Product Management best practices

What is Product Management?

Product management is the practice of strategically driving the development, market launch, and continual support and improvement of the products of a company. This is done by organising the planning, production, marketing and other tasks related to the creation and distribution of the product. The process of managing a product can be a very complicated matter, and if not handled correctly with a methodology and the proper tools needed, the risk of failure for the product will increase substantially.

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What do Product Managers do?

The tasks needed to conduct product management can vary on a daily basis, and most product managers will not take on all of the tasks and will be divided between different teams and departments.

Generally speaking, most product professionals spend the majority of their time focused on the following areas of responsibility:

-Conducting research

-Developing strategy

-Communicating plans

-Coordinating development

-Acting on feedback and data analysis

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What do you need to consider in Product Management?

• Vision: this feeds the strategy and in turn the strategy helps define the customer, business and completions. This all then goes into the development of the roadmap.

• Customer : what they want and how to get it to them

• Competition : determine how you are going to differentiate yourself and know what your product can offer that is not currently available

• How will the product be profitable for the company? : describe how the product you’re planning to develop is going to help the company meet its business goals and make money.

• Macro environment : the economic, technological, political and cultural forces that are at play

You can learn more about what needs to be considering in Product Management here.

Where can I find best practices on Product Management?

For people or companies looking to implement Product Management or improve existing systems, the Eloquens catalogue has a variety of best practices from professionals and experts. You can also build and self-publish your own on Eloquens directly.