We all use Google Maps for directional services and Swiggy Instamart for On-demand food delivery services. Does this ever come to your mind? What are these Services? We all use Social media Products like Facebook and Instagram on a daily basis, which are audience engagement Products. There are more than 2.85 Billion users of Facebook and more than 1.38 Billion users of Instagram all across the World.
Products have always been there in our lives, and Product management is a field that has accumulated thriving diligence over the last few years. The Primary challenge for an Organization after creating a Product is to sell that Product in the market. The Central focus of the Product team is to create awareness and forge injunction for the Product. But there must be an appropriate answer to the question "What is Product and Product Management?".
This article on product management will guide you through Product management and its various aspects.
What Is a Product?
The definition of a product is" Anything that is created through a process and launched into the market to meet the customers' needs and satisfies the longings of the users". A Product is something that is offered to deliver its services to the users by putting effort to be produced. A tangible item that an alliance creates to serve the customer's need for ex: Uber “for taxi services”.
A team designs a Product to create customer value by solving their problems with convenient evolution and doesn't have any explicit life and has more permanence which means that a product doesn't have any fixed end date. The output as a Product can be in physical form or virtual form or just an idea. Every product has a prominent life and needs continuous mutations and evolution as per the customer's prerequisite.
A Product can have sub-products as well, For ex: A Laptop is a Product, and a laptop also has SSD as another product. A Company manufacturing a Laptop needs to buy some other products from another company and that's how a Product benefits the market.
The Need for Product Management
Today, The world is rapidly moving towards the Product facilitated services, for ex: Amazon Prime, Adobe illustrator, Online Transactions, etc. The need for products has increased and enhanced product production and market demands.
The rise in production needs to be managed by the organization to provide remarkable services and products to the users and set. The organization must understand the Product's value and know how to get the revenue out of the developed product.
Now that we have an idea of Products and why there’s a need to manage those Products.
Let’s understand What is Product Management.
What Is Product Management?
Product Management looks after the accomplishment of daily product requirements and the creation of tremendous growth in the business. Product Management manages the process of the product throughout the lifecycle from strategizing, to design and development, to the branding of the product.
The market needs to have insights into the Product, and Product Management not only gives products insights but also extracts the essentials of the product and delivers a clear vision and emphasis to the organization.
Product management involves :
- Strategizing products to enhance the profit of the business
- Creating Customer Value
- Creating roadmaps to get a clear idea of designing and developing the product
- Specifying functional requirements and creating blueprints
- Development of the product as per the requirements
- Taking customer’s feedback
- Finalizing the price of the Product
- Branding and launching of a product developed by the Company
Areas of Product Management
Product management is divided into three key areas that are: Product discovery, Product Planning, and Product Development.
To get a perfect product, Product management uses the SMART system to enhance the goals of product management and manage the deliverables for the customers.
SMART stands for:
- Specific- The product management should work on a specific idea to start production as per the customer's requirement.
- Measurable- There should be some metrics and data to measure the requirements of the product to get the desired goal.
- Actionable- The goals should be attainable to the resources required for the product.
- Relevant- The product must be appropriate as per the product management goals.
- Time-bound- The Product management must be time-bound so that it could be delivered to the customer at a particular time.
Now, let us know the Lifecycle of Product Management
Lifecycle of Product Management
The Product Management lifecycle is a frame of reference that an organization follows to manage the product throughout the life of a Product. The Product life cycle is a process that guides the team across the entire span of the evolution of a Product- from its beginning to branding.
The Lifecycle of Product management involves 6 phases i.e;
- Product Framing- This phase is the ideation phase of Product Management. The phase involves creating a vision of the product, identifying problems, and defining its success.
- Research- In this phase, Research work is done, which means Learning from people about their needs and values for the product. The organization must know What's the demand for the product in the market to design the product according to the user and market demands.
- Design and Development- in this phase, the team Synthesizes vision, Ideas, researches the prototype, designs a prototype of the product, and tests it within the team or may be outside the team, after the approval of the prototype, the product is designed, and Developed.
- Plot- Plotting involves Testing solutions of the product in real-time with real-time people. Once the Product is Developed, it undergoes the validation process, where the product is tested through every aspect of the testing process. The product is validated so that once it is launched in the market, it should not face any errors or faults. The customer and user should not face any issues with the product.
- Launching- means sending your product into the wild and letting it flourish. Launching a Product means Providing its services to the users and fulfilling their demands for that product.
- Measurements- Measuring the Product means, Using metrics and data to measure the success of the product launched and plan improvements.
Every Organization needs some tools to produce and manage the Product. Considering that, let’s know what tools are required for Product Management.
Tools for Product Management
Directing a product from strategizing to its complete success is not that easy. The product needs to be managed at every instance of the Life Cycle. The product manager requires tools to strategize Products, Share ideas, Roadmapping, Designing, create Prototypes, Development, Testing, and Gathering feedback.
In the past, Only a few resources were available to manage the products. But today, a vast assortment of tools are available for Product management to make it easy for the Product Manager.
Let's take a look at the tools used for Product management,
- For Creating Strategies, multiple tools are available. A few of them are Monday.com, Craft.io, Dragonboat, Aha, Productpad.
- Clubhouse is a tool that allows people everywhere to talk, tell stories, Develop ideas, enhance contacts, and meet interesting new people around the world.
- Airfocus, Roadmunk, Productboard are the tools that are used to Create Roadmaps for the products.
- Balamsiq is used to create the prototype of the Product.
- Jira and Confluence are the tools used for Product Development and Creation.
- To test the developed Product, QAwolf and Maze are used in Product Management.
- Canny - The customer feedback management tool used to take the feedback for planning improvements.
- To create audience survey creation for the customer to know the value of the product, SurveyMonkey is used.
So far we’ve understood the tools required by a product manager according to the current IT standards, let’s proceed and learn about the right skills required by a product manager in the next segment.
Skills Required in Product Management
- Strategic Thinking- Strategic thinking is the ability to plan for the future and prepare the strategies by understanding your place in the market, focusing on the goals, and Identifying the opportunities.
- Leadership Skills- Leadership skills are the skills of a person to lead and motivate a group of people working together to achieve a common goal.
- Time Management- Time Management is the ability to manage time in efficient ways so that the Product could be delivered in the given period.
- Empathy Skills- Empathy Skill is the ability to understand someone else's feelings and relate with their thoughts and mindset. Empathy involves putting yourself in someone's shoes.
- Communication Skills- Communication is the way of interacting with others and the act of transferring information to others. Communication skills enable us to deliver the information in such a way that the audience can understand it properly.
- Analytical Skills- Analytical skills are the abilities of a person to understand the patterns and provide information in shorter ways to get conclusions.
- Presentation Skills- Presentation skills are the ability to deliver the presentation in informative, creative, and attractive ways.
We have come to the end of this article.
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In this article, we have studied “What is Product Management” and the Parameters regarding Product management. Product is the center of all the marketing activities and managing the process of the Product is necessary for all Organizations. Good Products are the key to market success and can be only achieved by Product Management. Today, taking up from startups to MNCs, every organization needs Product management.
If you want to learn more about the topic and become more familiar with Product Management, you can refer to Professional Certification in Product Management Simplilearn’s course. With the completion of your professional training course, you’ll be equipped with the knowledge for the topic.
Do you have any questions about this article on ‘What is Product Management’? If yes, feel free to mention them in the comment section at the bottom of this page. Our expert team will help you solve your queries at the earliest.