Product management is concerned with product definition, management and control, whereas product marketing is concerned with obtaining market objectives. Let me give you an example; I have a client where a very smart engineer is doing a really good job of product management as I just described. He doesn't, however, have even a vague idea of how to deal with the marketplace. I'm doing the marketing function for him. Together as a team we are doing product marketing. You need both; you have to have product control in one way or another and product awareness in the marketplace or you will not be successful.
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