Product management is important in marketing because it helps companies develop and launch products that meet customer needs and are profitable. Product managers work with cross-functional teams to ensure that a product's strategy is aligned with the company's goals. Product management is important because it acts on customer focus, product life cycle management, product road map, innovation, measuring product success, balancing stake holder’s demands etc.

Product management is an important organizational role... The product manager is responsible for the strategy, roadmap, and feature definition for that product or product line. The position may also include marketing, forecasting, and profit and loss (P&L) responsibilities.

Product Management is important because it's simply not enough to solve problems. You have to solve problems that are important enough that people are willing to pay you money for them, if you want to be a successful business. ... They are responsible for organizing and directing their team to develop a successful product.