What is Product Management?
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