing financial gains. They are in charge of conceptualizing, planning, creating, advertising, and delivering products to their target market.
The role may consist of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins. Product management is an active part of the initiation of a new product concept through to the readiness and commercial launch and sales of new products.
Product management drives the business case and justification to start new product development and has an active role throughout the steps and or stages to develop, test, and launch a new product. Product management is also involved in product change and lifecycle decisions and planning. Product elimination can begin with the identification of candidates for a change in the lifecycle (in some cases due to a new product launch and therefore replacement; a lack of sales of a product and therefore a phase-out plan; or obsolescence in technology and therefore an immediate removal from sale). Product Management course
This process then proceeds with a cross-functional plan to remove the product from active sale. The obsolescence plan will include a comprehensive view of the impact on the organization (inventory associated with the product, assets, and manufacturing/assembly resources associated with producing the products, active commercial agreements, service and support requirements, and marketing assets and areas to update and update).[2]
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