What Is Meant by Product Management?
What Is Product Management?
A product management is an organizational structure of a company that deals with setting production schedule, planning, developing, forecasting, testing, manufacturing, launching, delivering, withdrawing, and production or the marketing of the products in the market.
Who Does Product Management?
Generally, the product manager also called the product CEO does all the product management. A product manager communicates product vision statement in the highest form of leadership to the development plan and implementation plan. In simpler terms, the product manager is the one responsible for investigating, selecting, and drives the development of products and ensuring that the product goes into the market.
What Is the Role of a Product Manager?
A good product manager must be experienced in at least one of the three important fields of the organization: the business, the technology, and the user experience.
- Business. The product manager should maximize the value statement of the business and achieve smart goals of business from optimizing the product.
- Technology. Since most products today are produced using technology, the product manager needs to understand the technology and how it works that is crucial to making better decisions for performance management.
- User experience. The product manager should be the one and responsible the one who tests the product, talking to the customer and getting feedback questionnaire from their experience.
The Importance of Product Management
- Understands the customer needs and wants and most importantly, how to meet them.
- Understand the competitive of the market and the opportunities.
- Creates and establishes strategies, guidelines, and road maps for all the products.
- Ensuring that the product meets the quality that is set in the quality report, and the products effectively serve the customer satisfaction.
- Prioritizes opportunities based on demands, revenue potential, market dynamics and purchasing criteria.
- It helps and guides the product management team to deliver the products and communicate the value to the customer.
- Analyze, assess, and evaluate the feedback of the customer.
The Difference between Product Marketing and Product Management
Many people still question the difference between product marketing and product manager, merely because these jobs requires the same skill set, if not the same, at least the responsibilities of these two intersect with each other.
And they do share common responsibilities such as the pricing, market research, development of a product, defines the market behavior perspective, marketing plan, and product packaging. But we are talking about their differences here, so let’s take a closer look.
Product Marketing
- Focus on customer and market facing.
- Receives product information from product management.
- They have the responsibility of meeting the product packaging and messaging to the demands of the market.
- Determines the key proposition and messaging of new product updates to sales, marketing, and the support
- teams.
- Their closest team is the management and sales team.
Product Management
- Focus on the development and product facing.
- They are the one who will deliver the product information to the product marketing team.
- They are responsible for meeting the product requirements and quality based on product demands.
- Delivers technical features of new and updated products to the marketing team.
- Their closest team is the development and marketing team.
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