Simply put product management is managing a product. I know it sounds very simple. But I think in this simple definition is where we need to start really exploring the true meaning of product management. I will start with understanding a little more of the 2 words which make product management i.e product and management.
Product
What is a product? Product is something of value to someone due to its inherent use or due to its ability to satisfy a need. Generally it is perceived to have physical characteristics and attributes. Though some may debate that even services should be considered as products. Potentially yes. However, here we will primarily focus on real products that are visual, that has a utility and something that can be seen functioning. This essentially means lot of thing that we see around us is a product like a car, fridge, toys and so on. This definition provides a wide scope of things to be considered as products. I feel this is important, as off late general perception is to consider only Information Technology(IT) related things as products. We will discuss more on this later here.
Then some may ask what about software? Software may be lines of codes which are run but they also always have a visual element which helps to experience its utility. Lets take a simple example of an online food order portal like ‘Just Eat’. Even though it is a set of codes running at the background, the users experience it using a visual web portal for ordering food. So the online food portal is indeed a product. In fact, it is quite interesting to note how software seems to be getting integrated with various traditional products. For instance cars which have gone beyond totally mechanical model to its ever evolving and aspirational state of auto driving models. Similarly phones have moved beyond bulky and fixed models to current mobile versions. Advent of internet of things (IoT) will continue to advance the integration. Almost feels like lifeless products are now being given life and an ability to understand by integrating them with codes of software.
So to summarise, for the discussion here, products are things with physical attributes and has an ability to satisfy a user’s need. Just to cover the impact of IT on products which we mentioned earlier, it is true the whole idea of product has exploded in the IT world. It should be acknowledged that the field of Information Technology has played a significant role in driving ‘product’ excellence as a dedicated discipline. IT products will also be a key basis of all discussion and opinions on this platform as its an area which is the foundation for my experience and learning. Though confident that what we discuss can be applied to products in other industries as well.
Management
What is management? There are vast volumes of literature available to define management. Let me reference legends in this space. According to Harold Koontz, “Management is an art of getting things done through and with the people in formally organized groups. It is an art of creating an environment in which people can perform and individuals and can co-operate towards attainment of group goals”. According to F.W. Taylor, “Management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way”.
What stands out in the above definitions are three key elements which makes up management:
- getting something done
- using resources efficiently
- for a defined purpose
What is important to note is the ‘human’ aspect of management. Human beings are the most dynamic and intriguing element of an organisation. Magic happens when human beings mobilise to channel the efforts in a disciplined manner for a defined goal. What’s critical is alignment of direction towards which effort is needed else it’s chaos. Another point to note here is management always and always will mean to involve more than just one individual. A few may mobilise around the strengths of an individual or so (leaders), but the success of the management and thereby organisation is always collective.
Product + Management
Now that we have individually made some sense of the 2 words – product and management- let’s try and define product management. The way I can sum up product management is ‘building a thing of utility using resources at an entity’s disposal in a control and efficient manner to achieve a desired goal or output‘. Let’s evaluate this statement against an example. Apple builds iPhones(used by millions) using the organisational resources – people, processes and money – in a disciplined manner for meeting defined goals – which can be as varied as earning profits, capture markets , makes peoples lives simple and well connected, shareholder return and so on.
Nice! Think the definition makes sense 🙂
ProductSME 