Concept of Product Management and its objectives

 Today Marketing is totally consumers oriented.Every company makes policy,programme,rules,regulation to provide maximum satisfaction to consumers.There are many methods that we should use to provide maximum satisfaction to consumers.Product Management is one of the best techniques because product is able to fulfill the need,want,desire of consumers.

Definition-

The process in which we make policy,programme,procedure,rules and regulation to show our product is best in the market this process is called product management.

In other words we can say that the process in which we show our product is able to fulfill the need,want,desire of consumers and provide them maximum satisfaction this process is called product management.

In other words we can say that the process in which we develop,sell,distribute of product by an effective,efficient and economical way to achieved our marketing objective this process is called product development.

Objective of Product Management-

1.It helps to cash the opportunities of market.

2.It helps to increase the sales volume of product.

3.It provides maximum satisfaction to consumers.

4.It fulfills new demand of market that is ultimately beneficial ro organization.

5.It also helps in product life cycle.

6.It makes the image of organization positive.

7.It also support organization to survive,grow,develop and success in market for long time.

8.It fulfills the changing need,want,desire of customers.

9.It attracts new customers towards the product and service of organization.

10.It helps to achieve the goal of organization like sales revenue maximization,profit maximization etc.