There you are: PIM is a business capability to ensure that organizations collaboratively author, enrich, and distribute accurate, consistent, and validated product information across all the distribution points.
This is the best I can do with less than 25 words ;-) but it isn't marketing-friendly, is it? It does give you a lot to think about though (if you are an inquiring spirit). More assistance comes from the pieces linked below.
There’s a lot more on the internet but the above articles should give you a good foundation to separate bad from good, and good from great.
Picture source: http://voices.washingtonpost.com/campus-overload/College%20101%20-%20Checklist.jpg