PRODUCT MANAGEMENT

ASSIGNMENT NO. 1

1. What is product management, and why is it important for businesses?

- The definition of product management is that it is a process of how to create or how to solve
the problem (the wants and needs) of the customer by creating or producing a product that
will satisfy them. The product management is important in every business because it
becomes the bridge that connects in every stage of creating the product to make sure that
the development of the product has a good quality and pleasing to the customers.
2. What are the main stages of the product life cycle, and how does product management
contribute to each stage?
- There are 4 main stages in product life cycle: introduction, growth, maturity, and decline
(prototyping) stage.
- In introduction stage, the product is developed and introduced to the market, the sales
showing profitable in the market. The product manager/s contributes to this stage in terms
of giving ideas and promoting the product to the target market to gain and earn more than
what it does.
- Growth stage is where the product also the brand is recognizable to the market and the
business starting to gain loyal costumers because of its popularity. Product manager/s can
help the product to become successful by giving loyalty benefits to their loyal consumers.
- Maturity stage began when the customers accepted the hype of the product, it shows an
upward sale in the market because of more variety of competition, there is a lack of interest
between the product and the target market. Product manager/s can add up innovation to
the current product to bring back the excitement of the customers to the product.
- Decline stage. As the word decline means, it will fall on to the sales, popularity, and demand
of the product. The product manager will help this stage by starting to create new ideas and
renovate the previous product, and the stages will start again to the introduction stage, so
that’s how become the lifecycle of a product.
3. What is the role of a product manager, and what skills are essential for this role?
- The role of the product manager is to generate their ideas as a team into a product that can
satisfy and fulfill the needs and wants of their consumers. An effective product manager
should have a social, intellectual, and technical skills. A product manager must have social
skills to talk to other managers of different departments
4. How do product managers gather and prioritize customer feedback?
5. How do you determine the target market for a new product?
PRODUCT MANAGEMENT

ASSIGNMENT 2

1. WHAT ARE SOME CHALLENGES PRODUCT MANAGERS MIGHT FACE, AND HOW CAN THEY
OVERCOME THEM?
2. HOW DO YOU MEASURE THE SUCCESS OF A PRODUCT?
3. WHAT IS THE SIGNIFICANCE OF CONTINOUS IMPROVEMENT IN PRODUCT MANAGEMENT?
4. HOW DO YOU KNOW IF A PRODUCT IS SUCCESSFUL?
5. HOW CAN PRODUCT MANAGERS GATHER INSIGHTS FROM COMPETITORS’ PRODUCT?