Product management is an essential marketing function for organizations that create products and solutions. Product management starts at the concept stage, then covers business viability, technical feasibility, problem and requirement definition, solution development, positioning, launching and many other activities.
Creating a new product is a complex, long and sensitive process. Sadly, good products that fail following launch are all too common. Numerous factors may be responsible, including:
- The long and complex development and launch process
- Lack of one focal point that is accountable to the whole process, especially the problem and solution definition stages
- Market dynamics and rapid changes in needs, pains and requirements
- Many critical single points of failure in the process that can adversely affect the product’s chances of success