Product management has carved a niche for itself by becoming the force that not only drives innovation but also exponentially improves the growth of any business. It is one of the most important organizational roles across both startups and enterprise companies that is gaining a lot of attention.
Product Management is a little difficult to define because it doesn’t completely fit into any one of the traditional roles that we are all familiar with: business strategy, marketing, engineering, support, or design. In fact, Product management is a discipline that draws on all these fields and requires cross-functional leadership to succeed.
Neil H. McElroy, who had spent most of his years working at Procter & Gamble, is credited with the conception of the term “brand man“. In his words, the brand man was responsible for a specific brand right from its inception to its entire life span. McElroy created this concept of product ownership within the context of marketing.
Modern product management was created around this idea of product ownership. Product management requires taking full responsibility for the product through its lifecycle. In recent times technology firms and other businesses followed suit and started using the power of product management. The impact that the deep understanding of product management has on the growth of the company is unparalleled.
Definition of Product Management
“Product Management is an organizational function that drives and manages the strategy, development, marketing, launch, and support of a product throughout its lifecycle.”
Product management is a very crucial link in organizational machinery. It is multifaceted and interdisciplinary reaching across various teams involved in planning, designing, and modifying the product on a continuous basis.
Product management closely focuses on two very important things. One is creating products that provide value to customers. The other is aligning product strategy to business strategy to meet measurable business goals like revenue, and profit margins, etc.
Roles & Responsibilities
Product Management requires a wide array of skills in order to be successful. Traits such as insatiable curiosity, being thoughtful, and being excellent in an organization sets a product manager apart from others. Also, being customer-centric especially aligning the needs and wants of the customer with the various teams and the product’s vision is a crucial skill.
Product manager’s duties combine both internal and external product management responsibilities. Internal product management requires performing research, gathering competitive intelligence, and studying industry trends. It also includes strategizing and managing the product development roadmap.
External product management incorporates product marketing, branding, customer communication, new product launches, advertising, PR, and events.
Future of Product Management
Product management has quickly risen as one of the most sought after careers. It is a well-paid and rewarding career. As the experience of a product manager rises, so does the roles and responsibilities. Product management titles can range from the entry-level role of an associate product manager to a senior chief product officer who leads the entire product team.
Product management is witnessing a continuous expansion. The demand for product management is only growing and well-qualified product managers are being welcomed in every organization. Product managers usually face quite a challenging interview wherein their technical knowledge, decision-making skills, business acumen, and product sense are tested.
At Knowledge Officer, we offer a structured Product Management boot camp that helps candidates pursuing product management to hone their skills to the utmost perfection and excel in their field.