Product management is the business process of planning, developing, launching, and managing a product or service.
It includes the entire lifecycle of a product, from ideation to development to go-to-market.
Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy.
They manage a product or products at all stages of the product lifecycle.
Product managers are critical in driving a company's growth, margins, and revenue.
Role of PMs
Responsibilities:
Product management responsibilities include overseeing product-related activities along every stage of the product lifecycle.
This encompasses product development, launch, growth, maturity, and decline.
Specific Tasks:
Product managers are responsible for the strategy, roadmap, and feature definition for a product or product line.
Some roles also include product marketing, forecasting, and profit and loss responsibilities.
Multidisciplinary Nature:
Product management is a multidisciplinary pursuit that combines elements of business, technology, and user experience (UX) design.
It exists at the intersection of these fields.
Key Aspects of Product Management
Customer Focus
Product management involves focusing on exactly what (potential) customers want.
Strategic Function
Product management is a strategic function that guides teams through a product's lifecycle.
Cross-Functional Collaboration
Building strong relationships with cross-functional teams is often necessary to bolster a product's success.
To conclude, Product managers are central to ensuring a product's success and its alignment with the company's overall strategy.