Think of Product Management as the set of activities responsible for the success of a product in a market. Some of these activities may 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 product lifecycle describes how product sales vary over time and helps product managers recognize where their time and dollars are best spent to maximize product revenue.
What is the secret to effective product management? It lies in knowing the difference between the trees and forest. The simple truth is inspired from an old country song…
You gotta know when to hold ’em, when to fold ’em, when to reposition ’em, and when to enhance ’em.
Learn how to manage a product’s lifecycle to maximize revenue while saving your sanity with Foundations – Product Lifecycle Management training.
And, if you want to know the country song, check it out on YouTube.