Why is Product Management important?| IIPM
Product Management subject has been an important part of executive programs offered by Indian Institute of Planning and Management, IIPM. Arindam Chaudhuri, India’s sovereign economist takes the institute to the heights at international level under his supervision and directions. Conversing and learning about product management students of IIPM identifies the importance of product management in business aspects.
Comprehension of the customer value
Product management team always operates under the pressure of attaining revenue or small sales targets as there are high competitive conditions in market. Therefore, Good product management strategy is essential to adopt a balanced approach and conspire with sales by having confidence in their picking strategy of customers. Product management expresses the advantageous aspects of product in the market and enhances sales of the given product.
Variates the risk of product failure
Preparing a business case is the significant step of product management and it is prominently known to be acquired because it variate the risk of product failure through the strategies of uprooting business intelligence and understanding or studying the market in distinguished ways like capacity, resources, market size, conditions, trends etc. Moreover, writing of business case leads the organization to better investment plans.
Regulates Market requirements
Through product management market requirements and problems are surveyed or studied and product management makes sure that new modified features, products or ideas that come in market solves the market issues and satisfies its requirements. Product management ensures that both internal and external requirements and needs of customer as well as market gets satisfy.
Future proofs organization
Product management has been an essential factor of operations of organizations. For an organization product management works in various aspects like studying or creating the internal and external projects, and keeps an eye on changes take place in market that may affect the business like new competitors or consumer’s preference or taste, customer sentimentals, product status in market etc.
These were the various importance of Product management studied under Indian Institute of Planning and Management, IIPM. Further, plan man Mr. Arindam chaudhari suggests that product management department of any kind of organization must exercise correctly and cleverly because changes in market takes place easily and adjusting with these changes is wholly depends upon product management of the organization.