What is Product Management? Key Aspects, Skills and Career Paths

Have you ever wondered what all goes on behind a product before it reaches you as a consumer? What are all the strategies and reasons for a specific product to be launched in the market? Before market launch, every product goes through a cycle of trial, test and research.

This is what entails a product management role. The product management team builds products that sell in the market. Their goal is to provide detailed insights into developing new products, validate what they are planning to build by conducting extensive market research and keep the product development team focused and on track.

In this blog, we will discuss what product management means, its key aspects, career roles and more. We will also look at the various responsibilities of a product manager and the skills required to be a successful product manager.

Definition of Product Management

To define product management simply, we can describe it as the process that includes everything that occurs right from the idea of a product to its launch and after that.

Product management is a function of an organization that concerns itself with a product’s life cycle, right from justifying the need for a product, visualizing its concept, development, pricing, launch, marketing, and finally, working on the feedback received from the market. 

So, product management can be considered the lifeline of manufacturing organizations. It plays a vital role in driving a business’s growth by bringing together people, processes, data, and systems to achieve a common goal. This is why product management is one of the most important components of a company.

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Key Aspects of Product Management

The key aspects of the product management process include the 5Ps, namely product, price, promotion, place and people. These can be understood from the following concise diagram:

Let us now further understand the key aspects of product management:

1. Defining Product Strategy

In this, product managers start by first setting a clear direction for the product. Defining the product strategy is a multifaceted process in itself as it involves identifying customer needs and market trends and then aligning them with business goals.

Also Read: How To Create a Product Management Strategy? 6 Practical Steps For Successful Product Managers

2. Product Development

The next aspect of product management is product development. Herein, various ideas are turned into functional and working products. In this process, product managers work with design and engineering professionals to build products that solve actual problems.

3. Product Launch

After successful product development, a product becomes ready to be launched in the market. The product launch aspect of product management includes planning and executing the successful launch of the product. Herein, tasks like product message, internal communication and product placement are carried out.

4. Product Lifecycle Management

Managing the product lifecycle means consistently managing the product at every stage. After being launched, a careful assessment of the customer feedback and perception is done so that any required changes can be made to the product.

5. Cross-functional Collaboration

Product management involves a smooth cross-functional collaboration with other departments such as marketing, sales, customer support as well as tech. This is essential to ensure the overall success of the product.

Also Read: Different Types of Product Managers

Product Manager Responsibilities and Skills

A product manager is involved in a range of tasks that require them to work in and with different units and teams. Let’s take a look at the day-to-day responsibilities of a product manager: 

• Participating in market research analysis to understand customer needs.
• Leading and planning the product strategy to determine product direction
• Working closely with cross-functional teams to meet customer demands and help the company grow
• Conducting regular audits to get rid of outdated products that bring no value
• Designing and implementing plans to eliminate outdated products and obsolete technologies.

Read this Ultimate Product Manager Roadmap for 2025

What are the Skills Required to Become a Product Manager?

A product manager is expected to possess an extensive skill set, primarily because they deal with different departments and products. Mentioned below is a list of skills that all successful product managers must possess:

1. Be Data-Friendly

Companies do not expect product managers to be scientists, mathematicians, or statisticians; however, they should be data-friendly. They should be able to read, analyze, and interpret data accurately.

2. Knowledge of the Industry and Market

A product manager should possess expert knowledge of the market and the industry, including competitors. They should be able to define and keep track of various key product performance indicators.

3. Expert in Strategic Planning

A product manager should help define the organizational vision and design a roadmap to achieve that vision by defining clear and realistically achievable goals using logical, critical, and analytical skills.

4. Working Knowledge of All Departments

A product manager should possess fundamental business skills and have a working knowledge of the various departments. Even a tiny lapse on anyone’s part can severely hamper the product life cycle.

5. Have Excellent Communication Skills

A product manager interacts with the various departments in an organization and external shareholders daily. They are also required to make presentations at different stages of the product life cycle. Product managers need to possess excellent communication skills to clearly and effectively communicate their vision and strategy across all levels.

upGrad’s Exclusive Product Management Webinar for you –

How to craft GTM Strategy for a Product?

How is Product Management Different From Project Management

Product managers and project managers work in collaboration, but they have distinct While product management is about deciding what to build and why it matters, project management is focused on how to get it done and when. 

Here’s a concise table highlighting the differences between product management and project management:

Also Read: Best Online Management Courses in India

Understand the basics of product management.

Understand the basics of product management.Top Career Roles in Product Management

There is a wide range of career options in product management. As markets advance and diversify to meet customer needs, the demand for skilled product management professionals continues to rise.

Here’s a quick look at some of the top product management roles and their average salaries:

Source: Glassdoor 

Know about the Future Scope of Product Managers in India

How can upGrad help you learn Product Management?

The demand for Product Managers is at an all-time high as businesses are transforming into a user-driven approach. What kind of products consumers want, what do they think of existing products, and what do they need more of in products, all these questions are at the base of product management professionals.

Given this is a highly skilled role, product managers need to have the right skill set to succeed in a competitive job market. At upGrad, we offer you an industry-relevant curriculum and learning options suited to your needs, be it students or professionals looking to upskill. 

Our PGC in Product Management from Duke Corporate Education and our latest Gen AI course, named Microsoft’s Generative AI Mastery Certificate for Managerial Excellence, 

We also provide you personalized mentorship and networking opportunities so that you gain the best out of your learning experience.

If you want to avail expert assistance, you may book a free 1:1 counseling session with us and we’d be happy to guide you through your learning options.

You may also explore our Free Courses and discover some amazing quick-learning options.

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