Product management is an important organisational role in a business dealing with product development, financial management, company planning, accounting, forecasts, pricing, distribution, marketing, and production of a particular product or goods at every stage of the manufacturing cycle. It is also an important step towards achieving a company's goals. In the past few years, it has become increasingly necessary for businesses to take part in product management. The reasons for this are as follows:
– Product development is a complicated process that involves multiple parties, including customers, employees, suppliers, manufacturers, distributors and manufacturers, all working together to provide a new or improved product. Product development involves a complex set of interactions between all these different groups of people to make sure that each person has a positive impact on the final product. This requires a significant degree of coordination and co-operation among these various groups, which may include product analysis, customer requirements, customer research, design and development of a manufacturing process, manufacturing, sales management and distribution, marketing and production, and distribution.
– Product development is accompanied by production. Production can be described as the actual manufacturing process where raw materials are transformed into finished goods. The production process is not just the end product but also the entire manufacturing process, including the raw materials, the manufacturing process, and the final products.
– Product distribution involves getting the goods of one type to customers or prospective customers. A good example of distribution is retailing. Distribution is usually carried out in stores and on the Internet, which involve the transportation of goods in bulk form and the warehousing of goods.
– Product pricing involves the selling price of a particular product and the costs associated with that price. This also includes the costs associated with marketing and advertising of that product. All the costs of product manufacturing and distribution have an impact on the overall product pricing, including costs for research and development and marketing.
– Product marketing involves promoting the products of one company. Marketing is also an important aspect of product development and production, as it helps to establish a reputation and creates a brand image for a particular company.
– Product promotion is the process of distributing a product to help build awareness of a company or its product. This involves television commercials, radio advertisements, leaflets, direct mail campaigns and public relations.
– Product research is a procedure through which the needs of a particular product, such as a new type of product, is determined. The results of . . . . . . the research are then used to improve the product, including providing better information and improving the quality of the product. This includes research in terms of production and research in terms of quality control.
The above three steps can be seen as being important parts of a system that involves the production, development and distribution of products. In a manufacturing process, this system of product management becomes more complicated as a number of these processes have to be carried out in order to ensure a successful production of the final product.