PROCESS AND PROJECT MANAGEMENT

A product is something that is made to be sold or used. As Manickavinayaham summarizes, "A product is what you provide a group of users, whereas a project is a plan having a series of activities, a defined outcome, and fixed start and end dates." (2017) While a project may very well have to do with the design, development, or distribution of a product, product management also stands out on its own. Product management deals with new business justification of new products, product design and development, planning, forecasting, pricing, testing, launch, and marketing of a product or products at all stages of the product life cycle. There are nuanced interpretations of a product life cycle, but generally it involves product development, market introduction, growth, maturity, and then ultimately saturation and decline over time.