What is Product Management?

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Ever wonder how all the products you are using come to be? This is where product management comes to be. So, what is product management?

When a product is developed, there are so many different stages it goes through. First, the planning with all the strategies and then the product development and execution, then studying the customers, the rival products, and so on to come up with a marketing plan.

All these processes are a part of product management, most of the time they are carried out by a team under a product manager, or there can also be many teams each responsible for different stages in product development.

Product management is thus a complicated structure and a long process. However, it is essential in the development lifecycle of all products.

What is Product Management and its Lifecycle?

Product Management consists of a wide range of positions and its definition varies from place to place, company to company, and even differs by the sector of the company. But when we look through the process of the management or the product development, the basics are all the same.

There is a basic lifecycle in product management, where a product has to go through each step to be developed. You can learn all these steps and processes in detail by doing a Product Management course in India. Let’s talk about that in brief here-

Researching and Discovering

The first stage in product management is looking for ideas. A team would come together and start coming up with ideas that they can work on in their company. The idea must be something that is needed and can earn profit for the company. It also must be something that can be achieved with the available resources. For instance, if the company is small then the resources it can gather must be considered while working on the ideas.

Analyzing and Planning

When an idea is born, another team will analyze the idea. In this step, they have to find the needs of the product and its consumers.

They will look at the market and study who needs them and who will buy them at what cost. They also need to study their competitors and rivals making sure despite their existence, their products are still needed and can be sold.

When the analysis is done, then comes the planning. Here different teams, from developing teams to sales teams, to senior managers will come up with executing, marketing, and sales plans.

Additionally, at this stage, they will also try to get an investment to go further.

Executing

After all this is done, then comes execution. This is when they build the product, test it to make sure it is up to standard, and go through all the changes needed to get the best product that will attract the most attention while at the same time giving them the most profit.

Many stages of testing will be there in this stage to make sure the product is safe to use. And to also make sure it meets all the standards laid down by both the company and by law. The length of time it takes for this stage highly depends on the sector of the company.

Market

When all the above steps are done, the product is placed in the market where the marketing plan takes place. Advertising, sales, and all the promotions are done in this stage.

But this is not the end, as the product sale the company will observe and make changes necessary according to demands while at the same time developing different versions of the product.

After all, this is done, when the time comes when the product is not needed anymore, then ends the life cycle of the product.

Different Parts of Product Management

Some different teams and parts make up PM teams. Although it differs from place to place, the most common and vital positions are given below.

The Product Manager

The role of a product manager cannot be stated exactly. Depending on the company they work for their work differs. But the basics of the role are the same everywhere. The role of a product manager is crucial as they are the ones who direct the teams from idea generation to development, to making different plans and making sales.

They will be leading the whole team and directing the people, making up teams according to the needs of the product. The Product Manager will assist as well as direct each team in their plans and execution while at the same time, they will research and study the market needs and demands.

They are there to make sure the product meets both the company’s goal and customer satisfaction. Various Product Management Certification Courses are available in the market, which help you become a Product manager.

Senior management

These are executive members who give the final approval when a product needs to be launched. They are highly experienced and teams go to them for any kind of advice.

Development team

Development teams are the one who makes the product according to the plans and structure they are given. They are the team that makes sure the product is functional, has high quality, and meets the expectations of the consumer. Furthermore, they are one team which plays a crucial role in the success of the product.

Sales and Marketing.

They will come up with plans to promote and sell the product. Advertising, promoting, and making sure the product reaches as much audience as possible is their job.

At the same time, they are the ones making sales, and interacting with the customers directly.

What are the Career Options in Product Management?

You can explore different career options in this field. A few of them are

Product Manager
Chief Product Officer
VP of Product
Data Analytics
Product Marketing
UX, and so on.

If you are interested in this field, one option is to enroll in the best Product Management course

Best Product Management Course-Henry Harvin Education

If you are interested in Product Management and want to work for this industry, then one way would be through taking up the best Project Management Professional Courses. This is a course which trains you to be a manager for a project taking care of all the processes and managing the people who are part of a project.

One institution where you can take this course is Henry Harvin. Henry Harvin is an online platform that gives interactive classes online. It has an internship program for each course designed for its practical needs and also has a great job placement with partners like Freshworld, Naukri, and so on.

Henry Harvin also has an affiliation with companies like Microsoft, Amazon, NSDC Skill India, etc. further showcasing its influences.

All the PMP courses they offer at this time are:

PMP Certification Training Course
Project Management Professional Project Management Course
PMP Plus Course
PMI-Certified PMP Exam Preparation Course

Conclusion

Product management is a necessity to make sure a product has its lifecycle. For a company to develop a product, and for consumers to have one, product management with all its team is needed. They are people who are accountable to their company’s goal while keeping in mind consumers’ needs and demands. If you want professional knowledge and learn what is product management? Then, Enroll in a Product management course and gain expertise.

FAQs

1. Is product management needed?

Ans. Yes, product management is a key feature in the development of a product. They create the lifecycle of the product.

2. How much does a product manager make?

Ans. It differs and depends on many factors. But on average, they make Rs. 29,00,000 annually.

3. Is product management and project management the same?

Ans. No, they are different. Project management is concerned with the project, not the product.

4. Is product management one team?

Ans. No. Product management consists of many teams according to the needs, but this differs from company to company.

5. What does the product manager do?

Ans. A product manager works with all the teams, managing the product from development to marketing while also managing the people working on it.

What is Product Management?