Product management is the comprehensive business process of planning, developing, launching, and overseeing a product or service across its entire lifecycle, from initial idea to market. The foundational concept emerged in 1931 through a memo by Procter & Gamble President Neil H. McElroy, who advocated for "Brand Men" to manage product specifics like packaging, distribution, and sales. Today, product managers are critical to driving company growth and revenue, tasked with conceptualizing, planning, and marketing products to effectively meet target market needs and business strategy.

Their diverse responsibilities include analyzing customer research, competitive intelligence, and industry trends to define product strategy, document requirements, and create detailed roadmaps. Product managers collaborate extensively with departments such as design, development, marketing, and sales, often bearing direct profit and loss responsibility for their product lines. Software product management specifically adapts these principles for digital products, ensuring an integrated approach to product success.