What is product management?

Product management involves overseeing a specific product within a business, ensuring its success, typically measured by financial performance.

The role has two main aspects: launching new products and managing existing ones.

For new products, product managers start by engaging with customers and conducting market research to identify opportunities. They evaluate various options, select the most profitable one, and define the product. They then collaborate with the development team or suppliers to bring the product to market. Once launched, their goal is to maximize revenue and market impact.

Often, the responsibilities in product management are divided among different individuals due to the diverse skill sets required. Some product managers focus on development, while others handle marketing and sales strategies. Job titles and organizational structures vary across companies.

This role is central to a business, balancing financial goals with technical feasibility, customer demands, and organizational impact.

Product management provides the development team with market insights and direction, ensuring they build products that meet market needs. If the team deviates, product managers realign their focus.

For the sales team, product managers deliver innovative products that outperform the competition. However, sales teams often push for new features based on client feedback. Product managers must assess whether these requests align with broader market needs rather than just individual demands.

To senior management, product managers offer insights into the product’s performance and market trends, helping shape company strategy.

Effective product managers are proactive and influential, motivating and guiding cross-functional teams to deliver products that satisfy customer needs. They excel in communication, influence, and leadership, despite not having direct control over other departments.

Product management is becoming more professionalized. Continuous training and development are crucial, regardless of experience level. Various training courses, journals, and blogs are available to help product managers enhance their skills and knowledge.

Ian Lunn
Director, Product Focus