Product management

Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products. The concept of product management originates from a 1931 memo by Procter & Gamble President Neil H. McElroy. McElroy, requesting additional employees focused on brand management, needed "Brand Men" who would take on the role of managing products, packaging, positioning, distribution, and sales performance. The memo defined a brand man's work as: Study carefully the shipments of his brands by units. Where brand development is heavy ... examine carefully the combination of effort that seems to be clicking, and try to apply this same treatment to other territories. Where brand development is light: Study the advertising and promotion history of the brand. After uncovering our weaknesses, develop a plan that can be applied to this local sore spot. Outline this plan in detail for the division manager. Prepare sales helps and all other necessary material for carrying out the plan. Keep whatever records are necessary and make whatever field studies are necessary to determine whether the plan has produced the expected results. Take full responsibility ... for the general printed word plans for his brands. Take full responsibility for all other advertising expenditures. Experiment with and recommend wrapper revisions. Sees district manager a number of times a year to discuss with him any possible faults in our promotion plans for that territory. In modern terms, McElroy defined the role as: analyze product distribution, optimize working distribution strategies, diagnose and solve distribution issues, optimize product positioning and product marketing, and collaborate with regional distribution managers.

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Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.

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Systems engineering

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A machine tool is a machine for handling or machining metal or other rigid materials, usually by cutting, boring, grinding, shearing, or other forms of deformations. Machine tools employ some sort of tool that does the cutting or shaping. All machine tools have some means of constraining the workpiece and provide a guided movement of the parts of the machine. Thus, the relative movement between the workpiece and the cutting tool (which is called the toolpath) is controlled or constrained by the machine to at least some extent, rather than being entirely "offhand" or "freehand".