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Ans. Product management refers to the planning, forecasting, development, and marketing of the product. Product manager handles the process of product management in the organization. In the process of product management, the product manager analyzes the market appropriately on the basis of his skills and qualification as he has expertise in analyzing the market. After analyzing the market, the development of strategic plans, goals, and objectives of product management takes place. In this process of development of strategies and goals of the product management, all the members of the product management teams are involved. Product management helps in developing the product that is as per the requirements of the customers of the target market. The preferences of the customers of the target market are identified well in advance before the development of the product takes place. A product manager has great skills which help him to sense the market easily in order to know the trends and moods that are prevailing in the market at that particular point in time. Product management helps in integrating employees from different departments together so that integrity in the organization can be maintained. In the process of product management, the product manager is responsible for defining the roles and responsibilities of employees clearly so that there will be no conflicts in the future.
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