product management

product management
Mktg
a system for the coordination of all the stages through which a product passes during its life cycle. Product management involves control of a product from its innovation and development to its decline. The process is coordinated by a product manager who focuses on the marketing of the product but may also be responsible for pricing, packaging, branding, research and development, production, distribution, sales targets, and product performance appraisal. This cross-departmental approach is based on the theory that a dedicated product management system will lead to tighter control over the product, and thus higher sales and profits. A brand manager fulfills a similar function to a product manager, concentrating on products within one brand.

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