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\nWhat is Product Management? ...and a Product Manager?\n

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\nProduct Management sounds a bit like Project Management. But it’s very different. However, I often get asked the question. So, in this video I’m going to answer the question, what is Product Management – and what is a Product Manager?The...\nProduct Management sounds a bit like Project Management. But it’s very different. However, I often get asked the question.

So, in this video I’m going to answer the question, what is Product Management – and what is a Product Manager?

The engineers who create products speak a different language and have different ways of thinking from the customers whom their products serve. Often, engineers have very different concerns from these other professionals. They may have and show very little interest in the commercial aspects of their product. They want to produce something elegant, innovative, and clever.

Enter the Product Manager
So, we need someone who can hold together the three disparate interests of:
1. Technology and engineering
2. Commercial and business interests
3. Customer needs and preferences, and the experience customers get

This is what Product Management does. A product manager’s job is to bridge the gaps between these communities. They take responsibility for the welfare of their product. They act as:
• Strategist for its future
• Communicator of its needs and capabilities
• Glue to hold together all the stakeholders and disciplines it relates to

A Product Manager will therefore measure their success by the success of the product they manage.

The most important role of the product manager is to set the strategic direction for their product. This means overseeing its:
• Development
• Launch
• Improvement cycle

And they also act as an advocate for their product both internally and externally.

Internal Advocate
A Product Manager will fight to secure the resources it needs for its:
• Development
• Maintenance
• Improvement cycle
This means pitching for commercial support from all the organization’s functions and departments – often in competition with other products.

A key part of the role is therefore often one of data analysis and forecasting. Often, Product Managers have a direct P&L (Profit and Loss) responsibility for their product. They might operate like ‘mini business owners’.

External Advocate
Making a product profitable is, therefore, a key concern for Product Managers. So, the product management role will often encompass the marketing and promotional responsibilities that Brand Managers have always had.

But the role must go beyond advocating for the product in the market. Product Managers must also gather market intelligence and understand their customers’ needs and priorities.\n
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Resource Details

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Media Length
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7:20
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Grade
10th - Higher Ed
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Subjects
Career & Technical Education
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Media Type
Instructional Videos
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Source:
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\nOnline PM Courses\n\n
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Date
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2021
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Language
English
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Audiences
For Teacher Use
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Fine Print: Educational Use
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Concepts

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product development, customer service, products, sales, marketing, communication, engineers, finance
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