What Is Product Management Process?

What Is Product Management Process?
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  1. Product management is a function in an organization that deals with development of new products or existing products. It starts with idea for launch of a product and ends with analyzing the success of that product. Creating and documenting a product strategy is considered to a crucial part of product management.
    Here are 4 stages of product management process:
    1. Vision development: Product vision is what defines the final product and how to achieve it. Vision development is a significant part of the product management process. While developing vision for product, the product manager sets goals and specifications for the product.
    2. Strategy development: The vision should then be translated into a strategy for the product. With this strategy we can discover different ways to achieve the vision of product. A product strategy must define product features, users of product and their needs and key performance indicators that the product must meet.
    Strategy development starts with market research followed by secondary research.
    3. Product development: This phase starts by defining the technical requirements of product and then creating prototypes of the product. Testing of the prototype for final product development happen in this phase and the final product is developed.
    4. Marketing and Sales: In this phase marketing plan is finalized for the launch and sale of completed product.

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