What is a Product? - Introduction to basics of Product Management
- Radha Rani
- Jun 10, 2023
- 3 min read
Updated: Sep 7, 2023
Introduction to basics of Product Management
As defined in The Product Manager's Desk Reference by Stephen Haines
The term "Product" is used to describe all goods, services and knowledge sold. Product is a bundle of attributes such as features, functions and benefits.
Product can be either tangible or intangible, tangible in terms of physical goods and intangible as in the case of those which provide service benefits. It can also be the combination of both.
A product is a tangible or intangible item or service that is developed, marketed, and sold to satisfy a particular need or desire of users or clients. Products are often made through a production or manufacturing process, and they can have a variety of shapes and functions.
It is not always necessary for a product to be standalone as in when not always we would be talking about a single product under this domain. A product can be part of other products.
When similar or related products are considered as a group, we call it as a Product Line.
When similar or related product lines are considered as a group, we call it as a Product Portfolio.
Within an large organizations such as ITC which has huge number of products, it gets difficult to consider them as individuals, so they are collaborated in the form of product lines and product portfolios to make things simpler.
Basic Hierarchy of Products or Services
To understand the typical hierarchy of Products or Services, we need to understand below terminologies:
Product Portfolio: The selection of goods or services that a business or organization provides is referred to as its product portfolio. It includes every single product or service that a business creates, sells, or offers to its clients or consumers. Depending on the industry, size, and strategic goals of the organization, a product portfolio's content might vary greatly.
Solutions or Bundles
Product Line: A product line, also known as a product range, is a group or collection of connected goods or services that a business provides to cater to the requirements and tastes of a certain market niche or clientele. These products are frequently marketed and sold as a coherent set and have similar qualities, such as functionality, target market, distribution methods, or branding.
Product
Product Element, Modules or Terms
Product Platform or Base Architecture
Product Line vs Product Portfolio
Lets move forward..
What is Product Management?
What does a Product Manager do?
What is Product Management?
Product Management is similar as business management but it is at product or product line or product portfolio level. The process involves strategizing, conceiving, developing, introducing, managing and marketing of products.
In small scale organization, number of products are usually less whilst in bigger organization products are more and diverse. Usually a product manager handles one or two products or a module of product (if product size is large and complex or if the solution is a mix of multiple products).
Product Manager is typically involved in complete Product Management Life cycle or responsible for few parts of it. Though as a product manager, you should have a deep understanding of complete life cycle. Product Management Lifecycle would be detailed explained in later parts of this page. It mainly consists of Product Planning, Product Introduction (Development and Launch) and Post-Launch Product Management.
A Product Lifecyle which consists of Introduction, Growth, Maturity and Decline phase. Usually this domain covers all these areas. For a new product, Introduction and Growth phase needs to remain in focus. Whilst for an existing product, Growth and Maturity phase should remain in focus. A product which is suppose to go out of market, decline phase strategies should be implemented.
What does a Product Manager do?
Leading and Influencing | Cross-functional teaming | Making Decisions |
Financial Planning and Analysis | Assessing the industry and competition | Market Segmentation and targetting |
Forecasting | Formulating Product and Marketing Strategies | Leveraging the Product Management Lifecycle Model |
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