Do you know what processes the chocolates you eat, the juices you drink, and even the mobile applications you use go through until they are presented to you?
In fact, almost every product we use, physical or digital, is the product offered to us at the end of the product management process. Today, departments have started to be opened for product management, especially software companies. Companies have now begun to see product management as an indispensable part of digital transformation and have increased physical and digital investments in this field.
So, What is Product Management?
What Steps Does the Product Management Process Consist of?
Consider the Instagram application, one of the most used applications today. Do you think Instagram was born as an idea, and was this idea realized and presented to users? As you can imagine, the answer to this question is no.
Instagram was originally born as an idea to meet a need of people. Then, this idea was presented to users with the ideas and development of many departments such as software developers, designers, marketers, product managers, and product owners. In short, Instagram as a product was actually created by combining many materials like cooking.
Based on this example, it would be correct to define product management as follows; Product management is the management of all processes of the product lifecycle, from the birth of the product idea to its design and even marketing, to meet both the needs of the end-user and the business objectives.
The product management process, on the other hand, refers to a process that can be diversified by the product manager in line with the needs of the product, such as product planning, product development, and product marketing.
The product manager, on the other hand, is the person who meticulously manages the product life cycle by combining the necessary units of the business, technology and the user experience of the product, from the first birth of the product idea to the moment the product is presented to the user, and is responsible for every moment of the process.
Why is Product Management Important? Why is Product Management Seen as the Key to Digital Transformation?
Product management is a process that brings together different units in companies. The success of product management in companies depends on the company’s technological capabilities and the ability to use these opportunities correctly.
Product management is actually one of the processes seen as a building block in the products that companies bring to the market, and it is essential for companies for many reasons. Some of these reasons are:
- Product management aligns the company with the market.
- Product management; creates an understanding and perspective on the market, competitive dynamics, and opportunities.
- Through product management, companies understand customer needs and how best to meet them.
- Product management aligns the product roadmap with customer needs.
- Product management helps bring products to market and create value.
- Product management provides continuous feedback on changing market conditions or customer needs.
When it comes to digital transformation, the role of product management refers to leveraging new technology to understand customers’ needs better and create digital experiences that meet or create needs.
In product management, it is crucial to follow technological innovations, offer new products to the market in accordance with the technologies, and improve the user experience. If we consider the example of Instagram again, Instagram was originally an application where only photos could be shared and liked. Then, with the developing digital possibilities, features such as instant picture and image sharing, displaying personalized content to users’ interests, and live broadcasting was added. In fact, with these features, Instagram has become a marketing channel rather than just a photo-sharing application. Based on all this, Instagram; It is seen as one of the rare applications that can fully adapt to digital transformation.
If you are looking for a partner who will be with you in your digital transformation process, product and project management, contact the Cool team! [email protected]
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