MANAGEMENT

Detailed explanation-1: -In midsize organizations, the product manager is often the person in charge of product development. Regardless of which framework is used and who is in charge of new product development, this is just one aspect of the entire product lifecycle management (PLM).

Detailed explanation-2: -A project manager is responsible for a single part of a product life cycle – product development, while a product manager’s responsibility is to lead a product from the germ of an idea to launch, focusing on features, business value, and the customer.

Detailed explanation-3: -You do the right research to help you identify your product’s competition, as well as to identify and understand your product’s users. Then, you build a “better” product than your competitors by understanding the problem better than they do. Research is integral to any successful product development process.

Detailed explanation-4: -Marketing refers to any and all activities that a business undertakes to promote and sell products or services to its target market. Marketers will commonly make use of the four Ps of marketing – product, price, place, and promotion.