It is impossible to imagine the world of modern companies without product management. Yet many people still don’t know what this exciting career field is all about. Would you like to learn more? Here you can find out what product management is, which areas belong to it and what role product managers play in IT. We also cover a few other subtopics.
For products and services to resonate with potential buyers, they must be created or optimized from the ground up so that the target group wants to buy them. It is also necessary that marketing is also ideally tailored to them. The product manager is jointly responsible for both. He comes together with numerous other areas of the company to ensure the best possible end result. For example, he or she works with marketing experts, market strategists, and senior management.
The product manager is the primary person responsible for the product and the most important contact for all departments involved in the company. He always maintains an overview of the relevant market, production, and communication between the departments. One of the tasks in product management is to uncover problems and develop a suitable solution for them. One goal of the job is to ensure that the product or service is sold successfully. Large companies and corporations often hire employees in product management. However, they also sometimes work as freelancers.
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Product management requires true multi-talents. Only those who can develop their strengths in different areas are really successful in this profession. However, then respectable salaries or fees beckon. For this reason, the profession is very popular among IT professionals, because it not only offers a good living, but also brings employees together with many people and departments. Moreover, one can work for different companies and corporations, provided that one works on a freelance basis.
But what fields can the product manager actually fill? In principle, professionals can be employed in all sectors of IT. The only relevant thing is that they create products or offer services. In addition, specialization is possible in this profession. Specialized employees in IT product management can achieve even better results if the company is appropriately large. Then even several product managers often work together.
Specializations exist for the following areas, among others:
By the way, there is no special degree program for product management yet. However, a degree in economics or commercial training is a good basis. With this, one can take part in a twelve-month continuing education program to become a product manager.
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Product Management traces its roots back to the U.S. company Procter & Gamble, which was founded in 1837. It is known for hygiene products, electronics, pet food and cosmetics. Well-known brands of the group include Always, Braun and Lenor. The fact that the company is still so successful today can also be traced back to an event in 1927.
At that time, the group released a new care product from which it expected good sales figures. But things turned out differently, as sales fell well short of expectations. Procter & Gamble therefore conducted an investigation to uncover the causes of the failure. The company discovered that there were various problems with the tasks and processes involved in product development. In addition, the requirements of the market were not being taken into account to a sufficient extent.
The company then appointed an employee who was specifically assigned to coordinate everything to do with the product. The mistakes made once were not to be repeated. In fact, within a short period of time, it became apparent that the decision was the right one: the desired successes became real. Procter & Gamble eventually worked with such coordinators on all its products. Later, these coordinators were called product managers and were also used in other industries where products and services were involved. Over the decades, IT companies also used product managers, because they too benefit from professionals with the skills described.
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The tasks in product management hardly differ, only because the IT product manager specializes in digital products and services. These professionals are dedicated to analyzing markets, planning and developing software, platforms and other online offerings, and marketing.
IT product managers benefit greatly from having completed an education or degree program in IT so they have the necessary background. They need to be extremely knowledgeable about systems, software, and the Internet. Nevertheless, like other product managers they also work with many departments. Communication skills are therefore just as important as technology skills. Those who want to work in IT product management, for example, have studied computer science. In addition, there is the aforementioned further training in product management.
What Is an IT product?
Digitization is considered one of the greatest economic challenges of our time. Hardly any company today can afford to do without information technology completely. In some cases, only processes are digitized, but more and more digital products and services are coming onto the market. These include antivirus programs, operating systems, games and websites.
This is where product management comes in, because it also has a positive impact on the IT sector. It is not mandatory, but in some cases the specialists are more accurately described as IT product managers. The addition makes it clear that the person is not only excellent with product management, but also has knowledge about IT products.
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Due to its enormous importance, many IT companies today rely on product managers. For this reason, IT product management is a profession of the future. Incidentally, the occupational field should not be confused with similar-sounding project management. A product manager devotes his or her working hours exclusively to the products or services that he or she helps to develop. A project manager is instead the main coordinator for projects of all kinds.
Do you also need support in IT product management? Also, think about using freelancers. There are several advantages to working with them.
What Is a Product Roadmap?
Product managers use various tools in their everyday work. One of them is the product roadmap. It shows the path that product management must take in order to stay on track in creating a marketable product. In addition, the roadmap is important in product management in order to be able to determine the progress of the work at any time.
Product management involves the entire coordination of the development and marketing of products and services. Specially trained product managers are responsible for this. In IT, these specialists are also known as IT product managers.
Almost any area can be important in product management, because product managers work with almost any industry. Typical areas are market research, development and sales.
An IT product is a digital product. This can be software such as a computer game, an operating system or an Internet platform. There are already countless IT products and there will be more and more in the future.