What Is Product Management? Process, Tools + Requirements

The goal of product management is to coordinate and oversee each phase of the product life cycle. It encompasses a wide range of responsibilities, from marketing to investigative analysis. If you're a natural leader with strong communication skills who enjoys problem-solving and meeting customer needs, a career in product management could be a good fit.

Read on to explore product management, the product management process, tools you can use, and what it takes to work as a product manager.

What is product management?

Product management is the process of developing, doing market releases for, and managing a product or service. A product manager is responsible for the success or failure of the product. As the leader of a product management team, you'll facilitate collaboration with cross-functional teams to ensure that a product meets both business goals and the customer’s needs. 

What's the difference between product management and product life cycle management (PLM)?

PLM is a type of product management that focuses on supporting products in unique ways that directly correspond to each phase of the product life cycle. 

Agile product management

Agile product management is a method of product management often used for software products. It aims to increase the speed and efficiency of product development and release. Agile product management uses the Agile Manifesto, which emphasises collaboration, customer focus, and iterative development.

Key concepts include prioritising features based on customer feedback, encouraging effective communication and collaboration between product teams, and streamlining the development cycle for faster production of high-quality products. Many product managers use an Agile approach to the product life cycle.

Product management process

The product management process is the set of activities and protocols that helps guide you as you conceptualise, build, and launch your product to the market. It includes the following steps:

1. Identify a high-value customer pain point

The first step in the product management process is identifying a high-value customer pain point. This involves understanding the needs of your target market and determining which problems are most important to them. Once you have identified a problem that is causing significant pain for your target customers, you can begin quantifying the opportunity.

2. Quantify the opportunity

The next step is quantifying the opportunity. This involves estimating the market size for your solution and assessing the potential revenue that you might generate. This step is important for setting realistic expectations for your product and ensuring that it is viable from a financial perspective.

3. Research potential solutions

Once you have quantified the opportunity, the next step is researching potential solutions. This involves exploring different ways to solve your identified problem and assessing its feasibility. You’ll need to consider technical and non-technical solutions during this research stage.

4. Define a minimum viable product

After researching potential solutions, the next step is to define a minimum viable product (MVP). This involves specifying the essential features that your product must have to be successful. The MVP will address the pain point of your target market and be achievable within the resources available to you.

5. Create a feedback loop

A feedback loop is an important part of the product management process as it allows you to gather user feedback and make necessary changes to improve your product. You should create feedback loops early on in the development process so that you can gather input from users throughout different stages of development

6. Set the strategy

Once you have defined your MVP, the next step is setting the product’s market release strategy. This involves deciding on pricing, distribution, marketing, and other factors that will impact how successful your product will be. Setting a clear strategy from the outset will help ensure that your product meets its targets when it launches.

7. Drive execution

The final step in the product launch process is driving execution. This involves ensuring that all aspects of development are on track and that your team is working towards delivering a high-quality product. Monitoring progress against milestones and making necessary adjustments through iterations in the product life cycle is also important.

The product process then moves through sales and marketing, with a constant feedback loop helping you to evolve the products and strategies. 

Product management tools

Product and project management tools are essential for any organisation that wants to ensure that its products are well-designed, well-made, and meet the needs of its customers. Consider your organisation’s specific needs, and use them to determine which tools you'll need to use. A few tools to consider include:

• Jira Align: Jira Align is product management software that enhances cross-team collaboration through the use of dashboards and a shared product roadmap document. Notable features include simulations to weigh risks and potential outcomes and backlog management. Want to practise working with Jira hands-on? You can enrol in a 2-hour, online Guided Project: Get Started with Jira for free.

• Asana: According to G2, Asana is a top project management software tool. Key elements include enhanced data reporting and visualisation features, cross-collaboration tools, and resource-matching for strategic planning. 

• Monday: Monday is a product management tool specialising in KPI tracking, integrative product roadmaps, hands-on task management, and single-source data visualisation. 

Certifications and certificates for product management

Product management can be a challenging and rewarding career, and certifications and Professional Certificates can help you take your job to the next level. Consider two Professional Certificates offered by industry leaders on Coursera that can help strengthen a product management career.

Google Project Management Professional Certificate

In this beginner-friendly, self-paced online course, you'll learn essential project management skills like change management, risk management, stakeholder management, and project planning and procurement. Upon completion, you will earn a career certificate from Google for your CV.

Real-World Product Management Specialization Sponsored by Amazon Web Services

Advancing Women in Tech (AWIT) offers this foundational online course. In addition to key project management skills, this course focuses on technology leadership, go-to-market strategy, B2B sales, and monetisation strategy.

Build product management expertise with Coursera

Product management coordinates and oversees each phase of the product life cycle, encompassing responsibilities from marketing to investigative analysis. The process includes identifying customer pain points, quantifying opportunities, defining a minimum viable product, and driving execution.

Gain more than just product management essentials with the University of Maryland's online specialisation, Product Ideation, Design, and Management, offered on Coursera. You can complete this flexible, beginner-friendly online course in five months or less. You can also learn about the digital product management process and how to manage it with Agile in the University of Virginia's Digital Product Management Specialization, also offered on Coursera.