Product Management Definition

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What is Product Management?

Product management is the role and function within an organization that is
responsible for a product’s overall success. Product Managers work with groups inside
and outside of the company to build and execute a plan to make sure the product best
meets its financial and strategic goals.

Finding a good Product Management Definition can be a difficult thing. This is because
Product Management is often defined very differently in each organization. However,
companies like 280 Group and industry organizations like AIPMM have worked to create
a common Product Management definition that applies to virtually all industries and
types of companies.

Our Product Management Definition

We define Product Management as the role and function within an organization that is
responsible for a product’s overall success. This means that Product Managers work with
all of the corresponding groups inside and outside of the company and then build and
execute a plan to make sure the product best meets it’s financial and strategic goals.

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Product Managers work with customers and become experts in the market, technology
and competition so that they can define a strategy and vision for a product and then work
with engineering to ensure it is delivered. They also work with operations, executives,
sales, support and other groups to make sure all aspects of the product (often referred to
as the Whole Product) are aligned to succeed. Managing the Whole Product includes the
product features, warranty, support, channel sales strategy, etc.

Product Management Definition – Product Management vs Product Marketing

One other way to think about the definition of Product Management is to relate it to what
Product Managers do versus what Product Marketers do. Product Managers make sure
that a great product is built that meets customer and market needs. Product Marketers
then make sure that the product is marketed effectively so that it sells well and meets its
revenue and profitability goals.

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Other Definitions of Product Management

Another Product Management definition comes from Wikipedia. This definition is not as
precise, but it gets the general idea across.

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 Wikipedia’s Product Management Definition

To highlight again the differences regarding the definitions that are used, here is another
example from Business Dictionary. This definition even states that Product Managers
manage the sale of the product and support thereafter (rarely true). Product Managers do
need to make sure the sales and support people are prepared, but they don’t have them
reporting to them.

Business Dictionary’s Product Management Definition

If you would like to learn more about Product Management definitions and
the roles, skills and documents related to being a Product Manager, read our full What is
Product Management guide.

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