Definition - Product Manager
From Product Management School
A Product Manager is a designated role within a company in the high-tech industry - such as a software company.
In companies that emphasize the role of Product Management, the Product Manager has overall responsibility for the success of the product. He or she is usually considered the Business Head for that particular product or product line.
The Product Managers has overall responsibility for the product throughout the products lifecycle. It is the Product Manager’s responsibility to ensure that:
- The right product is developed;
- The product is marketed correctly; and
- The sales force is fully behind the product.
Once the product is the marketplace, Product Managers are responsible for:
- its performance;
- for interpreting market changes; and
- directing changes in product direction.
A Product Manager spends much time outside of the business assessing their product's competition; market; and customers. Responsibility for the success of the product means that they have to have a keen grasp on the shifting market place so that they can adjust the product or marketing mix accordingly. Strong forecasting, financial planning and analysis skills are prerequisite to any Product Management role.
A Product Manager cannot be successful without a good team working with them. The Product Manager's role can be often a very difficult one to accomplish successfully. They have to manage that balancing act of being respected by the majority of people in the organization whilst also being the customer’s new best friend. The reason that they need to accomplish this balance is that it is the only way that they can leverage the entire organization and mobilise them behind the product.
