{"id":55,"count":84,"description":"Explore the world of product management with handy explainers, step-by-step guides, and career tips. You'll soon learn everything you need.","link":"https:\/\/careerfoundry.inbearbeitung.de\/en\/blog\/.\/product-management\/","name":"Product Management","slug":"product-management","taxonomy":"category","parent":0,"meta":[],"acf":{"step_1":"

Get a hands-on introduction to product management with a <\/span>free, self-paced short course<\/a> made up of 5 short tutorials.<\/span><\/p>\n","step_2":"

Take part in one of our FREE\u00a0live online product manager events<\/a> with industry experts, or check out CareerFoundry graduate Farley’s product management portfolio project<\/a>.<\/span><\/p>\n","step_3":"

Become a\u00a0qualified product manager<\/a> in 3-6 months\u2014backed by the CareerFoundry job guarantee<\/a>.<\/p>\n","step_4":"

\ud83d\udcabThis month, <\/span>save up to 20%<\/b> on our career change programs with our tuition reduction offer. <\/span>Book your application call<\/span><\/a> and invest in your future today!<\/span><\/p>\n","cta_text":"Free product management course","cta_color":"#fa6357","cta_url":"https:\/\/careerfoundry.inbearbeitung.de\/en\/short-courses\/become-a-product-manager\/?popup-tracking=blog-subnav-PM","in_text_utm":"https:\/\/careerfoundry.inbearbeitung.de\/en\/short-courses\/become-a-product-manager\/?popup-tracking=blog-inline-PM","in_text_copy":"Curious about a career in Product Management?","in_text_image":{"ID":14734,"id":14734,"title":"web-image@3x","filename":"web-image@3x.jpeg","filesize":114894,"url":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x.jpeg","link":"https:\/\/careerfoundry.inbearbeitung.de\/en\/in_text_cta\/career-change-curious-about-our-free-courses\/attachment\/web-image3x-2\/","alt":"","author":"108","description":"","caption":"","name":"web-image3x-2","status":"inherit","uploaded_to":21190,"date":"2022-08-16 09:55:38","modified":"2022-12-12 10:28:05","menu_order":0,"mime_type":"image\/jpeg","type":"image","subtype":"jpeg","icon":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-includes\/images\/media\/default.png","width":1266,"height":675,"sizes":{"thumbnail":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x-150x150.jpeg","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x-300x160.jpeg","medium-width":300,"medium-height":160,"medium_large":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x-768x409.jpeg","medium_large-width":640,"medium_large-height":341,"large":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x-1024x546.jpeg","large-width":640,"large-height":341,"1536x1536":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x.jpeg","1536x1536-width":1266,"1536x1536-height":675,"2048x2048":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/web-image@3x.jpeg","2048x2048-width":1266,"2048x2048-height":675}},"category_color":"#286d72","category_image":"https:\/\/careerfoundry.inbearbeitung.de\/en\/wp-content\/uploads\/2022\/08\/Product_Management_CategoryPage.jpg","summary_title":"Product Management","title_1":"What is product management?","content_1":"

In a business or organization, the product management department oversees the conception, development, and launch of a product or service. Those working in product management are responsible for the overall success of the product, guiding it through every stage in the product life cycle.\u00a0<\/span><\/p>\n

Product management is a strategic function. It involves creating a vision for the product and devising a plan for how that vision will be realized. This requires close collaboration with business stakeholders, as well as all those teams involved in the actual development and delivery of the product.\u00a0<\/span><\/p>\n

Imagine a startup creating an app to help dog owners find local dog sitters. You\u2019d have a design team to take care of the UX and UI of the app (i.e. the overall look, feel, and function) and an engineering team to actually code the app. You\u2019d have sales and marketing experts to advertise the app and create brand awareness, and you\u2019d have customer care agents managing any end user queries and issues.\u00a0<\/span><\/p>\n

And, coordinating all of these moving parts to ensure the app is successful at every stage, you\u2019d have a product management department.\u00a0<\/span><\/p>\n

For those working in product management, the primary goal is to drive growth for the business while meeting customer needs\u2014<\/span>and <\/span><\/i>staying within the realm of technical feasibility. It\u2019s a varied and multidisciplinary field, spanning business, technology, and user experience (UX).<\/span><\/p>\n

The product management department makes decisions about the direction of the product or service, and prioritizes the investment of time and resources. They decide what should be built and when, developing and adapting the product roadmap accordingly as the product evolves.<\/span><\/p>\n

Ultimately, you can think of product management as the product hub, coordinating all the moving parts that bring a product to life and make it successful. Product management is critical to business success, keeping everybody aligned and working towards a common goal.\u00a0<\/span>You can learn more about <\/span>what product management is (and where it comes from) in this complete introductory guide<\/span><\/a>. <\/span><\/p>\n","title_2":"What are the main stages in the product life cycle?","content_2":"

Product management is all about effectively guiding a product or service through the product life cycle. The product life cycle encompasses all the different phases a product goes through over the course of its existence\u2014from initial idea to development, launch, and its success on the market.\u00a0<\/span><\/p>\n

The product life cycle can be divided into five main stages as follows.\u00a0<\/span><\/p>\n

1. Discovery and development<\/span><\/h3>\n

All products start with an idea, and the discovery phase is all about discovering and prioritizing the right idea to move forward with. This involves conducting market and user research, coming up with ideas, and testing and validating them.\u00a0<\/span><\/p>\n

Once an idea is deemed viable, it moves to the development phase. At this stage, the product manager will define an overall vision and strategy for the product, and oversee the design and development process.\u00a0<\/span><\/p>\n

2. Introduction to market<\/span><\/h3>\n

Once the product has been built and tested, the next step is to launch it. At this stage, the product management team works closely with sales and marketing to generate demand for the product and communicate its value to the target audience. They will also decide on the price of the product, and monitor its performance post-launch.\u00a0<\/span><\/p>\n

3. Growth<\/span><\/h3>\n

Following a successful launch, the product will enter the growth phase. This is when demand for the product booms, together with sales (or subscriptions) and profit. At this stage, the product management department wants to keep the product riding high, so they\u2019ll focus on maintaining their competitive edge, improving and iterating on the product, and, if possible, scaling up.\u00a0<\/span><\/p>\n

4. Maturity<\/span><\/h3>\n

The maturity phase sees the initial demand for the product stabilizing and slowing down. Here, product managers will focus on retaining existing customers and ensuring the product remains profitable. This may involve investing in new features or add-ons, and optimizing internal operations to reduce costs.<\/span><\/p>\n

5. Decline<\/span><\/h3>\n

If demand for the product consistently drops, or if the market changes drastically, the product may enter the decline phase. When the product is in decline, the product manager must decide whether to keep the product alive or to withdraw it from the market completely.<\/span><\/p>\n

That\u2019s the product life cycle in a nutshell, with a glimpse of what product managers do at each stage. Keep reading to learn more about what a career in product management entails.\u00a0<\/span><\/p>\n","title_3":"What does a product manager do?","content_3":"

Product managers are the in-house product experts. They have a deep understanding of both the business goals and the needs of the end user, and they balance both to oversee the delivery of successful products.\u00a0<\/span><\/p>\n

It\u2019s the product manager\u2019s job to develop a strategic vision for the product, and to coordinate all the different resources and stakeholders who are involved in bringing that vision to life. Ultimately, they ensure that everybody is aligned and working towards the same goal, acting as the bridge between strategy and execution.<\/span><\/p>\n

The role of the product manager is extremely varied, relying heavily on collaboration at every turn. Product managers are in constant communication with leadership and business stakeholders, designers, developers, marketing, sales, and customer care teams throughout the product life cycle.<\/span><\/p>\n

The exact tasks and responsibilities of a product manager will vary depending on the size and setup of the organization, as well as the nature of the product. But, generally speaking, product managers are responsible for:<\/span><\/p>\n