Project management is a popular term, but what is product management?
Product management is defined by Project Manager as “a way to organize the planning, production, marketing and other tasks related to the creation and distribution of a product.” It involves coordinating teams, data, processes, and business systems, among other things. Product management can be complicated due to the many processes involved in creating a product. It requires methodology and proper project management tools to track the many elements involved throughout the product life cycle, in order to minimise the risk of failure. Product management comes with many challenges which require a deep understanding of the subject. It can involve complementary disciplines such as product development and product marketing, all concerned with the maximization of sales revenues, market share, and profit margins.
The chief aim of product management is to develop a new product that is superior to what already exists or that can distinguish itself as having a unique value for the customer. It is the customer’s reaction to the product that will determine the product’s profitability and success. Regardless of the size of the company and the function and roles related to product management, there is always the need for a product manager, which could be either an individual or a group of people within the company.
A product manager has specific roles that are pertinent to the process. He or she is responsible for developing a vision for the product and for pursuing that vision using a strategy to fulfill it. All this must be backed by significant market research and executed based on a clear plan drawn up by the product manager for the product team. In considering the customer and the competing products in the market, the product manager leads and motivates the team to a successful product end using a line of attack known as a product roadmap which the product manager must developed. The product manager may also assume other functions similar to those of a marketing manager and/or those of a project manager.
eCornell has a new certificate out. It’s called Product Management for Engineers and it is for those who wish to be successful product managers.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRDF Malaysia under its SBL Scheme.