A product manager is an important organizational role, also called the process of product management, which is responsible for developing new products for an enterprise. Product managers generally handle the release of new features, define a company's functional requirements, and ultimately manage the creation of goods that will be sold. The product manager should use his or her knowledge and expertise to determine what new products will generate the greatest profit for a company. A product manager's job description will include a wide range of responsibilities. These responsibilities include determining what new versions of existing products will provide, defining and producing technical specifications, identifying appropriate market niches for new versions of existing products, analyzing marketing and advertising strategies, preparing financial forecasts, negotiating technical and manufacturing issues, setting up financial plans and budgets, and eventually presenting a business plan to key decision makers.
A product manager may use several different techniques in order to meet his or her goals. The product manager must be skilled in many areas including analysis, planning, creating, managing, and financing the creation of a company vision and mission statement. Vision and mission statements are essential for defining an organization's product management approach because they clearly define the products and services that the company provides as well as describing who the company's major customers are. These vision and mission statements are crucial for defining goals in addition to other important areas of product management such as pricing, promotion, public image, and technical development.
Product management requires effective management and control of a large number of people and multiple projects. In some cases, product managers manage one or a small team of product managers and staffs, while in other cases, product management requires that product managers manage multiple teams of product managers, engineers, quality assurance, supply chain, human resources, manufacturing, financial, manufacturing processes, quality assurance, manufacturing operations, distribution, project management, and a plethora of other tasks. In addition to managing and overseeing the creation of new products, product managers must ensure that existing products are maintained in good production conditions. They must also ensure that the process of manufacturing, warehousing, delivery, sales, distribution, and financial functions are all properly operational and profitable.
In addition to these duties, a product manager may perform additional functions depending upon the specific product he or she is managing. For example, a manager may perform strategic planning. This may involve communicating with customers, developers, finance, suppliers, and others. A strategic planning session could include meeting with customers, analyzing market conditions, determining customer needs and wants, identifying future challenges and opportunities, implementing solutions, and making long-term decisions. A product manager could also perform marketing analysis. This may include researching and evaluating the most effective advertising campaigns that are currently being utilized by competitors, identifying market trends, analyzing target consumers, and researching and analyzing any potential new markets.
Product managers should be highly skilled in negotiation and other bargaining techniques. The manager should be adept at resolving conflicts. Product management teams often find themselves at odds with one another over various issues. The manager should be skilled in conflict management and negotiation. Great product managers to develop great relationships with their teams and effectively communicate those relationships through a positive attitude and positive approach to problem solving.
All of the above tasks and more are required for effective product management. . . . . . . Great product managers have been called “the unsung heroes of the technology industry” for their contributions to product design and development. Although technology product managers have some of the responsibility for product strategy and management, the true innovator of new ideas and new products will come from the innovative associate product managers and support staff.