PRODUCT MANAGEMENT INNOVATION

Product management is a continuous process that ensures that products and their specific features appear at the right time for consumers. It includes the methods that should be applied to anticipate consumer needs in their simplest form or sometimes in advance and to seize the opportunities to meet these needsin the best way.

Products are born, develop, change and die! In fact, we talk about a life cycle in products as well, which is called the "product life cycle". Independent of the product, the market is born, develops, changes and may die – this is called the market life cycle. And this is where the real challenge starts: You may have a very good product, but if the market is not ready, it may be worthless. It is important to offer the right products with the right features at the right time.

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“Watch the product life cycle; but more important, watch the market life cycle.” Philip Kotler

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In order to ensure the implementation of effective product management and related processes, this culture should be represented the top level of the organization and other functions in the organization should be natural complements of these processes. When I say process, I am not talking about producing too many documents; in fact, the purpose of product management is not to make things difficult. In this framework, it should be prioritized to better manage priorities, transfer resources to the right places and control critical components that serve strategic goals. Product management should not be perceived as a job that needs to be drowned in excessive documentation, and real success can only be achieved if many different functions can work together. Strategic decisions in product management should always have someone from sales, marketing, R&D and customer services at the table – so that clearer picture of the market life cycle can emerge. Other functions should be invited if the need arises.

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