AI AND PRODUCT MANAGEMENT: A THEORETICAL OVERVIEW FROM IDEA TO MARKET

Authors

  • Damilola Oluwaseun Ogundipe Slalom Consulting Inc, Vancouver, British Columbia. Canada
  • Sodiq Odetunde Babatunde Fuqua School of Business , Duke University, USA
  • Emmanuel Adeyemi Abaku Gerald and Gerald Exchanges, Lagos, Nigeria

DOI:

https://doi.org/10.51594/ijmer.v6i3.965

Abstract

Artificial Intelligence (AI) has emerged as a transformative force in the realm of product management, offering a theoretical framework that reshapes the journey from ideation to market penetration. This abstract provides a comprehensive overview of the theoretical underpinnings and practical applications of AI in product management, delineating its pivotal role across various stages of the product lifecycle. The ideation phase marks the inception of product development, where AI serves as a catalyst for innovation, augmenting creativity through advanced algorithms and data-driven insights. Market research and validation constitute the subsequent phase, where AI empowers product managers with sophisticated tools for analyzing consumer trends, preferences, and sentiments, thereby informing strategic decision-making processes. Prototyping represents a critical stage wherein AI facilitates rapid iteration and refinement, expediting the development cycle and enhancing product adaptability. Leveraging machine learning algorithms, product managers can swiftly iterate prototypes based on user feedback, ensuring alignment with evolving market demands. In the domain of product design, AI-driven solutions revolutionize user experience and usability, leveraging natural language processing, computer vision, and recommendation systems to personalize product interfaces and cater to diverse user preferences. Quality assurance and testing emerge as imperative phases wherein AI-driven testing strategies optimize reliability, performance, and scalability, mitigating risks associated with product failure and enhancing overall product quality. During the launch phase, AI enables product managers to orchestrate data-driven marketing strategies and optimize distribution channels, maximizing market penetration and consumer engagement. Predictive analytics, targeted advertising, and dynamic pricing algorithms optimize product launches, ensuring a competitive edge in the marketplace. In conclusion, AI permeates every facet of product management, transforming traditional paradigms and catalyzing innovation at every stage of the product lifecycle. By embracing AI's capabilities, product managers can navigate the dynamic landscape of modern markets with agility, precision, and foresight, driving sustained growth and competitive advantage.

Keywords:  AI, Product Management, Creativity, Ideation, Innovation

Published

2024-03-28

Issue

Section

Articles