Product management is the process of strategically planning, building, and improving a product or service. Learn how it works in this article.
Published 2 Sep 2022
Product management is the process of overseeing the development and lifecycle of a product, from conceptualization to release and beyond. It's a complex job and one that's essential to the success of any business. After all, if you don't have a good product, you're not going to make any money.
Simply put, product management is all about creating and managing a product. This process includes everything from conception and design to development, launch, and post-launch marketing and support.
That’s why product managers are vital, as they’re responsible for ensuring that the products they create are both high-quality and profitable. And they don’t just work on new products; they also oversee the updates and redesigns of existing products, making sure that they stay relevant in a constantly changing market.
Product management is closely connected to marketing, as it’s responsible for creating and executing marketing plans and strategies. It also works closely with the Research and Development (R&D) team to guarantee that the new products are in line with the company’s overall vision and strategy.
At its core, product management is all about figuring out what users need and want from a product and then making sure those needs are met. It’s a complex and vital role in any company and one that’s increasingly important in the age of digital products.
Product management plays a critical role in any company that creates or sells products. It’s responsible for ensuring that the products being created are meeting the needs of the consumers and that they are profitable for the company.
There are three significant areas in product management, which are:
Also known as Opportunity Discovery, product discovery is where you determine your product’s need and come up with a solution. You’ll also define your target market and do competitor research.
Product discovery is all about initiatives or ideas focused on the user as a customer. Other stakeholders may offer good ideas, but the most important thing is to help create value for the customer. Good product management helps ensure that product discovery works efficiently.
Product planning is the conceptualization of the idea of what the product will look like. It lets you know what solution is appropriate for the opportunity that was discovered or identified. Without proper planning, good ideas can easily turn into poor products.
It involves creating a plan for what your product should be, including its features and how it will be marketed.
This step is where you’ll take your product from idea to launch, including designing, coding, and testing it to make sure it’s ready for the world. Product development begins with writing customer requirements as stories and defining acceptance behaviors.
So what are the seven steps of product management? Let’s take a closer look:
Product management can be applied in a number of ways. Some of the most common product management examples include the following:
No matter what you’re working on, there’s no doubt that good product management is essential for success.
Product management oversees the development and launching of new products. There are many skills needed for this role, including deep research, prioritization, empathy for customers, and storytelling.
iAuditor by SafetyCulture is an excellent tool for managing everything from requirements gathering to Quality Assurance (QA) testing. This all-in-one operations platform can also help make the product management process more efficient and effective. Here are some of its features:
Shella Marie Ang
Shella Marie Ang is a content contributor for SafetyCulture. Cultivating her experience in social media marketing, virtual assistance, and SEO has helped her create compelling content for websites and blogs. Her medical background also has given her an edge when it comes to writing medical and health-related content. She loves reading in her free time and being around other creatives.
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