The subject is Enterprenourship and small business The Question is prepare a rep
ID: 1143135 • Letter: T
Question
The subject is Enterprenourship and small businessThe Question is prepare a report or discuss on detail about PRODUCT MANAGEMENT IN SMALL BUSINESS. The Report May be maximum of 2-3 business The subject is Enterprenourship and small business
The Question is prepare a report or discuss on detail about PRODUCT MANAGEMENT IN SMALL BUSINESS. The Report May be maximum of 2-3 business
The Question is prepare a report or discuss on detail about PRODUCT MANAGEMENT IN SMALL BUSINESS. The Report May be maximum of 2-3 business
Explanation / Answer
Product management can be defined as the business strategy within a company that supports and manages developing, marketing and selling a product or may be products, all through its lifecycle. Managing a product encompasses everything related to a specific product, from creating an idea and studying the targeted audience to developing, producing and marketing it and providing customer support afterwards. It's sole purpose is to make the product valuable for its customers while producing benefits that make every business strong such as generating revenue, profits, etc.
Depending on the size and age of the company or firm, product management has different kinds of roles. These roles are product development, product marketing, inbound and outbound, etc. Sometimes there is a product manager who is an expert in business strategy and marketing or may be sales and operations. He performs many duties like studying the market, gathering the voice of customers, stating product requirements or may be training the sales team. Product management is significant for a company as it connects the company to the market.
In a small business, product managers often act as an accelerator, ensuring that all the scheduled work has been done and that nothing has fallen behind. Now, as the business gets larger, the company starts to deal with multiple products like in case of two or three business. The time demands grows as the company grows, now one person cannot do everything. So one product manager becomes two or three, each contributing to do whatever is necessary for their product success. Remembering the fact that the sole purpose is to promote the product and generate revenues, the company often distributes the work between different teams as one for product development, one for marketing, etc for each product. The company tries to develop more and varied products at the lowest cost possible which in return can generate huge profits.
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