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Companies that excel in product management intensively focus on the identification of customer and market needs. They also ensure that they have targeted strategically important market segments. This kind of outside-in view of the marketplace increases the likelihood that they will produce the right product that brings about better business results.
Product management is the business management of products, product lines, or portfolios, holistically, for maximum value creation, across their life cycles.
Operations management is the management of the functions that allow a business to produce, service and deliver products and services. Operations can include supply chain activities, manufacturing, logistics and customer service.
Once the product management team determines, based on market insights and customer feedback, which products the organization should pursue, the operations groups often then partner with the product group on the production and delivery of the end product.
Product Managers are the product or product line “mini-business” owners. They lead cross-functional product teams. These teams are formed to optimize the product’s market position and financial return over its life cycle and their performance should be consistent with division and corporate strategies.
The function of product management should have a seat at the executive table. Many organizations now have a Chief Product Officer (CPO) role whose team is responsible for the ultimate success of all products and product lines within an organization. The CPO role is often a peer to the Chief Technology Officer (CTO) role whose team is responsible for engineering the strategic products the CPO team determines necessary for success.
As a product manager, you’re expected to have:
To achieve a best- in- class organization with product management at the core, the following is required: