What Are the 3 Major Areas of Product Management?

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by Lumavate | Last Updated: Feb 9, 2024

What Are the 3 Major Areas of Product Management?

Product management is the process of bringing a product to market successfully in a way to ensure its ongoing success. Product information management can be broken down into three major areas: product discovery, product planning, and product development. Let’s take a closer look at each of these three areas, how they function, and why they are important to product management.

  1. Discovery: This phase is focused on determining what products to build.

  1. Product Planning: The second phase of product management is all about determining the overall product roadmap. What products and functionalities will be released when? This stage will lay all of that out. However, while product planning creates a roadmap based on what was uncovered during the discovery phase, this is not a fixed roadmap. Rather it is important to keep this stage an iterative process, incorporating customer feedback and market changes to best guarantee success at launch.

  1. Product Development: This is when the product is actually built, tested, and launched.

What Does PIM Include?

PIM solution is generally an invaluable tool, both for the product manager, and for the entire product management process. A PIM solution will include many vital pieces of product data and information, as well as a host of other functionalities.

PIM will include all relevant product data including descriptions, pricing, features, benefits, dimensions, and more. Some PIM solutions offer additional functionalities. A PIM with built-in Digital Asset Management (DAM) functionality allows the product manager to store product-related digital assets with the product information. This can include product images, owner’s manuals, technical specifications sheets, troubleshooting videos, and installation videos.

How Do I Choose a PIM System?

There are many PIM software examples available on the market today. But in order to find the best PIM solution for your company there are five main questions that you need to address.

What Functionality Do You Need?

What Other Systems Do You Need to Integrate With?

How Will the Product Information Be Used?

What Type of Budget Is Defined for This Initiative?

What Is the Timeline for Implementing a Solution?

Many companies find that Lumavate is the best choice for evaluating a new PIM solution because it is an option that offers complete Product Experience Management (PXM) functionality. This allows for the centralization of product data, and includes Digital Asset Management (DAM) functionality to store product-related digital assets, as well as a Digital Experience Platform (DXP) allowing for digital experiences to be built in minutes. Additionally, Lumavate also has text messaging capability and a comprehensive form builder solution that seamlessly integrates to the company’s existing system. 

There are no other PIM software examples with the breadth of functionality of Lumavate. Additionally, Lumavate is often 75 percent more cost-effective than competitive solutions that only offer a fraction of the functionality of Lumavate.

How Much Does a PIM System Cost?

The cost of a PIM system will vary greatly based on which solution you choose, and what functionality it provides. Some solutions base price on the number of SKUs stored in the PIM while others base price on the number of times the product data is used. Lumavate takes a different approach to pricing by offering a comprehensive product experience management (PXM) platform that will let you get started for as little as $499 a month. This creates a solution that is often 75 percent more cost-effective than competitors. And while free PIM software is likely to not be able to meet the product management needs of your company, you don’t have to be held hostage to the pricing scheme of Inriver PIM, Salsify PIM, or Plytix pricing.

See Lumavate in Action

Meet with one of our experts to see how easy it is to centralize your product data, manage digital assets, and create digital product experiences. Trust us…you’re going to be wowed.