Product Management Quiz

Product Management: Definition, Scope, and History

• Product management is the process of planning, developing, launching, and managing a product or service.
• It covers the entire lifecycle of a product from ideation to development to go-to-market.
• Product managers ensure that a product meets the needs of its target market and contributes to the business strategy.
• They manage a product or products at all stages of the product lifecycle.
• Software product management adapts the fundamentals of product management for digital products.
• The concept of product management originated from a 1931 memo by Procter & Gamble President Neil H. McElroy.
• McElroy requested additional employees focused on brand management, who would manage products, packaging, positioning, distribution, and sales performance.
• The memo defined a Brand Man's work as studying shipments of his brands by units.
• The Brand Man would examine carefully the combination of products and packaging that would be most effective in the market.
• The Brand Man would also analyze advertising and sales promotion campaigns to determine their effectiveness.
• The concept of product management has evolved over time to include more strategic and customer-focused approaches.
• Today, product management is a critical function in most organizations, particularly those that develop and sell software products.