Product management addresses the lifecycle from preparing for introduction to retirement to ensure that products in the market will make the best possible contributions to revenue, profit, and growth. Launch activities happen throughout the development cycle, as marketing prepares and executes the internal and external activities to ensure a high impact result. Leading edge companies develop a well-articulated launch plan to ensure senior management buy-in and commitment for the resources necessary for a successful product launch.

It is also important to understand the product lifecycle to optimize products in the market and to make good product decisions about the future. Companies that have a clear product management process are able to focus resources to maintain products, retire products when appropriate, and gain essential information for strategic product planning and optimizing the portfolio.