Every business person is into product management. As long as they have a product that directly solves consumer needs. This does not automatically mean you should add product management to your CV. Calm down. The point here is that while Product Management is about products, the twist to it is that it is also about the users of the product. Without a need for a product, it is as good as useless.
The users determine the need for a product.
ANYTHING a business sells that solves a market problem or addresses a customer’s need is classified as a product. According to AIPMM, Product Management is the process of conceiving, planning, developing, testing, launching, delivering, and withdrawing a product from the market.
As a business person (cloth trader, hairstylist, tailor, shoemaker, engineer, etc.) offering a service or selling (providing a solution) a product to someone (the user), you should find Product management relatable.
More than these, other things happen behind the scenes in product management. A product does not just come into existence. It is developed and deployed by individuals who have analyzed and understood the target market. In building and managing an actual product, the goal is to ensure that the product is valuable, feasible, usable, and viable.
- Valuable meaning a product that solves a need
- Feasible means a product that can be built and deployed easily
- Usable indicating that the product is easy to use
- Viable showing that product that will make a profit
It is essentially the end-to-end process of building and managing a product. It is the superpower process of deciding what problem to solve and ensuring it is adequately addressed through collaboration with a product team.
Product management is basically looking after a specific product within a business. It is an essential role at the very heart of an organization that requires a balance between delivering value to the company (in the form of profit or other benefits), providing value for customers, and ensuring products are technically and operationally possible. Find more information on who a Product manager is here.