Product Management

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Product management is an organizational function within a company dealing with the planning or marketing of a product or products at all stages of the product lifecycle.
Product Management is also a collective term used to describe the broad sum of diverse activities performed in the interest of delivering a particular product to market.

From a practical perspective, product management is an occupational domain which holds two professional disciplines: product planning and product marketing. This is because the product's functionality is created for the user via product planning efforts, and product value is presented to the buyer via product marketing activities.

Product planning and product marketing are very different but due to the collaborative nature of these two disciplines, some companies erroneously perceive them as being one discipline, which they call product management. Done carefully, it is very possible to functionally divide the product management domain into product planning and product marketing, yet retain the required synergy between the two disciplines.

Product planning typically deals with these activities:

Defining new products and gathering market requirements
Product Life Cycle Management considerations
Product portfolio management
Product differentiation

Product marketing typically deals with these activities:

Product positioning and outbound messaging
Promoting the product externally with press, customers, and partners
Bringing new products to market

Product management typically deals with these closely-related functions:

Product planning
Product marketing
Program management
Project management