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Agile Methodology in Product Management

Agile Methodology refers to a set of principles for software development under which requirements and solutions evolve through the collaborative effort of self-organizing and cross-functional teams. It advocates adaptive planning, evolutionary development, early delivery, and continual improvement, and it encourages rapid and flexible response to change.

Example: Spotify, a popular music streaming service, has famously adopted Agile Methodology in its product development process. The company organizes its development teams into 'Squads', 'Tribes', 'Chapters', and 'Guilds', which promotes a highly flexible and collaborative working environment. This structure allows Spotify to rapidly adapt to changes in the market and continuously improve its product offerings.