Chapter I
Introduction to Product Management
Product Management
 is the process of planning, developing, launching, and managing a product or
service. It includes the entire lifecycle of a product, from ideation to development
to go to market.
The Concept of Product Management originates from a 1931 memo by Procter and
Gamble Neil H. McElroy. McElroy, requesting additional employees focused on
brand management who would take on the role of managing products, packaging,
positioning, distribution, and sales performance.
Product Managers
 are responsible for ensuring that a product meets the needs of its target market
and contributes to the business strategy, while managing a product or products at
all stages of the product lifecycle.
 Resposible for managing a company’s product line on a day-to-day basis. As a
result , product managers are critical in both driving a company’s growth,
margins, and revenue.
Product
 anything that can be offered to a market for attention, acquisition, use or
consumption that might satisfy a want or a need.
Production
 is the process by which goods and services are created, this consists of bringing
together restricted sets of resources like materials, labor, equipment, and
structures and operating them in strict observance of the processes to obtain the
desired product.
Key Aims of Product Management
1. Build once, sell many times - this gets the economies of scale that result in
higher profitability