Product Management

What Does Product Management Mean?

Product management is the process of collecting and using data on the products that a business or organization sells, handles or makes. This type of analysis can be applied to finished products, product components, raw materials or items in any part of a supply chain. Business and nonprofit users can use product management to benefit from more knowledge about their internal processes.


Techopedia Explains Product Management

In terms of its common use, product management is often a single component of a more comprehensive process called customer relationship management, a process that involves collecting and using data about an enterprise’s customers. Businesses and organizations use customer relationship management solutions and resources to improve customer service systems, sales methods or any other goal related to customer interaction. Within these sorts of services, solutions and software packages, a product management solution will focus on how to use data about products for the benefit of the enterprise.

Many different types of data get recorded by a product management resource or tool. For example, details on product versions, the dates of intake or production, product weights and dimensions, and other physical or chronological information can be put into a database for use by top management. Those in leadership positions can use the information to streamline inventory, make a supply chain more efficient, or empower sales staff.


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Margaret Rouse

Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical, business audience. Over the past twenty years her explanations have appeared on TechTarget websites and she's been cited as an authority in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine and Discovery Magazine.Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages. If you have a suggestion for a new definition or how to improve a technical explanation, please email Margaret or contact her…