Functions of a Product Manager

The Product Manager is in charge of bringing to market a unique product that meets a market demand and offers a feasible business opportunity. Assuring that the product meets the company's overall strategy and objectives is an important part of the Product Manager's job.

Assuring that the product meets the company's overall strategy and objectives is an important part of the Product Manager's job. The Product Manager is in charge of bringing to market a unique product that meets a market demand and offers a feasible business opportunity. Although the Product Manager is ultimately responsible for managing the product from conception to end-of-life, they are assisted by specialists such as designers, developers, quality assurance engineers, supply chain and operations experts, manufacturing engineers, Product Marketing Managers, project managers, sales professionals, and others throughout the process.
 

In most instances, the title of Product Manager encompasses a vast array of abilities. Most Product Manager jobs, on the other hand, contain numerous critical components:

• Your understanding of your market and product area is often the reason your organisation recruited you. You are now a Product Manager since you are familiar with the clients and the industry.
• Business knowledge: The Product Manager is sometimes referred to as the product's CEO. Though this isn't always the case, ensuring that the firm is profitable is frequently a need. To keep your product lucrative, you'll need a variety of business abilities.
• Leadership abilities: Many employees in your business turn to you for direction. If you don't have have leadership abilities, you'll need to learn them fast.
• Product managers must be able to delve into the numerous nitty-gritty aspects that go into managing a product, such as generating component numbers or maintaining a spreadsheet. You may be able to delegate these tasks to others, but you are often accountable for them.

Product management success necessitates the product manager's participation at every stage of the product life cycle. Starting with initial conceptualization and coordination with several departments, such as liaising with finance, legal, and other teams, to finally driving the product to launch and after-sales service by connecting with sales and marketing functions.

Of course, this does not imply that the product manager must be a multi-talented individual. The notion is that the product manager (in small businesses) and product management (in large businesses) have the obligation of being the point of contact or go-to person for the product's overall responsibility. As a result, while the product manager may not have a finger in every pie, he or she should not lose sight of the larger picture or the attention to detail that distinguishes good product management from mediocre product management.

It's crucial to remember that the product manager must liason with the various teams and consumers. In certain ways, the product management function is both outward (customer-centric) and internal (product management) (satisfaction of the internal stakeholders). As a result, a product manager must essentially be customer-focused while still being aware of the needs of internal stakeholders.

Finally, it's all about striking the correct balance between the marketplace's demands and the company's capabilities. Only by aligning these two and harmonizing the restraining and propelling factors can the organization achieve equilibrium in its internal and external interactions with product launches. As a result, product management is similar to a soap opera, with the product manager acting as the conductor and the various teams acting as the performers or orchestra members. There can be no music until a product manager directs all stakeholders to act in lockstep. Otherwise, there would be a lot of commotion.

Originally published on Prosple India