PRODUCT MANAGEMENT

Defined as the “function within a company dealing with the day-to-day management and welfare of a product or family of products at all stages of the product lifecycle”, product management is a critical function within an organization which can lead to both success and failure.  Requiring an intimate understanding of project management, product managers must be multi-faceted individuals capable of managing numerous streams simultaneously and truly understanding the complex nature of products.  Without a successful product management approach, the probability that new product introductions and small organizations will fail increases dramatically.

Typically a subset of a marketing organization, product management is often viewed through a mystical lens and believed to be the heartbeat of an organization’s future.  While there is little doubt that product management is critical to the success of a product and company, Hexagon^EC prefers to demystify product management and make it accessible for small to medium companies.  Applying our HS³ process we have broken product management into manageable elements that, when approached systematically, can be optimized to increase a company’s rate of success.

Historically product management has held a view of the market and business to which few other departments in an organization were granted access.  This “large picture view” is a powerful tool but must be understood not only as a part of an overall organization’s business, but also as a component in a healthy and clear marketing strategy.  Product management has a larger view than other departments, but to believe they hold the highest view is to incorrectly align an organization around a product-centric view rather than a true business, marketing and customer-centric perspective.

Hexagon^EC has identified six facets of product management which any organization interested in optimizing their product development and launch processes should consider.  These areas are identified in the mouse over image on the right along with a small sample of the solutions Hexagon^EC offers.  Please contact us for a complete list of solutions or a customized project at: firststep@hexagonec.com