Product management is one of the most dynamic and rewarding career paths in the tech and business world today. Although a fairly new role, product managers are highly sought after in the product world.

Product Managers (PMs) bridge the gap between customers, stakeholders, and development teams.

But what does the role truly entail, and what are the core responsibilities of a product manager?

Read on!

At its core, product management is about delivering value. A PM acts as the champion for the product, taking ownership from ideation to launch and beyond.

Product management is a cross-functional position that interacts with engineering, design, marketing, sales, and support teams.

The responsibilities of a PM can vary depending on the industry, company size, and the product’s maturity. However, there are aspects to the role that every PM must master.

Key Responsibilities of a Product Manager

Here are the top responsibilities of a product manager:

1. Product vision and strategy

A PM is responsible for crafting and communicating the vision to align the team and stakeholders. They define the product’s purpose (how the product will meet user needs and generate value), target audience, and long-term goals. 

Making the vision live involves writing user stories, defining acceptance criteria, and collaborating with teams to break down tasks into manageable chunks.

Clarity and precision are critical, as poorly defined requirements can lead to misaligned expectations and wasted effort.

2. Customer advocacy

Wouldn’t it be great to have a customer within your company to guide you? They are product managers - the voice of the customer. They invest significant time in understanding customer behavior, preferences, and challenges doing user research.

The customer-first mindset ensures that the product meets real needs rather than just fulfilling internal requirements. It means they shape the product and features according to user needs.

3. Roadmap development

Roadmap is one of the most used words by PMs!

Once there is a product vision, a PM is tasked with creating a roadmap—a high-level plan outlining the product’s development trajectory. This roadmap serves as a guide for the team to understand priorities and timelines.

When the product also evolves PMs have to make changes to the roadmap. PMs must consider technical feasibility, value for users, and resource constraints for feature prioritization.

4. Cross-functional collaboration

One of the defining aspects of a PM’s role is collaboration. They act as a liaison between various departments:

• Engineering: To ensure that technical teams understand the “why” behind product requirements.

• Design: To create user-centric and aesthetically pleasing UI.

• Marketing and sales: To position the product effectively and articulate its value proposition.

• Customer support: To gather feedback from end-users and address pain points.

5. Launch and post-Launch responsibilities

The work doesn’t end when a product or feature is launched. A PM ensures a smooth rollout, often working with marketing teams on launch strategies and with customer support to prepare for inquiries.

Post-launch, PMs monitor the product’s performance using key metrics, gather user feedback, and identify areas for improvement. Iteration is a continuous process, ensuring the product evolves to meet changing user needs.

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6. Stakeholder management

PMs must effectively manage co-founders and other stakeholders with varying interests and expectations. This includes executives seeking alignment with business goals, investors focused on ROI, and teams concerned with execution details.

Here’s a product manager job listing from LinkedIn that sums up 👇

Challenges Faced by Product Managers

While the role is rewarding, it comes with its share of challenges:

• Balancing stakeholder expectations: Different stakeholders often have conflicting priorities, making it difficult to please everyone.

• Scope creep: Managing changing requirements and preventing the product from straying from its vision can be tough.

• Time constraints: With multiple priorities to juggle, time management becomes a critical skill.

• Uncertainty and ambiguity: Especially in startups or innovative projects, PMs must navigate uncharted territories and make decisions with limited information.