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What is Product Management?
What is Product Management?
Product management is the job of looking after a distinct product within a business. It's a role at the very heart of an organization that needs to stabilize the need to bring value to your organization (usually profit) with what consumers want and what’s commercially and functioning possible. That means approaching a product strategy, realizing about what to build (Product Development), and practicing how to market and sell the product (Product Marketing).
Product management is the business process of organizing, evolving, beginning, and controlling a product or service. It comprises the whole lifecycle of a product, from creativity to evolution to go to market. Product managers are in control of certifying that a product meets the needs of its target market and contributes to the business policy, while controlling a product or products at all stages of the product life cycle.
What are the Three Pillars of Product Management?
The three pillars of product management are as listed below −
Product discovery
Product planning
Product development
Product Discovery
Product discovery is the passion of Product Management and our primary possibility to create maximum value. This is where the various modes of analysis assemble and accelerate us and answer what product and qualities to build, in service of the customer.
It is important to note that Product really should be focused on helping the customer here, NOT the business. In other words, shareholders may have plans and some of them may even be good! But our target basically is to create value for consumers, not as a services organization to convey requests for the rest of “the business”.
Product Planning
Frequently overlooked but Product should be paid out significant time casting an extended vision and evolving/continuing a guideline. Product planning is like an iceberg as much as there is an entire deal further into the vision and guidelines than is directly obvious (above the water line).
Product Development
Lastly, development is where it all comes together into a physical product. This is the implementation step that the Scrum Product Owner concentrates on and is evident to the Scrum team. It starts with conditions and obtaining basis definition and comes to a head with a prioritized accumulation and replying to questions in support of the team as they create the product/features that have been visualized. This process starts with UI design and development through post-launch A/B testing to really tune and optimize what has been created.
Difference between Project Management and Product Management
The table below lists the basic differences between Project and Product Management
| Sl No. | Product Management | Project Management | |
|---|---|---|---|
| 1. | Definition | Product management is a managerial function within an organization that deals with the planning, forecasting, and producing or retailing of a product or products at all stages of the product life cycle. | Project management consists of the application of procedures, techniques, understanding, expertise, and experience to achieve the objectives of a distinct project. |
| 2. | Role of Managers | Product Managers take complete authority for the overall and regular success of a product all over the entire product lifecycle. To do this, there are many skills product managers should have, like time management and analytical skills. Especially, there are certain things they should focus on. | Project Managers are responsible for the successful delivery of a project within a particular time limit and financial plan, with a clear beginning and end, preferably following a product guideline. Project Managers supervise and manage the growth of the product by lining up available funds and managing issues and risks until project fulfilment. |
| 3. | Target | The ultimate target of Product Managers is to aim to maximize value and create new income flow. | The ultimSate target of a Project Manager is to aim to maximize quality while minimizing risk. |
Types of Project Management Roles
Growth Product Manager
Technical Product Manager
Data Product Manager
Growth Product Manager
Growth Product Managers target less on the life of the product, and more on improving a certain business metric. While all product managers keep their target in line with those of the business as a whole, this will be a growth product manager primary focus.
They could target any stage of the product life cycle. By holding a metric in lieu of an entire product, a Growth product manager runs a series of short-term experiments, working on a micro rather than a macro level.
Technical Product Manager
A Technical Product Manager is one of the easier job titles to understand. A technical product manager is like a normal product manager, but who has a strong technical background. Maybe they transformed to products from engineering.
While most of their actual duties will be similar to a non-technical Product Manager, they’ll be able to provide more of their skills to the engineering team, and have a more transfer role. It might mean that they have less time to be obligated to other features of the product, like marketing.
Data Product Manager
Another very self-explanatory title is that of data product manager. A Data Product Manager will be added expert at data management and examination. They may work more firmly with the data scientists, or in a small start-up where the workforce is thin on the ground, they may acquire the duties of a data scientist.
Data Product Management is a good career choice for anybody who loves working with numbers. Neither data nor product are disappearing any time soon.
Conclusion
As explained above, it can be concluded that the business cycle for a new venture involves several development points, mostly under control of the entrepreneur. Project management helps to detail what tasks will be skilled, who will be involved in finishing the tasks, and when tasks should start. Different types of product managers help to enhance the business level.
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