Question

Q-2. Explain the concept of product and product management, with suitable examples.

Answer 1

Answer:

Product Management can be defined as the general business structure within a company that supports and manages all the activities related to developing, marketing and selling a product – or even more than one – all through its lifecycle. It's usually a role inside the Research & Development department.

in other word,

Product managers are responsible for guiding the success of a product and leading the cross-functional team that is responsible for improving it. It is an important organizational role — especially in technology companies — that sets the strategy, roadmap, and feature definition for a product or product line.

Answer 2

Concept of product:

• According to the product concept, buyers or consumers favor products with the highest levels of quality, performance, and features.
• The best product must be provided to the consumer in order to meet their demands and expectations, hence the product concept is essential.
• A product cannot succeed on its own; it needs other business variables, such as marketing, distribution, sales, and service, among others.

Importance of product concept:

• Using the product concept, a business may give the product a unique identity and enhance its usability and practical value so that the targeted customers can profit from it and ultimately purchase the product from the market.
• One of a company's market orientation and marketing techniques that it might use is the product concept.
• Concepts include those for selling, producing, marketing, etc.
• Superior items provide marketing pull, which contributes to the brand's success.
• Innovation makes it possible to create new items with desirable features for consumers.

Example:

One firm that invests heavily in product concept to deliver the finest products to customers is Apple. Apple products are thought to be of exceptionally high quality, with cutting-edge features and excellent performance. Customers chase after Apple items, which generates marketing pull.

Product management:

• The product manager essentially chooses what should be developed, why it should be built, and how it should function.
• They then oversee the plans' timely completion while consulting with many stakeholders, including design and development, and other departments.
• The ultimate goal is to provide the user with the finest experience possible.
• Nowadays, software development is primarily linked to product management.
• There is no question that product managers were in charge of deciding how any piece of software that you regularly use functions, whether it be an app on your phone or the web browser on your PC.
• Product managers must employ a number of methods to move their products from planning to reality while controlling the backlog and maintaining the flow of fresh ideas because they have so many diverse roles and high expectations.

Example:

Giving an example that people can easily grasp, such internet email services like Gmail, is typically the simplest approach. I explain to them that although the email system is a product, every component of the software is typically regarded as a sub-product and is in charge of a product manager.

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