What Is Product Management?

What Is Product Management?
Product management is an ongoing process to streamline the planning, production, marketing and other tasks related to the product life cycle. It involves the coordination of cross-functional teams, data, processes, business systems and more. To master the process, product managers must create a product vision, a product strategy and a product roadmap. The product vision is a statement that describes what the product hopes to achieve in the long term, while the product strategy is the action plan that explains how a product will be developed, marketed and distributed. The product strategy should always be aligned with the company's business model and strategic goals, and should weigh these four aspects:
A successful product management strategy involves understanding customers, competitors, and the macro environment. Customers must understand their pain points, preferred features, and purchasing behavior. Competitors must differentiate themselves from similar products. Profitability must be addressed to ensure the product is profitable for the company. Macro environment must include emerging markets, new technologies, and economic trends.

A product roadmap is a visual tool that allows product managers to map out the product development process in a timeline. Product roadmaps also include key task management information.