The role and significance of a product manager is expanding due to the growing importance of digital platforms & integrated experiences, the need for product innovation & differentiation, increased personalization, and design focus. Product managers influence every aspect of the product lifecycle and perform core functions including that of a mini-CEO, fire-fighter, and an orchestra conductor– bringing alive the product vision & executing the day to day operations of product development. It is believed that developing the right skills as a product manager can help one transition into a C-suite professional as it is a good training ground for CEOs.
A great product manager ensures that all team members work harmoniously towards achieving the product vision. The key responsibilities include setting the long term vision and strategy, ensuring user engagement, satisfaction, and monetization. However, these may vary depending on the nature of the industry & enterprise and their views about the project manager’s responsibilities. While a few might be involved in documenting product roadmaps, conceptualizing, analyzing data, supervising the development & production process, conducting market & user research, sampling, testing, and forecasting, others might be involved in the promotion, distribution, sales, and marketing functions especially when the product is already in place.