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Although agile software development methods such as SCRUM and DSDM are gaining popularity, the consequences of applying agile principles to software product management have received little attention until now. In this paper, this gap is filled by the introduction of a method for the application of SCRUM principles to software product management. For this purpose, the 'agile requirements refinery' is presented, an extension to the SCRUM process that enables product managers to cope with large requirements in an agile development environment. A real-life case study is presented to illustrate how agile methods can be applied to software product management. The experiences of the case study company are provided as a set of lessons learned that will help others to apply agile principles to their software product management process.