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, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products
Role of Product Managers
Product managers are responsible for managing a company's product line on a day-to-day basis. As a result, product managers are critical in both driving a company's growth, margins, and revenue. They are responsible for the business case, conceptualizing, planning, product development, product marketing, and delivering products to their target market. Depending on the company size, industry, and history, product management has a variety of functions and roles. Frequently there is an Income statement (or Profit and Loss) responsibility as a key metric for evaluating product manager performance.
Careers in product management
Product management is a well-paid and rewarding career. Typically, product management titles range from the entry role of an associate product manager to a senior chief product officer who leads the entire product team.
Of course, specific titles and responsibilities depend on the company and the type of product you are building. For example, large organizations with multiple or complex offerings will likely have product portfolio managers to oversee their product lines. The methodology a company follows also matters — such as waterfall vs. agile and kanban vs. scrum. Your day-to-day role will vary based on the different workflows and processes of your company and team.
Product manager skills
Product managers need a wide variety of skills to be successful. The best product managers are curious, thoughtful, empathetic, and organized. A relentless focus on customer needs helps you fix strategic problems. Each day, product managers work hard to align and drive action. You need a variety of skills to do this successfully, including working with UX designers to build wireframes and mockups so the scope of a feature is clear.
Some of the most important product management skills include:
Analytical skills
Communication
Empathy
Financial skills
Research
Technical skills (methodologies, processes, and tools)
