Posted in Marketing and Strategy Terms, Total Reads: 294
Definition: Product Management
It is an organizational structure within a company that deals with development, marketing and sale of a particular product throughout its life cycle. Broadly, it is the set of activities required to take the product to market and support it afterwards.
A product manager is often considered the CEO of his/her product. (S)He is responsible for it’s strategy, roadmap, feature definition which may also include forecasting, marketing and P&L responsibilites.
Some of the core knowledge aread which are important for doing a good job as a product manager are –
• Vision and leadership – Product manager should be able to actively listen to others, establish a shared vision and set realistic goals. (S)He should be able to manage the stakeholders including customers, users, senior management, development, sales, marketing and other groups.
• Product Lifecycle Management - Product Manager should understand the product’s lifecycle, should know how it helps maximize the benefits by the product
• Product Strategy and market research – Product manager should be able to identify his/her target users, should be able to clearly state the value proposition of the product. (S)He should be able to carry out competitor analysis to study their strengths and weaknesses, should be able to perform market research to test the ideas and assumptions.
• Business model and financials – Product manager should be able to determine the value the product creates for the firm, should be able to formulate and prioritize goals like entering a new market, developing the brand. (S)He should be able to create financial forecast and describe when the break even is likely to occur.
• Product Roadmap – Product manager should be able to formulate realistic product goals, metrics and key performance indicators, release dates, deliverables.
• User experience and product backlog – Product manager should be able to describe the desired user experience, should be able to manage and prioritize backlog effectively and select sprint goals.