Meaning Of Product Management

Name: Rixi A. Malayao

Definition of Product Management Product management -Is an organizational lifecycle function within a company dealing with the planning or marketing of a product or products at all stages of the product lifecycle. Product management (inbound focused) and product marketing (outbound focused) are different yet complementary efforts with the objective of maximizing sales revenues, market share, and profit margins. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. Product management can be a function separate on its own or a member of marketing or engineering. While involved with the entire product lifecycle, product management's main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products - ones that deliver unique benefits and superior value to the customer - is the number one driver of success and product profitability. -An administrative discipline for the effective use of resources in on-schedule production of the targeted number or quantity of end products that meet the specified cost, performance, quality, and waste requirements.

Different Colors and Their Meaning •

WHITE – White is associated with innocence, purity, peace and contentment. It’s considered clean and sterile. It’s cool and refreshing. White can have a calming, stabilizing influence.

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BLACK – Black is the ultimate power color. It suggests strength, potency, authority, boldness, seriousness, stability and elegance. It’s distinguished and classic, great for creating drama. Black has more weight than other colors. Too much can be ominous. Gray or Silver – Gray can be associated with conservative qualities and considered traditional. Business-wise, it symbolizes high tech and suggests authority, practicality, earnestness and creativity. GOLD – Gold suggests wealth. It’s considered to be very classy. BLUE – Blue is the favorite color of many businesses. It suggests sanctuary and fiscal responsibility. It inspires confidence. It is the most popular and second most powerful color. Darker shades are authoritative. Dark and bright blues represent trust, security, faithfulness and dignity. Paler shades can imply freshness and cleanliness, although they can imply weakness. RED – Red stimulates many kinds of appetites. Red commands attention, alerts us and creates a sense of urgency. It’s considered the sexiest of all colors. Red symbolizes heat, fire, blood, love, warmth, power, excitement, energy, strength, passion, vitality, risk, danger and aggressiveness. Financially, it’s associated with debt. YELLOW – Yellow is the sunshine hue and is a spiritual color. Yellow represents a warning, but it can also bring happiness and warmth. The most preferred yellows are the creamy and warm ones. Bright yellow can be irritable to the eye in large quantities. Yellow speeds metabolism. It’s often used to highlight or draw attention. GREEN – People associate green with the color of money, as well as nature. Olive greens are associated with health and freshness — a good choice for environmental concerns. Green suggests fertility, freedom, healing and tranquility. Green represents jealousy. Businesses use it to communicate status and wealth. Green is a calming, refreshing color that is very easy on the eyes. BROWN – Brown is associated with nature and the earth. Dark browns represent wood or leather. Brown and shades of cream are associated with warmth and coziness. Brown suggests richness, politeness, helpfulness and effectiveness. It is solid, credible, mature and reliable. Light brown implies genuineness. ORANGE – Orange is associated with vibrancy and the tropics, as well as warmth and contentment. It can instill a sense of fun and excitement. It implies health. It suggests pleasure, cheer, endurance, generosity and ambition. It can make an expensive product seem more affordable. It appeals to a wide range of people, both male and female. PINK – Pink is considered to be a very feminine color. It represents gentleness, romance, well being and innocence. PURPLE – Purple represents royalty and luxury. In darker shades, it’s considered a wealthy color. It suggests spirituality and sophistication. In paler shades, such as lavender, it’s feminine and romantic.

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Different Meanings of a Product The noun product is defined as a "thing produced by labor or effort" or the "result of an act or a process" Since 1575, the word "product" has referred to anything produced. Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. A product is something that is made (produced) and often something that is sold. A product is a good or service that most closely meets the requirements of a particular market or segment and yield enough profit to justify its continued existence. The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.