Software product management steers the success of a product in all its lifecycle stages by thoughtful application of planning, coordination, and control. The third international workshop on software product management (IWSPM´09) was held in conjunction with the International Conference on Requirements Engineering (RE'09) in Atlanta USA. The aim was to bring researchers and industry practitioners together to discuss the area and unique challenges of software and technology product management. Selected challenges put forward by accepted papers from both industry and academia were analyzed. The session discussions focused on identifying future needs for research, the relevance of which was assured by good industry presence at the workshop. The workshop homepage can be found http://2009.iwspm.org