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.