3.
Product Management: Product management is an organisational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise. The role may consist of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins. Product management also involves elimination decisions. Product elimination begins with the identification of elimination candidates, proceeds with the consideration of remedial actions, continues with a projection of the impact on the business as a whole if a candidate product is eventually eliminated, and concludes with the implementation stage, where management determines the elimination strategy for an item. The product manager is often responsible for analyzing market conditions and defining features or functions of a product and for overseeing the production of the product. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. To maximize the impact and benefits to an organization, Product management must be an independent function separate on its own.
