At first glance, many readers will incorrectly recognize the words “product management” as “project management” because, while project management is now a major part of the mainstream business world, product management still has not garnered the same attention as, say, inventory handling or a managing the supply chain.
But this is changing, as business leaders realize that a key component of selling to customers involves not just controlling resources, but also knowing how an operation uses those resources to create final products – and determining how they are sold. Here we’ll take a look at product management, its value to a business and how it fits in with customer relationship management (CRM) strategy. (What’s the CRM buzz all about? Find out more in Top 6 Trends in Customer Relationship Management.)
Using a CRM: Product and Service Businesses
To understand the particular role of product management in business, it’s helpful to start with the definition of a customer relationship management (CRM) tool. Customer relationship management, as it’s commonly defined, is a comprehensive system for managing the interactions between a business and its customers. It’s important to note that many CRM systems focus on both existing customers and prospective customers and include analyses of a sales department, as well as other business elements.