What Is Product Management

Dipannita Roy

4th Nov'22
What Is Product Management | OpenGrowth

When an event or a big launch takes place, all of the efforts that go into creating, selling, and maintaining it are taken care of. Product managers assist firms in identifying development opportunities and designing services and platforms with the client in mind. A guide to product management includes a wide area of responsibility.

Product managers mix their market awareness with their technical competence in the development process to create a successful product. Product managers are frequently required to conduct extensive research to understand more about their target audience's demands and needs.

This blog discusses the details that go into product management and other fundamentals. We'll also discuss how artifacts such as product backlogs, requirements documentation, and roadmaps may assist teams in planning for the future.

 

What is Product Management?

Strategic and tactical duties are both part of one's everyday responsibilities. Product managers and owners are often only responsible for a subset of these activities. In most organizations, some, if not all, are frequently assigned to various teams or divisions.

Even if this is true, a product manager's time is often focused on the following tasks.

  • Conducting Research: The research method includes the market, target audience, and competitive analysis.

  • Developing Strategy: Understanding the complexities of a market and applying that information to create a product strategy that includes a set of goals and objectives, a high-level description of the product, and maybe an approximate timescale.

  • Communicating Plans: Preparing and presenting a product roadmap to essential stakeholders within a business, such as executives, investors, development teams, and others, is an example of effective plan communication. They often spoke with one another both throughout and after the development process.

  • Coordinating development - The following clearance to proceed with their product's strategic plan(product marketing, development, and so on) to begin implementing the strategy.

  • Acting on Feedback and Data analysis- The next stage in evaluating what, if anything, needs to be adjusted or added to the product is to analyze data and obtain user input once the product has been built, tested, and given to the public. Getting this data into the hands of the proper individuals will aid in the refinement of the product in the future.


 

Strategic Function of Product management 

Product management must be viewed as a strategic activity to succeed in the long run. Product managers must explore the "Why?" behind each product as part of their responsibilities.

They must communicate to the rest of the firm their long-term goals for their product. Strategic function within product management includes checking the alignment every once in a while.

The most forward-thinking companies assign specific duties to specialist project managers, such as scheduling and workload management. Delegating these activities allows the product manager to concentrate on the big picture.


People of Product Management 

Product management lacks a wealth of specialist expertise due to the general expectation that product managers can handle various activities. There is, however, room for advancement in this industry, and people working here should anticipate confronting several new challenges. For instance, unrelated commodities and services are typically lumped together when recruiting. This category includes Scrum Masters, Product Managers, Program Managers, and other related roles.

 

All of these critical activities need close communication with the product management team. Such activities may be integrated into some companies; for example, a company's product management and marketing teams may work as a single entity. However, these are not product management jobs because they do not define the product's contents or communicate with those who do.

 

The Product Management Process 

Defining the problem

Identifying a problem that causes significant suffering for potential clients is one of the first things one must prioritize. Individuals or groups will try to act beyond that moment, but their efforts will be futile. They cannot do so because it is impossible, complex, expensive, time-consuming, inefficient, or unpleasant.

 

Quantifying the opportunity 

While issues are prevalent, not all of them are worth addressing. When this happens, the product management team's attention swings away from the customers and toward the company's bottom line.

Suppose product managers wish to persuade stakeholders to fund the development of a new product or service. In that case, they must be able to answer the following questions and establish a business case based on the information gathered.

 

  • How big is the market for this product or service?

  • Is the condition or suffering significant enough that additional options must be considered?

  • Is there a market for a different choice, and how can it be made available to the general public?

  • To enter a market with a significant opportunity, product management must first choose whether or not to do so.

Researching potential solutions

Product management needs to learn about customer pain areas and viable solutions. To discover the best answer, they should consider every idea rather than discard any too hastily. 

 

Building an MVP

Once it is determined that there is a market for a solution and that it is feasible to provide, product development may begin in earnest. It is advised that teams start by specifying the bare minimum feature set before developing a prototype to test in the field.

The Minimum Viable Product will contain a restricted set of features to guarantee that the basic functionality is adequate to fulfill market demands. Nice-to-haves can be delayed until later in the product life cycle because there is no need to invest further resources in an untested product.


 

Creating a Feedback Loop

Obtaining user input is critical at any stage of a product's development cycle, but it is especially vital when delivering a minimal viable product (MVP). In this setting, clients may have an immersive experience with the product and submit feedback to the product management team based on their natural responses rather than just their thoughts.
 

Setting the Strategy

Success may be measured by establishing key performance indicators and other measurements and by implementing a technique based on consistent, controllable progress toward the specified goals. These indications should align with the organization's overall goals and capitalize on the firm's strengths, provided the company is not still in its early stages.

Driving Execution

The product management team may use different types of prioritization frameworks to determine which development actions will get the product closer to its most critical goals shortly. Because it is impossible to assign equal weight to all factors, it is essential to get feedback from vital corporate decision-makers across functional areas and create priorities based on their potential influence on strategic objectives.

Summing up a definitive guide to product management, the ultimate response is that the role is primarily strategic. As a first step, product managers describe and support the strategic direction of the product. Then they ensure that all development, marketing, and other decisions align with the strategy.

 

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