Product Management Basics

Name: Product Management Basics
Author: Jingyun Zhang

Learn the definition and essence of product management.

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Course: On-Demand

Whether you're an entrepreneur planning to start your own business or want to work for an international corporation, it's important to understand what product management entails and the role it plays in business. Let's explore these concepts as well as the difference between product management and project management. A product is what the company has to offer or sell. Product offerings are the lifeblood of any company which is why product management is such an essential part of a company's activities. A company's success starts and ends with a product. Product management can refer to managing tangible goods, intangible services or the combination of both. According to a 2020 article by finance experts Kimberly Amadeo and Brian Barnier, more than 45% of GDP in the United States comes from services. This means that intangible services are the prevalent form of products. The time were a growth mostly depended on improving the efficiency of manufacturing physical products has long since passed. Product management is a broad term that encompasses a variety of business activities. Product management governs virtually everything that has to do with products. Its end goal is to make a product successful. There are many different aspects of product management. It primarily deals with product development as well as its associated tasks at all stages of the development process and the product life cycle. This could involve planning, developing, forecasting, pricing, launching, promoting and marketing products. For example, in the planning stage, the product management team assesses potential opportunities and decides what product or products to develop. Product planning is oftentimes an ongoing process as companies today are constantly under tremendous pressure to come up with the next best product to stay competitive in the marketplace. Once planning is underway, product management oversees the entire product development process from its inception to launch. While companies may organize product management under different structures, what remains consistent is that product management brings many different functions together. These functions could include design, engineering, production, manufacturing, analytics, finance, project management and marketing. Product management can be considered the mediator within a company that communicates and works with all other areas that contribute to the success of the products. This makes product management vital to the success of both individual products and companies as a whole.

Beginner Provider : Jingyun Zhang 3 Lessons · 9m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This course introduces the definition of product management and what the field of product management entails. You will learn its importance, how product management factors into a corporation’s operations, and how to distinguish it from project management.

What You'll Learn

Define product management and understand what the field entails
Explain the role product management plays in a business
Distinguish product management from project management
Describe how product management factors into a corporation's operations
Recognize the importance of product management within an organization

Key Takeaways

Product management is a distinct field with its own definition and scope of responsibilities.
Product management plays an important role in a business and factors into a corporation's operations.
Product management is different from project management, and the course clarifies how to distinguish the two.

Frequently Asked Questions

What does this course cover?

It introduces the definition of product management and what the field entails, its importance, how it factors into a corporation's operations, and how to distinguish it from project management.

What will I learn in this course?

You will learn what product management involves and the role product management plays in a business.

What lessons are included?

The course includes three lessons: Defining Product Management; Product Management Versus Project Management; and Product Management and the Corporation.

Is this course suitable for someone new to product management?

Yes. The course introduces the definition of product management and what the field entails, making it an introduction to the subject.