World Library  
Flag as Inappropriate
Email this Article

Production Management

Article Id: WHEBN0000324294
Reproduction Date:

Title: Production Management  
Author: World Heritage Encyclopedia
Language: English
Subject: Bob Lutz (businessman), University of Lagos, Gokongwei College of Engineering, Kazimierz Pułaski University of Technology and Humanities in Radom
Collection:
Publisher: World Heritage Encyclopedia
Publication
Date:
 

Production Management

Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.

The role consists of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins. The product manager is often responsible for analyzing market conditions and defining features or functions of a product. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. Product management can be a function separate on its own, or a member of marketing or engineering.

While involved with the entire product lifecycle, the product management's main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products — ones that deliver unique benefits and superior value to the customer — are the number one driver of success and product profitability.[1]

Depending on the company size and history, product management has a variety of functions and roles. Sometimes there is a product manager, and sometimes the role of product manager is shared by other roles. Frequently there is Profit and Loss (P&L) responsibility as a key metric for evaluating product manager performance. In some companies, the product management function is the hub of many other activities around the product. In others, it is one of many things that need to happen to bring a product to market and actively monitor and manage it in-market.

Product management often serves an inter-disciplinary role, bridging gaps within the company between teams of different expertise, most notably between engineering-oriented teams and commercially oriented teams. For example, product managers often translate business objectives set for a product by Marketing or Sales into engineering requirements. Conversely they may work to explain the capabilities and limitations of the finished product back to Marketing and Sales. Product Managers may also have one or more direct reports who manage operational tasks and/or a Change Manager who can oversee new initiatives.

Product Marketing

  • Product Life Cycle considerations
  • Product differentiation
  • Product naming and branding
  • Product positioning and outbound messaging
  • Promoting the product externally with press, customers and partners
  • Conducting customer feedback and enabling (pre-production, beta software)
  • Launching new products to market
  • Monitoring the competition

Product Development

  • Identifying new product candidates
  • Gathering the voice of customers
  • Defining product requirements
  • Determining business-case and feasibility
  • Scoping and defining new products at high level
  • Evangelizing new products within the company
  • Building product roadmaps, particularly technology roadmaps
  • Developing all products on schedule, working to a critical path
  • Ensuring products are within optimal price margins and up to specifications

Inbound and Outbound Product Management

Many refer to inbound (product development) and outbound (product marketing) functions.[2]

Inbound product management (aka inbound marketing) is the "radar" of the organization and involves absorbing information like customer research, competitive intelligence, industry analysis, trends, economic signals and competitive activity[3] as well as documenting requirements and setting product strategy.[4]

In comparison, outbound activities are focused on distributing or pushing messages, training sales people, go to market strategies and communicating messages through channels like advertising, PR and events.[3][4]

In many organizations the inbound and outbound functions are performed by the same person.[5]

See also

References

External links

de:Produktmanagement

ru:Менеджмент продуктом zh:生產管理

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.
 



Copyright © World Library Foundation. All rights reserved. eBooks from World eBook Library are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.