We do understand from the wordings that it is about managing some product.
So it boils down to 2 things i.e., What is a Product and How are we going to manage it?
So to explain you, here is my take on this.
1. What is a Product?
A product is basically an object which can be tangible or non tangible. Which in simple terms mean, you can either touch it or you cannot. And this is applicable for any domain you wish to refer like IT industry, Banking, infrastructure, logistics, etc.
For example:
a. Your mobile phone is a product, but even the applications you are using within it are products.
b. The document you created can be a tangible product, but it you get it patented, then patent is an intangible product.
Below is an image which can help you understand the same.
Image reference: https://www.hourly.io/post/tangible-vs-intangible
2. How are we going to manage it?
This is a good question though as there are many ways to manage any thing. Here
talking in context of the product management in software industry related to desktop or mobile apps development or websites, we can conclude to follow below methods.
There are a set of steps usually followed to begin managing a product. All the steps are an overview of how the work will flow in whole life cycle. In depth there is a lot more stuff which I will be posting here later on.
Product Lifecycle:
Ideation
Validation
Prototyping
Marketing
Development and Testing
Launch
Improvement
In basic terms,
Ideas are collected to understand what is required to be made.
The same are validated against different parameters like will the product be a good market fit?, is it what customers need?, which kind of customers will be using this product?, etc,.
A prototype is created to understand what the end result would look like.
Marketing and sales ideas are decided to know how the customers are going to know about our new product.
The product is developed and tested well before going to customers.
How to launch a product is made sure on this step, because a launch can decide if the product will be a success or not.
And last but not the least, there will be constant changes in the product as and when new things are coming up in the market, and same will be reflected on our product too.
So here was an explanation to what is product management all about.
Hope you really loved reading it and did understand the same. Let me know, next time if someone asks you this question, are you able to explain it to them.
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