Foundations of Product Innovation Leadership…
Product Lifecycle Management
Product Management is the set of activities responsible for the success of a product in a market. Some of these activities include:
- Defining the requirements for a product.
- Describing its benefits.
- Creating the communication strategy.
- Setting the product price.
- Identifying distribution channels.
- Managing the life of the product in the marketplace.
The time in the marketplace is called the product lifecycle, which is how product sales vary over time, frequently moving through predictable stages for a successful product: