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Product Management

Definition - 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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