Product management is the strategic practice of conceptualising, marketing, continually supporting, and developing a company’s product portfolio, which consists of a wide range of products and services. Product management is an agile function related to guiding and managing every step of a product’s lifecycle. The different stages of a product’s lifecycle range from development to positioning and even pricing. The ultimate goal is to come up with the best product solution for the customers (Rengarajan, 2019). They always try to represent the voice of the market in their business operation. Due to consumer demand, product managers have to routinely come up with better-designed and higher-quality products. For businesses, it is necessary to understand their consumer’s demands in order to create tailored solutions for them. The need for product management arises in this particular context (Leng et al., 2020). The process in itself is an agile method which leads to the formation of a product and also ensures its continuous improvement based on consumer needs. The process of product management works on three different fronts.
These include all teams working together to achieve common business objectives. Product management fosters business by bridging the communication gap between the development, design, and customer. It also has much to do with improving user experience (UX). The development of UX is a completely consumer-centric process (Santos & de Carvalho, 2022). Consistently providing a great UX is always within the domain of product management. Being an agile process, product management is heavily integrated with technology (Remko, 2020). Since tech and innovation are the roots of the product management space, the entire lifecycle of a product is managed and guided through the product management cycle. The process is within the heart of business operations, looking to offer value to the customers. Developing a product strategy is the core of product management functioning (Al-Saqqa et al., 2020).
Askon (2018) clearly states that product management has the capacity to make the business a leader in a particular field and market. With such a huge potential, product management also appears to be a strategic process. Product management constitutes three fundamental roles in a business, including the creation of a product which is perfectly tailored to customer needs. The product should be such a fit that it could be sold multiple times (Silva et al., 2020). The aim is to create economies of scale, which in turn leads to higher profitability. The second objective is to become an expert in the market as well as the product. This is based on developing products which consumers will definitely buy (Sarkis, 2020). The ultimate goal is to make the business a leader in a particular product segment. Using product management to acquire a leadership role is the most strategic part of the process.
It is the responsibility of product managers to ensure a punctual delivery time and make sure that the UX design absolutely suits the customer’s requirements. According to Etan (2019), the product manager forms a team to develop product strategy and product roadmap in an agile environment. The product planning process involves taking an adaptive route to respond quickly to consumer demand and providing product solutions. So, agile product management makes extensive use of the latest developments in tech space to come up with innovative solutions. These tech-driven methodologies are popularly known as Scrum and Kanban (Wińska & Dąbrowski, 2020). By using these methodologies, product managers are able to emphasise evolutionary development, continuous improvement, and early delivery. The methodology aims to shape the thinking of the managers in relation to developing and bringing new products to markets (Harris et al., 2021). The new functionality will be delivered sequentially. The failure of large-scale software development projects led to the need for a more fluid approach.
The agile method enables the team to quickly adapt to consumer feedback and other learnings. This approach also provides more flexibility when compared to conventional approaches. Products are built in short increments without everything in one go. There is immense scope for adjusting the plans along the way. It is a more adaptive approach to learning from the customers throughout the product lifecycle stage. The prime objective is to Continuously adjust the near-term road map to produce the best results. The agile process focuses on taking short incremental steps to bring out value to customers (Dingsøyr, Falessi, and Power, 2019). Every incremental stage is aimed at bringing value to customers. There must always be changing needs at all stages. These needs arise from the likes and dislikes expressed by the consumer. The product management team is formed to create a product strategy and roadmap in an agile setting. During the product planning stage, an adaptable approach is taken to quickly respond to consumer demand and offer new solutions (Pace, 2019).
Therefore, agile product management relies on recent technological advancements to develop novel solutions. Scrum and Kanban are two technologically based approaches that are well-known. Product managers can use these techniques to emphasise evolutionary development, continuous improvement, and early delivery (Hayat et al., 2019). The methodology tries to mould the managers' perspectives on creating and introducing new items. Deliveries of new features will occur in order. The need for a more flexible strategy resulted from the failure of large-scale software development projects. The team can swiftly adjust to customer input and other learnings thanks to agile approaches (Tkalichet et al., 2022). When compared to traditional ways, the agile approach offers more flexibility. Products are developed incrementally rather than all at once. There is a lot of room to change plans as you go. Learning from the customers as the product goes through its lifecycle is a more flexible strategy (Özkan & Mishra, 2019).
The agile management team needs to have effective collaboration with the engineering and tech departments to produce the right product at the right time. The tech team comes up with innovative solutions, keeping in mind the feedback of the customers. This ultimately leads to the best-tailored product for the customers. A product manager in the field of agile product management possesses great flexibility (Tripathi et al., 2021). The customers can reprioritise what is to be made and build it according to the design and development. The manager can reprioritise what is to be done based on customer feedback.
Setting a product strategy is the most crucial step in agile product management. The product is prioritised based on long-term vision and direction. Researching the market and deciding on the product goals and initiatives are some of the most crucial essentials of product management (Lukassen & Schuurman, 2023).
The agile methodologies clearly focus on delivering maximum consumer value. To achieve this, product managers must stay close to the customers they want to serve. It is an active strategy of gathering feedback and delivering to customer needs.
Then, there is the facility of creating the product roadmap. It is essential in placing the product perfectly for the purpose of maximum sales (Zorzetti et al. 2022). On the basis of a long-term vision and direction, the product is prioritised. One of the most important aspects of product management is determining the goals and initiatives for the product and conducting market research (Andrei et al. 2019). Delivering the most value to the consumer is central to agile techniques. Product managers must remain close to the clients they wish to serve in order to accomplish this goal. To this end, a proactive plan is put in place to collect input and meet client needs (Alshurideh et al. 2023).
The ability to create a product roadmap is another feature. In order to maximise sales, it is crucial to position the product appropriately. The measurement of product is also available with product management (Zasa, Patrucco, and Pellizzoni, 2020). This involves measuring the interaction of the customers with the products and services and measuring the customer’s acquisitions. Ways to gauge success include measuring the customer engagement process, the frequency rate, and customer churn (Heimicke et al. 2021).
The original research data will need to be subjected to a quantitative analysis in order to be validated. The survey will include a total of 75 participants. The manager's function in product management will be effectively noted. Both closed-ended and open-ended questions will be included in the survey in order to gather all the necessary information on the topic at hand. The survey will incorporate both quantitative and qualitative data.
Data will be accessible online. An examination of the online survey will be used for 75 responders. The proper sampling technique must be used if the results are to represent the population accurately; SPSS is the best program for interpreting survey data. Stratified random sampling will be utilised to select the sample for the study. The sample that has been taken will represent the population reasonably accurately. SPSS has many sophisticated capabilities for evaluating giant, complex data sets. The software suite is ideal for managing and analysing data from the social science sector. It includes several advanced tools to accurately depict many aspects of the research topic.
The results indicate that most respondents supported the agile production process since it improves customer service and efficiency. Most of the project failures were attributed to a lack of customer-centric approaches. 50% applied it to improve customer value, and 45% to improve accessibility. With the agile tools, the team is better equipped to respond to customer feedback. 60% have reported a better visibility of their product lifecycle using product management tools. It seems that the product manager tailors the agile techniques according to their requirements, and around 10% follow the traditional production approach (Ibraimova et al., 2019). Most of the losses suffered were due to unsatisfied customers who ultimately cancelled the whole product after its completion. The manager is satisfied due to a complete 360-degree view of the product being compared. The analysis skewed towards the higher customer value after adopting agile methods. Regression established a positive correlation between the agile process and innovation in the product (Sommer, 2019). Thus, using the technology produced a more user-centric product. After adopting agile methods, the chance of rejection was reduced to 5%. Tech-driven production can reduce the rejection rate even further.
Today's business needs to be consumer-centric. Producing user-centred products makes them better positioned in their particular field and market. The chance of products getting rejected is also reduced drastically. The need for user-centric products and improved UX could improve strategies. Managers are applying the agile process to cater to various needs. There is a need, however, for more transparency in the product lifecycle, which could also be helped by product management (Amorim et al., 2021). The product strategy is crucial for every business, as the agile method strongly supports improving customer satisfaction in designing the product strategy. It becomes a supportive ground for innovation and creative products. The product can be better designed through quick adaptive approaches while considering the customers' views. It gives the opportunity to change every time and respond with positivity. The dynamics of consumer demand and the fast-moving nature of the market make agile production an ideal fit (Zielske and Held, 2021). Continuous improvement in the product leads to improved facilities for customers. Designing an effective product strategy is at the heart of agile product management.
Product is a crucial process for every business as it can help them acquire a leadership position in the market. The conventional methods of product management can no longer handle the complexities of market dynamics, which has widened the scope of agile product management. The agile method involves taking incremental steps in product development with appropriate responses to all customer needs and desires. Every firm must have a product that can help it achieve market leadership.
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