category: UIUX 360

Product Management

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Product Management

What is Product Management?

Overview

Product management is a functional activity for an organization, that guides every stage of a product's lifecycle including product development to the finalization of the product. Product management covers a wide area of responsibilities, and roles may vary in different organizations.

Product management is the practice of strategically developing, launching to market, and continuously supporting and improving a company's products.

Professionals who navigate and manage the product cycle, from researching users and managing roadmaps to overseeing product development. Depending on the business, a product manager may be responsible for a key feature, line of business, or project. Product Management (PM) has a direct impact on business revenue, costs, and growth.

Product management has 3 fundamental objectives:

  • Build once, sell many times – This provides economies of scale resulting in higher profitability
  • Being a marketer as well as a product expert - ensures that you create products that customers will buy
  • Leading within the business - with a balanced approach to all different aspects of the product
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