Introduction to the module In this module, you will learn the importance and impact of product

management. We will also highlight the job responsibilities of a product manager. Topics to be covered
What is product management? Understanding the need for product management.

The role of product management. Responsibilities of product manager. What is product management?
Product management. Product management involves identifying a product strategy and developing and
selling goods and services that are ideally suited to the target audience. In other words, product
management encompasses planning, technological growth, and marketing.

Product management's objective is to maximize revenue, market share, and profit margins. Product
management is the process of designing a product plan and then developing and selling goods and
services that are ideally suited to the target audience. In other words, product management Technical
Development and Marketing.

Understanding the need for product management. The corporate world has only recently developed a
thorough understanding of why product management is the best option for strategically driving
products to ensure that companies consumers are happy and their businesses expand. The advantages
of maintaining a strong product management department are difficult to overlook.

Here are some benefits of product management. Delivering products that are more responsive to the
needs of the consumer. Revenue and profitability growth. Creating satisfied customers who can
promote your business by positive word of mouth referrals. Long term market capture and ownership as
a result of a sound product.

The role of product management. Within a company, each functional group has the expertise and aims
to be the best at what they do. Engineers, alternatively referred to as developers, create fantastic
solutions for customers. Marketing increases product and service visibility and interest. The marketing
team ensures that the market is aware of the product difference and is enticed to purchase.

Sales are responsible for completing the transaction with precision. Previously attracted buyers
operations ensure that the solution is implemented efficiently and economically, and that the business
operates as efficiently as possible. Technical and customer service personnel ensure that any issues
encountered by the customer are resolved.

But where does product management fit into all of this? As shown in the figure below, product
management is at the heart of all company divisions and external bodies such as clients, press analysts,
and partners. Product management is the only cash. I disagree with a strategic viewpoint and an
understanding of how all the components fit together.

No one can take responsibility for all aspects of customer success without excellent product
management. After all, someone needs to ensure that the product's short term tactical work is
completed successfully. Additionally, someone must define and guide the product plan to ensure long
term success.

Owning the whole product. When consumers consider your product, they create a mental pro and con
list that contains things under the hood. Is it compliant with industry standards? Who is going to mount
it? Do I have faith in them? If the product lasts an extended period, who would be responsible for its
support during that time?

These enhanced features of your product are referred to as the augmented product. The augmented
product contributes to the customer's overall product experience, such as warranty, services, the
purchase process, and various other elements beyond the product. Keeping the product promise. A
product promise is an implicit assurance about the type of experience you plan to provide consumers
through your marketing, sales, brand, and other activities.

If you've ever bought a product that seemed to have all the functionality you wanted but disappointed
you with service or another part of the experience, you've experienced a broken product promise.

As a product manager, you must be conscious of the product's commitment and how the augmented
product delivers that promise. You have to do everything possible to persuade other business
departments to address any disconnect between the consumer experience and the product promise.
The role of a product manager is varied and fascinating.

Indeed, there is much too much of it to be done. The real question becomes, what is important to do
right now?

Responsibilities of product manager. Simply put, a product manager, PM, is the customer's
representative. Notices a commodity customers buy and use goods because they meet their needs.
When products are appropriately designed, they allow customers to be excellent. The result of customer
representation is that a PM assists the customer in being excellent.
PMs must consider both business strategy and execution daily. They must first determine who their
clients are and what their issues are. They must establish a vision, combing through a sea of possibilities,
and identify the best opportunities using both data and intuition. Product managers must understand
how to interpret success in terms of Prioritizing doing the right thing over doing the easy something.

Product managers often work in collaboration with engineers, designers, and other shareholders to
accomplish tasks such as the following. Service evaluation. Identifying potential new products. New
candidates are being considered. Customer feedback collection. Defining product specifications.
Developing a business case and determining its feasibility.

Developing and defining products at a high level. Level evangelizing new developments within the
company compiling roadmaps for products in particular, technological roadmaps, developing all
products according to schedule, working on a critical path, guaranteeing that products are within
optimal price margins and specifications, ensuring products are manufacturable and optimizing the
costs of components and procedures.

Let's look at an example of the function description of a product manager in a fast moving consumer
goods, FMCG, company selling detergents, sweets, packaged foods, etc. Objective. To maximize the
contribution to the company's profits.

Tasks. The following tasks are done regularly by the product manager. Developing a brand's annual
product strategy. Forecasting revenue by business segment. Coordinating forecasts with production.
Determining performance levels that correspond to the product. Organizing packaging, including its
design, quantity, and form, new packs, boxes for special occasions, etc.

Making recommendations for a communication approach and participating in discussions with ads,
revenues, and so forth. Budgeting for ads, organizing promotions, and implementing communication
with public relations firms. Proposing and coordinating promotional deals in. To promote stocking by
retailer and back movement or movement away from the shelf.

Consult with sales managers and main accounts on issues. Pricing and discounting policies are
established or agreed upon developing and approving budgets for the following quantity income from
sales directives. The cost of the product benefit market study, planning, and briefing organizations,
configuring performance, monitoring control.

Conducting periodic reviews of development, promotion, and commercial activities. Summary. In this
module, you have learned. Product management entails formulating a product plan and creating and
marketing products and services that are efficiently matched to the target audience. Product
management is central to both business branches and external entities since it understands how all the
parts work together.

Without outstanding product. Management. No one can take responsibility for all facets of customer
satisfaction. Product managers must develop a vision, sift through a sea of possibilities, and find the
most promising opportunities using data and intuition. Product managers also collaborate with
engineers, designers, and other stakeholders to complete tasks such as service assessment, product
identification, and market research.