The basic responsibility of a product manager is to manage the progress of a product throughout its lifecycle, right from the initial phase up to the time it reaches the customers. It is a diverse role constituting various smaller roles. Hence, Product Management deals with the complete development of a product. A product manager needs to strategize the development of a product, analyze it from various aspects, test the product, market the product, and eventually act as a business executive.
Each product manager may have their outlook towards going about their job. Product managers might need to develop a product for a company’s employees or their partner companies. This requires a PM to work very closely with the development, forecasting, analyzing, marketing, and sales teams. Let us take a look at a few product management examples to better understand how a product can be developed overall.
Examples of Product Management
One of the earliest examples of product management has to that of the 1930s. A junior executive had to advertise a soap brand named ‘Camay’ by the company Proctor and Gamble. This soap had to compete with the ‘Ivory’ brand, the more dominant one. He came up with the idea of creating a designation called the Brand Man. The brand man would manage one product entirely, right from the production, to the marketing, and the sales.
Even the products of Google might involve product managers. Email service or Gmail is a product of Google. Its various parts can be considered as smaller products that make up a larger one. These smaller products need to be managed by the product managers individually. Each smaller product needs to be handled with equal importance. Only then can the final product function properly. Hence we can say that product managers are an integral part of the modern-day product line.
Another one of the product management examples is the conceptualized plan to make apps like Uber more engaging. The main objective here is to enhance the engagement factor of these apps for increasing business. The demand of the customers switches depending upon the context. While waiting for the cab, customers want a shorter wait duration. After boarding the cab, the demand shift towards having a peaceful or hassle-free cab ride. While sharing a cab, most people do not engage with their fellow passengers.
The proposed idea lets customers play a small trivia quiz while waiting for the cab, or while in it. The idea is to bring together the co-passengers. While travelling in a shared cab, the trivia lets the customers play individually or with each other as a team. This game is a part of the cab booking app itself. It starts the moment customers book a cab. The timespan for each quiz must be short enough to be finished within the ride. The customers can redeem the points won.
The business goal for this inclusion would be to engage the customers while travelling. It would also increase the customer’s loyalty towards that brand. The financial aspect can also be boosted by ads within the game. For making this possible, product management is critical. The product manager needs to understand the customers’ demands as well as the company’s business targets. They must then design a roadmap to successfully inculcate this feature within the app itself. The product manager also needs to market the newly added feature to draw people’s attention towards it. Once the feature gains momentum, the product manager also needs to keep a track of the feature’s proper functioning.
Product management examples also include the branding and customer communication required to launch a new product. Each product, in its nascent form, requires proper branding. This creates awareness about the product in the market. Advertising and PR handling also fall under the umbrella of product management. Branding, advertising, launching, and marketing a product requires proper planning. A product manager needs to handle all the responsibilities.
Also Read: Skill required by Product Manager
The demand for Product Managers has risen by leaps and bounds in recent years. Paying attention to the needs of the customers as well as the company is necessary. Like most other careers, Product Managers need to acquire certain skills to increase their value. To acquire these skills, they require proper training. upGrad offers Product Management Certification Program to help you build a career in Product Management.