Product management refers to the forecasting, planning, production and marketing of a particular product or products. It is an organizational function carried out by the product manager. This function follows the stages in a product life cycle. The processes involved in product management involve the use of people, data and business systems to provide information to business enterprises.
Product management consists of product development and product marketing which is aimed at increasing the market share, maximizing sales revenue and increasing the profit margin. Another important area of product management is the elimination of particular products which may adversely affect the organization.
Many organizations who offer products to the market often hire the services of a product manager to be in charge of their product development and marketing. This helps them to create the best product that will increase their market share in the industry and thereby boost their sales.
Who is a Product manager?
A product manager is an individual who is charged with developing and marketing of a new product or the innovation of an already existing product. He determines the what, why and when of a product. Hiring a product manager is beneficial to any company that wants to survive in its industry for a long period of time. There are several duties of a product manager which will help the company products to be among the key players:
Conduct thorough research of available market information to determine customer needs and desires
Integrate the needs and desires into a new product idea or old product innovation
Study the competition for product comparison
Develop new product idea and present to management
Create the appropriate features to suit the customer needs as obtained through research
Work with engineering department to make sure the product is developed
Work with marketing, sales and support team for a successful launch of the product
The importance of a product manager in an organization cannot be overemphasized. However, there are certain qualifications and skills which he must possess to show his competence:
Bachelor’s degree in management
Master degree in Product management
Ability to understand the product
Ability to understand the Customers
Product development skills
Competitive analysis skill
Skilled in financial planning and strategy
Requirement analysis skill, pricing and planning skills.
If you are looking to hire the services of a product manager who will drive your new product development, launching and marketing, the best platform for your needs is Freelancer.com.
If you’re looking for a solution for your product management needs or if you are looking to trial a freelancer to see if they provide the levels of expertise you are looking for, using a platform such as Freelancer.com is a fantastic option.
Simply log onto the Freelancer.com website and search through a bank of talented freelancers who are willing and able to provide their services to you for your project.