What Does a Product Manager Do? A Complete Guide for 2023

These three pillars compose an industry-wide template, used as a practical aid for defining roles and responsibilities among products’ stakeholders. And, if you’re intent on making a career change and landing a job in the field, it’s worth completing an official product management certification. The list of skills required of a product manager may seem overwhelming, but don’t let that deter you.

what is a product manager

They see the full benefits a product can deliver and how it fits into the broader context. They begin to care about how the story will end, and they’re willing to help it end happily. Product managers must also acknowledge they can’t do everything if they want to achieve greatness.

Product owner in software development

Whatever area you are interested in, there is likely a product management role you could pursue. While the BLS’s estimated growth rate for the position of a product manager is only 1% from 2019 to 2029—slower https://wizardsdev.com/en/vacancy/product-manager/ than the average for all jobs—the position still maintains a positive outlook. Some manufacturing industries are expected to see declines in total employment due to more efficient productivity levels.

The product comes together one iteration at a time, allowing for customer data and team retrospectives to drive the next stage. As such, agile product management is more about guiding the dev team through cycles, while maintaining the product vision and integrating customer insight along the way. It’s hard to understate the role of agile software development in the growth of product management.

For Organizations

One responsibility of a product manager includes developing products through market research. They then combine those findings with general requirements, specifications, timetables, pricing and plans to complete development and marketing strategies. The product manager comes up with a product vision and follows up with a strategy. To establish the vision, the product manager analyzes the market and competitive conditions to strike a clear path toward the business value of the product.

what is a product manager

They can balance the strategic and tactical, without resenting having to delve into either. Most importantly, product managers challenge every assumption and ask “why? ” at each opportunity; even if they feel the pressure to “ship” and visibly deliver new products.

Before the dust settles

The technical product manager is usually the team member who can explain the feasibility or infeasibility of new product design elements. Each of the following roles within product management focuses on specialized aspects of the product development process. Qualifications for these careers may include varying levels of knowledge and experience. While customer feedback is essential throughout a product’s life, there’s no time more critical than during the MVP introduction.

what is a product manager

Product managers will need to obtain two or more years of experience in product management, product development or similar roles. Knowledge in the areas of market research, product roadmapping, product strategy development, economics, project management and effective communication are also recommended. Product management is a function of an organization that involves guiding teams on a product’s lifecycle, from development to execution, by focusing on exactly what (potential) customers want. While product managers are champions of the product, they are also understanding the competitive landscape, learning about its users, and devising new solutions for improvement. While there are some duties both titles share, a product manager and a product owner are different roles. For example, a product manager is in a strategic position as they work on the product’s vision, company objectives and the market.

What Is Product Management? Process, Tools + Requirements

Estimating the value of new functionality is generally based on your strategic goals, the team effort required, and future customer benefit. The purpose is to look beyond daily tactical discussions and elevate your thinking to the overall worth of what you are building. Product managers may start as product analysts, project managers or business development specialists before stepping into product management. From this point, product managers can progress into a senior product manager role.

  • One of the keys to great product management is empowering your team to make their own decisions by creating a shared brain—or a way of making decisions and a set of criteria for escalating them.
  • During the planning phase, it’s best to make them aware of where things are heading and why with a roadmap (which is different than a release plan).
  • As a long-tenured Atlassian, he has responsible for Confluence, trying to solve problems across all of Atlassian’s cloud products and establishing a new product incubator inside Atlassian.
  • Director of product management is a senior-level position less involved in product management and more involved in leadership.
  • Enhance your professional portfolio by completing Udemy’s online product management courses.

They set a course for the future and provides a point of reference to inspire the whole organization. They turn the mission and vision into a concrete plan for making grand ideas a reality. Other duties, such as finding product-market fit and assessing requests from customers and prospects, also require keen business smarts.

Real-World Product Management Specialization Sponsored by Amazon Web Services

Whether or not a team is adhering to a certain agile practice (and which one), can further muddy the waters when it comes to what a product manager does. For instance, if a team is practicing scrum, then they also need to have a product owner. For a closer look at how your marketing and sales are doing, use our real-time dashboards.

what is a product manager

Product managers often grow from positions in other departments — such as marketing, sales, engineering, and project management. Often, what differentiates you as a product manager will stem from relevant experiences in previous roles. For example, an engineer who switches to a technical product manager role brings a deep understanding of the product development process. Your past experience would help you communicate effectively with the development team and write clear product requirements. Therefore, a product owner focuses mainly on the development of a product and may limit their product owner responsibilities to the duration of a project.