What is Product Management? Lifecycle, Tools and Main Roles

Summary

In this insightful video, Ilya from Elakin Product Design Agency explores the history and definition of modern product management, tracing its roots back to 1931. He discusses the lifecycle stages of product development and the critical roles product managers play, emphasizing the importance of a strategic vision and team collaboration in driving product success. Highlighting the distinction between product and project management, Ilya also outlines the daily activities and tools of product managers, showcasing the dynamic nature of this pivotal role in the tech industry.

Takeaways

• 📚 Modern product management originated in 1931, with its roots in the brand management approach at Procter & Gamble.
• 🔍 Despite being a discipline for over 90 years, product management still lacks a universally clear definition due to its broad scope and responsibilities.
• 💡 Product management is distinguished from project management by its focus on the entire product lifecycle rather than specific development stages.
• 🛠️ The role of a product manager requires a deep understanding of technology, user needs, and ensuring business goals are met.
• 🌐 Product management lifecycle includes four stages: introduction, growth, maturity, and decline, each with distinct strategies and activities.
• 🚀 The growth stage is critical for increasing revenue, client base, and sales, while also managing growing competition.
• 🔄 In the maturity phase, the product is established, and efforts shift towards evolving new audiences and strong marketing to sustain growth.
• ♻️ Decline is a natural stage for products, where sales and demand decrease, and strategies like product redesign may be necessary to revive interest.
• 🛑 Product managers balance strategic and tactical aspects of product development, overseeing the entire process and guiding its direction.
• 🛠️ Tools for product management have evolved beyond spreadsheets, offering solutions for brainstorming, prototyping, user behavior analysis, and task management.
• 🏢 Organizational structures in product companies can vary greatly, from flat structures in startups to more complex divisions in larger companies, influencing product management roles and processes.

Q & A

When did modern product management begin according to the script?

Modern product management began in 1931, as suggested by the memo written by Neil makiro of Procter & Gamble.

What is the primary role of a 'brand man' as described in the 1931 memo?

The 'brand man' was responsible for focusing on products, packaging, positioning, distribution, and sales, as well as being accountable for the full life cycle of a specific product.

How does the script differentiate between product management and project management?

Product management covers the entire product creation process, while project management focuses on a specific stage of product development. Product management requires a broader business vision and analytical thinking, whereas project management emphasizes strong organizational and time management skills.

What does Martin Erickson define product management as?

Martin Erickson defines product management as the intersection of business, user experience, and tech.

What are the four main stages of the product management lifecycle mentioned in the script?

The four main stages of the product management lifecycle are introduction, growth, maturity, and decline.

What is the primary goal of the introduction stage in the product management lifecycle?

The primary goal of the introduction stage is to properly introduce the product to its users, deliver the product idea to potential customers, and get feedback to correct the direction if needed.

What does the script suggest as a strategy for the maturity phase of a product?

In the maturity phase, the script suggests finding ways to evolve new audiences and making strong marketing efforts to sustain the product's success.

What are the two main directions of product management activities described in the script?

The two main directions of product management activities are inbound, which includes strategic and development blocks, and outbound, which includes marketing and sales activities.

What tools are mentioned in the script for idea validation during the product management process?

Lean Canvas and FigJam are mentioned as tools for idea validation, with FigJam being a digital whiteboard from Figma that encourages collective brainstorming.

What roles are considered leading product management roles according to the script?

The leading product management roles mentioned in the script are Chief Product Officer (CPO) and Head of Product.

What aspects of product management does the script emphasize as most valuable based on the experience of product designers?

The script emphasizes a clear strategic plan and general team attitude, including product vision, strategy, product roadmap, and success metrics, as the most valuable aspects of product management.

Outlines

00:00

📚 The Evolution and Definition of Product Management

This paragraph delves into the history of product management, tracing its origins back to 1931 with Neil makiro's memo at Procter & Gamble. It emphasizes the evolving nature of the discipline, which lacks a universally agreed-upon definition due to its broad scope of responsibilities. The speaker, Ilya, introduces himself and outlines the topics to be covered in the video, including the history, definition, lifecycle, roles, and tools of product management. The paragraph also highlights the distinction between product management and project management, noting that the former encompasses the entire product creation process, while the latter focuses on specific stages of development. The role of a product manager is described as requiring a deep understanding of technology, user needs, and business goals, with a reference to Martin Erickson's definition of product management as the intersection of business, user experience, and tech.

05:01

🛠 The Product Management Lifecycle and Daily Activities

The second paragraph discusses the product management lifecycle, which consists of four stages: introduction, growth, maturity, and decline. Each stage is characterized by different market dynamics and strategic focuses, such as introducing a product to the market, increasing revenue and market share, maintaining a stable market presence, and addressing declining demand. The paragraph also describes the daily activities of product managers, which involve balancing strategic and tactical aspects of product development. Inbound activities include strategic planning and development, while outbound activities encompass marketing and sales. The importance of modern tools in aiding product managers is highlighted, with a mention of various tools used for brainstorming, prototyping, user behavior analysis, and organizational communication. The paragraph concludes by emphasizing the impact of organizational structure on product management processes and roles.

Keywords

💡Product Management

Product Management is the process of guiding a product from its conception to its lifecycle end. It involves a variety of responsibilities, including strategy, development, and marketing. The video discusses the history and evolution of product management, emphasizing its importance in overseeing the full lifecycle of a product, from its introduction to growth, maturity, and decline stages. The concept is central to the video's theme, illustrating the multifaceted role product managers play in ensuring a product's success.

💡Neil Makiro

Neil Makiro is credited with initiating the concept of modern product management in 1931 while working at Procter & Gamble. He proposed the idea of a 'brand man' who would focus on various aspects of product management, such as packaging, positioning, and sales. His memo signifies the birth of product management as we understand it today, highlighting the historical context provided in the video.

💡Agile Methods

Agile Methods refer to a set of project management and product development approaches that emphasize flexibility, collaboration, and customer feedback. The video mentions Agile as a turning point for product management, indicating its adoption by software companies and its influence on the way product management is conducted today.

💡Product Lifecycle

The Product Lifecycle is a concept that describes the stages a product goes through, from its introduction to the market to its eventual decline. The video outlines these stages—introduction, growth, maturity, and decline—as part of the product management process, showing how product managers must adapt their strategies to each phase.

💡Product Strategy

Product Strategy is the long-term plan for a product's development, positioning, and growth. It is a key aspect of product management, as discussed in the video, where product managers are responsible for defining and executing the strategy to meet business goals and user needs.

💡User Experience (UX)

User Experience, often abbreviated as UX, is the focus on how users interact with and feel about a product. The video emphasizes the importance of understanding and improving the user experience as part of product management, noting the role of UX researchers in collaborating with product managers.

💡Organizational Structure

Organizational Structure refers to the way a company arranges its employees and departments to achieve its goals. The video discusses how different organizational structures can impact product management, from flat structures in startups to more complex divisions in larger companies.

💡Inbound and Outbound Activities

Inbound and Outbound Activities are two directions of product management activities. Inbound involves strategic planning and development, while outbound includes marketing and sales. The video uses these terms to describe the balance product managers must maintain between strategic vision and tactical execution.

💡Product Management Toolkit

The Product Management Toolkit refers to the set of tools and methodologies used by product managers to perform their duties. The video mentions various tools for brainstorming, prototyping, user behavior analysis, and task management, illustrating the modern tools available to assist product managers.

💡Chief Product Officer (CPO)

The Chief Product Officer, or CPO, is a senior executive role responsible for overseeing a company's product-related activities. The video positions the CPO as a key leadership role, often found in larger companies with multiple products and product managers.

💡Product Vision

Product Vision is a clear and concise statement that defines the direction and future of a product. It is a strategic component of product management, as highlighted in the video, where it helps guide the entire team towards a common goal and provides a framework for decision-making.

Highlights

Modern product management originated in 1931 with the concept of a 'brand man' at Procter & Gamble.

Despite being over 90 years old, product management lacks a universally clear definition due to its diverse responsibilities.

Product management's history and evolution are tied to the development of software companies and the rise of Agile methodologies.

The fundamental difference between product management and project management is the scope of their focus, with product management covering the entire product creation.

Product managers require a deep understanding of technology, user needs, and business goals.

Martin Erickson defines product management as the intersection of business, user experience, and technology.

The product management lifecycle consists of four stages: introduction, growth, maturity, and decline.

Product managers balance strategic and tactical aspects of product development.

Inbound and outbound activities are key directions for product management, involving strategic planning and marketing/sales respectively.

Product management toolkits are personalized and include tools for brainstorming, prototyping, user behavior analysis, and task management.

Organizational structures in product companies vary from flat to hierarchical and can influence product management roles and processes.

Roles in product management include product manager, product owner, user experience researcher, and product marketing manager.

The Chief Product Officer (CPO) is a leading role in large companies, working closely with the CTO and overseeing multiple products and product managers.

A clear strategic plan and positive team attitude are the most valued aspects of product management.

Product management plays a crucial role in team confidence, focus, and performance, leading to better results.

Ilya, the founder of Elakin, shares his experience working with various product teams and emphasizes the importance of product vision and strategy.

Transcripts

modern product management started in

1931 so it's been more than 90 years

since we had this concept around still

most experts in the Product Industry

won't be able to give you a clear

definition of what product management is

why is it so perhaps because this

discipline involves a wide range of

responsibilities and to understand it we

should touch upon many different topics

and that's what we are going to do in

this video hi I'm Ilya the founder of

elekin product design Agency for SAS and

over the past eight years I've worked

with Modern Family product companies of

different sizes and industries and I had

a chance to observe how they do product

management today based on my experience

I want to talk about product management

its history definition lifecycle product

managers activities main tools

organization structures and product

companies and the main product

management roles if you are new here

make sure to like this video And

subscribe so let's Dive In

at the very beginning I mentioned that

modern product management dates back in

1931. that's the year when Neil makiro

at the time a young employee of Procter

Gamble wrote a memo where he suggested

hiring more people for running company's

products according to the new approach

he offered so-called brand man had to

focus on products packaging positioning

distribution and sales they also had to

be responsible for a full life cycle of

a specific product these

responsibilities resemble modern product

manager's role in many ways a lot has

changed since then but the idea of

having a dedicated process and role

responsible for managing products Remain

the further development of software

companies led to Agile methods of

management and even though agile

methodology is more often associated

with project management it became the

turning point from where product

management as we know it today Rises you

probably know that product management

and project management are often

confused and in general sense this

concepts are closed yet the main

difference between these two is that

product management covers the whole

product creation while project

management focuses on a specific stage

of product development for project

management strong organizational and

time management skills are more

important product management on the

other hand requires a broader business

vision and analytical thinking modern

product management is responsible for

product strategy development and

performance from start to finish product

managers should have a deep

understanding of the technology behind

the product a profound understanding of

users with their needs and of course

they have to ensure that the company

meets all business goals that's why I

like the definition by Martin Erickson

an expert in product management

practices who said product management in

the intersection of business user

experience and Tech now let's talk about

product management lifecycle when we say

product management life cycle we mean

the way a particular company runs its

product development it consists of four

main stages introduction growth maturity

and decline introduction starts a couple

of months before the release and

continues while the product is entering

the market at this stage you don't hope

to have the revenue yet but you need to

make sure that the product will be

introduced to its users properly you

need to deliver the idea of your product

to potential customers and get the

feedback from them to correct your

direction if needed at the growth stage

most of users are aware of the product

benefit from it and are ready to invest

in it if everything goes well you

increase your Revenue clients base and

sales at this stage at the same time the

competition is growing so you have to

continue enhancing your product the

maturity phase means your product has

been established on the market so you

can see some slowdown and sales and

growth that's because the majority of

the target audience already uses your

product so it's time to find ways to

evolve new audiences and make strong

marketing efforts for successful

products the maturity stage can last for

decades but eventually every product

reaches the decline stage during this

phase sales market share and demand

naturally decrease to recreate new

demand and revive your product experts

recommend product redesign and revamping

product management here goes along with

the product lifecycle following its

introduction growth maturity and decline

stages by the way there is a separate

video about product lifecycle on my

channel you can find the link in the

description below let's learn what

product managers do every day to ensure

their product lives long and

successfully daily activities of product

managers balance between the Strategic

and tactical sides of the product but it

doesn't mean that they have to take care

about every single detail related to the

product development we can describe

their job as keeping a hand on polls of

the whole process and curating its

direction you can think of two

directions of product management

activities inbound and outbound the

inbound Direction can be divided into

two blocks the Strategic product

management block that includes product

Vision product roadmap and such and

development block of ux research design

coding and release the outbound

activities are everything related to

marketing and sales this includes

positioning branding sales processes

feedback from customers and so on of

course there is no strict line between

inbound and outbound activities and

product managers daily tasks involve

balancing between the two to achieve

product success and modern tools are a

great help to maintain this balance

that's what we are going to talk about

next product management toolkit differ

from company to company usually it's

personally had picked by a product

manager based on their experience and

needs luckily we are not in the

spreadsheet era anymore and now the

market has plenty of solutions to offer

brainstorming prototyping and product

design are those big fields of

responsibility that product managers and

product designers share for idea

validation phase it's good to rely on

lean canvas with its numerous templates

or fig Jam a digital wide work from

figma figgem is really a great tool that

encourages Collective brainstorming and

helps organize the creative process with

tailored templates you probably

associate figma Envision and sketch with

design work only in fact however it's a

go-to tool for product managers who work

with the design team or build simple

prototypes on their own product

management as well as product design is

a lot about analyzing users Behavior so

professional tools like ux cam or hotjar

are necessary for product managers that

want to understand how users interact

with the product and of course you can't

manage the product without organizing

information and documentation and talk

it to other team members use notion or

Google workspace to keep your files in

order and slack rocket chat jira todoist

or toggle for communication and task

management after all the choice of

product management tools depends a lot

on the range of product managers

responsibilities as well as the

company's organizational structure so

let's talk about organizational

structure in product companies it's

quite obvious that product management in

small startup and Google differ all the

processes within a company including

product management are determined by its

organizational structure and there are

so many ways to organize your product

teams small companies often start with a

flat structure when there is only one

manager and almost no hierarchy as the

company grows it may choose to create

divisions and distribute product

managers by products features user

personas or else finally businesses can

choose to create spoke cross-functional

teams within their organization that

work on specific functional areas within

the product I have discussed different

types of organizational structures in

more detail in another video you can

find them Link in the description below

the last thing to note here is that

organizational structure influences not

only processes and tools but also

product management roles within their

company and some of the main product

management roles are product manager it

is the most typical at the same time the

most essential role of the product

management especially in smaller

organizations this person is responsible

for the full product management scope

product owner is the role that defines

what is the right product they work

closely with the stakeholders and the

product team there can be only one

product owner in the team it doesn't

mean that this person does all the work

but this role hold the responsibility

for management all important product

related decisions next is user

experience researcher yes this title

doesn't include the work product yet it

is very important role in product

management ux researchers focus on user

experience and collaborate with other

product managers as well as design

development and marketing teams product

marketing manager is a part of bigger

product teams and focuses purely on

marketing side of the specific product

while collaborating closely with other

product managers there are also leading

product management roles Chief product

officer CPO or a head of the product is

the person responsible for the product

related activities they usually work

closely with the chief technical officer

CTO CPO is more likely to appear in the

biggie companies with the multiple

products and product managers in the

teams in all fairness I can continue

talking about product management for

hours to cover all its aspects but it's

time to sum up from the experience of my

product designers with various teams we

value the two aspects of product

management the most there are a clear

strategic plan and general team attitude

product Vision strategy product roadmap

success metrics all this is a part of

product management that turns product

success from a desired but a blurry goal

into an actionable step-by-step Journey

as for the team product management plays

a crucial role as well with good product

management everyone in the team feels

more confident focused and relaxed and

such an attitude leads to a better

performance and greater results that's

all for now I'm I hope you enjoyed this

video if yes then you probably like the

one on product management and product

design as well see you next video

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