Product management is a discipline that has evolved significantly over the years, shaped by the changing needs and expectations of organisations and consumers. There have been many key milestones and influential figures in the development of product management theory, and in this article, we’ll explore the evolution of the discipline and some of the most significant contributions to it.
The origins of product management can be traced back to the early 20th century, when companies began to adopt a more systematic approach to managing their products. At this time, product management was primarily focused on the development and introduction of new products, as well as the management of existing ones. This involved tasks such as market research, product development, and pricing strategy.
As the business landscape changed, so too did the role of product management. In the 1960s and 1970s, the focus shifted towards consumer-driven marketing and the development of brand management strategies. This was a response to the increasing importance of consumer satisfaction and the growing competition among companies.
One of the earliest milestones in the development of product management was the publication of “Marketing Management” by Philip Kotler in 1967. This book introduced the concept of the “marketing mix,” which consists of the four “Ps” of product, price, promotion, and place. This framework is still widely used today and is considered a cornerstone of modern marketing theory.
In the 1980s and 1990s, the rise of technology and the internet led to significant changes in the way products were developed and marketed. Product management began to focus on the integration of technology into products and the development of digital marketing strategies. This was a crucial period for the discipline, as it helped companies adapt to the changing business environment and stay competitive in an increasingly digital world.
Another key milestone was the publication of “The New Product Development Game” by Hirotaka Takeuchi and Ikujiro Nonaka in 1986. This book introduced the concept of “scrum,” a flexible and agile approach to product development that involves frequent iteration and collaboration between cross-functional teams. Scrum has since become a widely used methodology in the field of product management.
There have also been many influential figures in the development of product management theory. One of the most notable is Clayton Christensen, who is widely regarded as the father of modern product management. Christensen is known for his work on disruptive innovation, and his book “The Innovator’s Dilemma” has had a major impact on the way product managers approach product development and strategy.
Other influential figures in the field of product management include Steve Blank, who introduced the concept of customer development, and Eric Ries, who developed the “lean startup” approach to product development. Both of these approaches have had a significant impact on the way product managers approach their work, and they continue to be widely used today.
Today, product management is a vital discipline that plays a central role in the development and success of products and organisations. It involves a wide range of tasks, including market research, product development, pricing strategy, and digital marketing. Product managers are responsible for ensuring that products meet the needs and expectations of consumers, while also aligning with the overall goals and strategy of the organisation.
In conclusion, the evolution of product management as a discipline reflects the changing needs and expectations of organisations and consumers. From its roots in product development and introduction, it has grown to encompass a wide range of tasks and responsibilities, helping companies stay competitive in an increasingly complex and digital business environment. Key milestones and influential figures have contributed to the development of product management theory and have had a major impact on the way product managers approach their work.