Product Management 101: How to Ensure Your Product or Service Delivers Value

Hey there! If you’re reading this, you’re probably curious about product management. And let me tell you, it’s a really interesting and rewarding field!ย 

What is a Product Manager?

A product manager is responsible for figuring out what customers and stakeholders need, deciding what’s most important, and making sure a product or service gets delivered on time and meets the desired quality standards. They work closely with cross-functional teams to make all this happen.

The Main Responsibilities of a Product Manager

But what does a product manager actually do? Great question! One of their main jobs is to help build the right product. This involves getting feedback and requirements from customers, figuring out what features and benefits the product or service should have, and creating a roadmap to guide the development process. They also need to prioritize features and resources to make sure the most important stuff gets done first.

At the same time, a product manager also has to make sure the product is being built right. This involves overseeing the development and testing process, making a business case to justify investing in the product or service, and monitoring and analyzing the performance of the product or service after it’s launched.

An Example of a Product Manager’s Work: A Mobile App for a Restaurant Chain

Here’s an example to give you a better idea:

Let’s say a product manager is working on a new mobile app for a restaurant chain. The goal of the app is to let customers place orders and pay for their meals directly from their phones, which would make the ordering process faster and more convenient.

To build the right product, the product manager would need to gather feedback and requirements from customers to understand what features and functionality they would find most valuable in the app. They might do market research, surveys, or focus groups to get this information. They would also need to figure out the features and benefits of the app, like being able to customize orders or earn rewards for frequent use, and create a roadmap to guide the development process.

To build the product right, the product manager would need to work closely with the development team to make sure the app is designed and developed in a way that meets the desired quality standards. They might oversee the testing process to make sure the app is reliable and user-friendly. They would also need to create a business case to justify investing in the app, and monitor and analyze the performance of the app after it’s launched to identify any issues or areas for improvement.

In this example, the product manager is helping to build the right product by gathering feedback and requirements from customers, figuring out the features and benefits of the app, and creating a roadmap to guide the development process. They are also helping to build the product right by overseeing the development and testing process, making a business case to justify investing in the app, and monitoring and analyzing the performance of the app after it’s launched.

The Role of a Product Manager: Balancing Customer Needs with Development Constraints

Overall, the role of a product manager is to balance the needs and desires of customers and stakeholders with the constraints and limitations of the development process, and to ensure that the product or service meets the desired quality standards and delivers value to its intended audience.