{"id":12837,"date":"2022-04-19T17:25:00","date_gmt":"2022-04-19T15:25:00","guid":{"rendered":"https:\/\/careerfoundry.inbearbeitung.de\/en\/?p=12837"},"modified":"2024-12-16T23:58:55","modified_gmt":"2024-12-16T22:58:55","slug":"what-is-product-management","status":"publish","type":"post","link":"https:\/\/careerfoundry.inbearbeitung.de\/en\/blog\/product-management\/what-is-product-management\/","title":{"rendered":"What Is Product Management? A Complete Introductory Guide"},"content":{"rendered":"

Product management is the function in an organization responsible for the overall success of a product. It plays an extremely important role in business\u2014and it\u2019s undoubtedly one of the most rewarding career paths in tech today.\u00a0<\/span><\/p>\n

If you\u2019re new to the field and want to understand exactly what product management is, you\u2019ve come to the right place. In this ultimate introductory guide, you\u2019ll learn:<\/span><\/p>\n

    \n
  1. What is product management? A definition<\/a><\/li>\n
  2. A brief history of product management<\/a><\/li>\n
  3. The five stages of the product life cycle<\/a><\/li>\n
  4. What is the product management process?<\/a><\/li>\n
  5. An introduction to product management tools<\/a><\/li>\n
  6. What does a product manager do? Tasks and responsibilities<\/a><\/li>\n
  7. What are the most important product management skills?<\/a><\/li>\n
  8. Product management salaries<\/a><\/li>\n
  9. How to get started in product management<\/a><\/li>\n<\/ol>\n

    Ready to dive into the fascinating world of product management? Let\u2019s start defining what it exactly is.\u00a0<\/span><\/p>\n

    1. What is product management? A definition<\/span><\/h2>\n

    Product management is the department or function in an organization responsible for the overall success of a product. <\/span><\/p>\n

    It encompasses the discovery, planning, development, launch, and management of the product\u2014guiding and overseeing every step in the product life cycle.\u00a0<\/span><\/p>\n

    Product management is primarily a strategic endeavor. It\u2019s important to note that product managers are not heavily involved in the day-to-day tasks that go into the development of a <\/span>product. <\/span><\/p>\n

    Instead, they operate on a strategic level, developing an overarching vision for the product as well as a plan for how that vision will be realized. Product management is all about making sure that everyone is aligned and working towards a common goal.\u00a0<\/span><\/p>\n

    The main goal of product management is to drive innovation and business growth, while also serving the needs of the customer. As such, product management sits right at the intersection of business, <\/span>user experience (UX)<\/span><\/a>, and technology. It\u2019s a balancing act between delivering value for the business and the customer\/end user while staying within the realms of what\u2019s technically feasible.\u00a0<\/span><\/p>\n

    Throughout this post, we\u2019ll build upon this initial definition of what product management is, painting a clear picture of what it entails and why it\u2019s so important.<\/span><\/p>\n

    Next up: Where did product management come from?<\/span><\/p>\n

    2. A brief history of product management<\/span><\/h2>\n

    The origins of product management can be traced back to The Great Depression of the 1930s. <\/span><\/p>\n

    In 1931, Neil McElroy, a marketing manager at the major consumer goods corporation Procter & Gamble, wrote extensively about the need for dedicated brand people\u2014people who manage and take ownership of a specific product.\u00a0<\/span><\/p>\n

    Later on, in his advisory role at Stanford University, McElroy brought the concept of brand and product management to Bill Hewlett and David Packard. They went on to adopt this philosophy in their own company, the famous Hewlett-Packard (HP), and were able to achieve 20% year-on-year growth for a record fifty years in a row as a result.\u00a0<\/span><\/p>\n

    More and more brands continued to recognize the value of having a dedicated product management function, and went on to integrate product management principles into their own structures and processes.\u00a0<\/span><\/p>\n

    In more recent years, the <\/span>rise of agile software development<\/span><\/a> has further cemented product management as a discipline in its own right. One of the core principles laid out in <\/span>The Agile Manifesto<\/span><\/a>, published in 2001, states that \u201cBusiness people and developers must work together daily throughout the project.\u201d <\/span><\/p>\n

    Product managers are crucial in facilitating that cross-functional collaboration, and are now one of the most sought-after hires in business.\u00a0<\/span><\/p>\n

    We\u2019ll explore the role of the product manager in more detail later on. For now, let\u2019s familiarize ourselves with the <\/span>product life cycle<\/b>, which underpins the product management process.<\/span><\/p>\n

    3. The five main stages of the product life cycle\u00a0<\/span><\/h2>\n

    As already mentioned, product management guides and oversees every step of the product life cycle. The product life cycle (PLC) is, quite simply, the stages a product goes through over the course of its existence.\u00a0<\/span><\/p>\n

    The role that product management plays can vary depending on what stage the product is in. So what are the five stages of the product life cycle? Let\u2019s take a look.\u00a0<\/span><\/p>\n

    \"Graphic<\/p>\n

    Stage 1: Discovery and development<\/span><\/h3>\n

    The discovery and development stage covers everything that happens before the product exists. This includes:<\/span><\/p>\n