product management – n : the cross-disciplinary business function that entails taking responsibility for a product from initial conception through development to ultimate product launch and lifecycle management. In its broadest interpretation, product management encompasses oversight of the following aspects of a product: a) identifying target markets and customers and their unmet needs; b) translating those unmet needs into market requirements and associated product specifications to guide the business’s engineering/product development function; c) overseeing product development and testing; d) working with marketing and sales to successfully launch the product or service once it is complete; and, e) tracking the product’s success in the market, understanding changing customer needs and perceptions, and recommending ongoing product enhancements, new models, product line extensions, etc. In some businesses, product management is a stand-alone business function, whereas in other companies, it is organizationally a part of either the marketing or product development (engineering) function.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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