Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise.
Product management was invented by a Director of Marketing at P&G before 2000, and has been popularized by companies in Silicon Valley like Google and Yahoo, notoriously a Product Manager at Google called Marissa Mayer. The role is highly cross-functional, and is known to be one of the most in-demand ones in the world of technology these days.