What does product management look like across different industries?
Product management is a multi-faceted, complex and at times difficult to grasp function.
In this article, we take a look at the impact on businesses and their products.
What is Product Management?
Product management drives the development and continuous improvement of products or services.
What is the role of a Product Manager?
A product manager has responsibility for some key functions, including:
1. Conducting Research
Researching to gain expertise about the company’s market, target personas, and competitors.
2. Communicating Plans
Developing a strategic plan and presenting it to key stakeholders within their organization. Furthermore, ongoing communication throughout the development process and beyond is important.
3. Developing Strategy
Shaping industry knowledge into a high-level strategic plan for the product.
4. Coordinating Development
Coordinating relevant product, marketing, and development teams.
5. Acting on Feedback and Data Analysis
Once the product is live, product development through data analysis will continue. Learning what works, what doesn’t, and what to improve on will be a continuous process.
What is Product Management like in…
To understand the impact made by product management, let us take a look at six industry examples:
Product managers identify customer needs and develop strategies aimed at increasing business value. The difference is the skill set required based on the type of product they manage. For example, software (PayPal), SaaS (Adobe Photoshop), or hardware (Macbook Air).
Marketing has become the domain of a product manager within consumer companies. This means specialist skills including product positioning, messaging, and branding are very important.
Digital or software product management is the management of software or digital products. A product manager creates roadmaps, fields feature requests, and manages the product backlog.
A product manager oversees all brand touchpoints and not only the digital component. Within the e-commerce sector, the ‘product’ is the primary reason for users to engage. Whether browsing or ordering, the experience needs to be consistent and positive.
Within retail, a product manager oversees a product or product line. Everything from concept to sales performance to marketing, fall within this remit.
Product managers are responsible for the effectiveness of financial products and services. With the goal of increasing profitability, whilst building customer satisfaction and brand loyalty.