Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle.
A product manager is a professional role that is responsible for the development of products for an organization, known as the practice of product management. Product managers own the business strategy behind a product (both physical and digital products), specify its functional requirements, and generally manage the launch of features. They coordinate work done by many other functions (like software engineers, data scientists, and product designers) and are ultimately responsible for the business success of the product.
The scope of a product manager varies greatly, some may manage one or more product lines and others (especially in large companies) may manage small components or features of a product.
In the financial services industry (banking, insurance etc.), product managers manage products (for example, credit card portfolios), their profit and loss, and also determine the business development strategy.
The term product management is often confused with other similar roles, such as:
Project manager: may perform all activities related to schedule and resource management Program Manager, sometimes known as Technical Program Manager (TPM): may perform activities related to schedule, resource, and cross-functional execution Product owner: a popular role in Agile development methodology, may perform all activities related to a self-encapsulated feature or feature set plan, development and releases Product marketing manager: responsible for the outbound marketing activities of the product, not development and cross-functional execution
(Source: Wikipedia)
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