Product Management is an organizational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle. it is an important organizational role.
Product Development is a series of steps that includes the conceptualization, design, development, and marketing of newly created or newly rebranded goods or services. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.
Product Management Vs. Product Development
Product management is becoming an increasingly popular role across both startups and enterprise companies, but it’s still difficult to define. That’s because it doesn’t fit any of the traditional roles you may already be familiar with: engineering, business strategy, design, or marketing.
Product managers are responsible for guiding the success of a product and leading the cross-functional team that is responsible for improving it. It is an important organizational role especially in technology companies that set the strategy, roadmap, and feature definition for a product or product line. the product manager should feel accountable for
- Strategy The product manager is responsible for setting a product vision and strategy.
- Releases Product managers must plan what their teams will deliver and the timeline for implementation. This holds true no matter which development methodology the engineering team uses.
- Ideation Product managers own the creative process of generating, developing, and curating new ideas.
- Features The product manager prioritizes features by ranking them against the strategic goals and initiatives.
Product development Innovative new products are the fuel for the most powerful growth engine you can connect to. Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche. Product development steps vary based on the nature of the business and the management style, but most businesses follow seven main steps in the development process.
- Product Idea Brainstorming.
- Evaluate the Ideas.
- Market Evaluation.
- Analyze the Competitive Situation.
- Prototype and Marketing.
- Market Testing.
- Prepare for Launch.
phases of new product or service development
- Idea generation.
- Research and development.
Product developers assist in the development of commercial or industrial products. Depending on their specific job duties, product developers go by many titles, such as product design engineer, product development engineer, and commercial and/or industrial designer.