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The reason for so many insolvencies is not always because the business has a poor product or fails to deliver excellent customer service, it’s because they do not position their product effectively in the current climate. To mitigate the risk of such failure, firms need to implement a product process framework, which is overseen by a product manager responsible for identifying potential marketing hurdles and finding solutions in line with your business objectives. Product management reduces the risk of product failure and increases the efficiency of product development. The role not only involves careful study of the current climate (user-behavior, technology, emotional needs, etc.) but also a projection of future markets. Without insight to potential obstacles, businesses will struggle to adapt to change, and changes are inevitable. Flexible systems need to be put in place, and products need to evolve with consumer demands. Successful product managers look at the bigger world view and determine how their products can improve the life of their customers. 2. Require closer collaboration between departments. How many firms actually integrate their departments into a tight-knit team that works seamlessly?
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