Product management and development are key processes in bringing new products or services to market. Product management involves defining the strategy for the product or service, including positioning, pricing, and distribution. It also involves developing a deep understanding of the customer and their needs, as well as tracking the competition and industry trends.
Product development is the process of designing, building, and testing the product or service. It involves cross-functional collaboration between engineering, design, and marketing teams to create a product that meets customer needs, is feasible to manufacture or deliver, and meets business goals. Both product management and development require ongoing iteration and refinement based on customer feedback, market changes, and internal business objectives.
A successful product must balance the needs of the customer with the practical realities of developing, manufacturing, and delivering a product to market.