Importance of Product Management in Organizations

By Maimuna Hussaini, MBA

Organizations frequently spend a significant amount of money on both marketing and product development. This is the case in many businesses where marketing and product development are handled by various divisions that are not coordinated. To build a cohesive and consistent plan, it is up to each department to strive to grasp what the others are saying.?

In such circumstances, a pragmatic look at what is generating the friction and having someone to communicate with the various departments is generally the best approach. This necessitates the formation of a product management team to oversee the full product lifetime, from conception through incubation to marketing and after-sales.

The necessity for a product management team is typically felt more in technological organizations with a laissez-faire attitude and no comprehensive and integrated strategy for product development and marketing. Leading firms like Nokia and Blackberry have been dethroned from their preeminent positions in the mobile technology market as a result of their inability to detect what the market desired from them while also failing to intuit what makes for a great idea.

Market sense and market intuition, as well as the other concepts mentioned above, have recently entered the management lexicon. Due to the abundance of firms and products in the business world, having a great idea or a fantastic sales technique is no longer enough. The key is to "sense" market signals and "intuit" market sentiment in such a way that brilliant ideas become feasible and marketable goods. This emphasizes the need for a product management team that can rely on information from the marketing department to the product development team and provide professional and organized end-to-end product management.

Companies that fail to interpret market signals while simultaneously discarding creative ideas due to a lack of market potential frequently fail to succeed in the marketplace. The point is that great ideas need to be turned into goods, and excellent products need to be properly promoted. Because the research, design, and delivery teams are responsible for coming up with great ideas and creating products, and the marketing team is responsible for marketing this great product in an appropriate manner, the question of who will make them talk to each other and understand each other arises. Of course, marketing, research, and delivery teams communicate even in organizations without product management teams.

But what if there was a coordinating team that saw the potential in new ideas from the marketing team's perspective while also intuiting and sensing what the market wants from the research and delivery teams' perspectives? As a result, the product management team, with its coordination and liaison tasks, enters the picture. Therefore, any company that wants to succeed in the rapidly changing marketplace must have a product management staff.?

Conclusion

To summarize, there is a need to eliminate organizational dysfunction and force firms to embrace a comprehensive product strategy, and product management is an excellent fit for this position.