Definition of Product Management: Product management is an organizational role that directs every step of a product’s lifetime, from creation to positioning and price, by concentrating first and foremost on the product and its users. Product managers advocate for consumers within the business and ensure that the market’s voice is heard and heeded in order to develop the greatest possible product.
The question we face by large is, how can we give an all-encompassing definition of product management, a discipline still in its growth phase. Product management differs from company to company. For example, when we talk about a tech-based company, the need for product management is very high, and it goes on change in different industries & different scales. Even if I must summarise product management, it will be the art of strategically charting out the product the product through its life cycle in a manner that maximizes the chances of growth & success.
The underlying focus of product management will always be to develop a shared understanding of the customer needs & product vision with all the relevant stakeholders, including customers, the product management team & the other functions of the organization. Following this, we will explore the duties of a product manager in an organization that is primarily strategic & tactical.