What Is Product Management? Process, Tools + Requirements

The goal of product management is to coordinate and oversee each phase of the product lifecycle. It encompasses a wide range of responsibilities, from marketing to investigative analysis. You can learn more about the product management process and requirements in the following article. 

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IBM Product Manager

Prepare for a career as a product manager. Gain the in-demand skills and hands-on experience to get job ready in less than 3 months. No prior experience required.

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Product management, Value Proposition, Product Management, Product manager, ProdBOK, Product Management Lifecycle, Product Strategy, Product Lifecycle, Agile Product Development, Product Owner, Market Validation Activities, Product Launch Activities, Product Development, Product Delivery and Retirement, Project Charter, Product Plan, Swot Analysis, Product Concept, Test-taking Strategies, Certified Product Manager (CPM), Zenhub, Sprint Planning, Kanban, Scrum Methodology, Software Engineering, Agile Software Development, Stakeholder Management, Leadership, Communication, Product Planning

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 lifecycle 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 lifecycle. To learn more, check out the following article: What is PLM? Product Lifecycle Management Career Guide

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 is based on the Agile Manifesto, which emphasizes collaboration, customer focus, and iterative development.

Key concepts include prioritizing 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 lifecycle.

Learn about the digital product management process and how to manage it with Agile in the University of Virginia's Digital Product Management Specialization.

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Digital Product Management

Implement a modern approach to product management. Master the fundamentals that create great teams and products

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Skills you'll build:

Project Management, Data Analysis, hypothesis-driven development, Software Testing, Leadership and Management, Business Analysis, User Experience, Design and Product, Planning, Product Management, Software Engineering, Lean Startup, agile, Strategy, Communication, Design Thinking, Innovation Pipeline, Product/Market Fit, Continuous Delivery, Usability Testing, Software Development, User Experience Design (UXD), agile user stories, Agile Software Development, Kanban, XP, agile product management, backlog management

What is the product management process?

The product management process is the set of activities and protocols that help guide you as you conceptualize, 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 could be generated. 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. Feedback loops should be created 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 lifecycle 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. 

AI product management

The AI product development life cycle can differ from the standard. Building AI skills can be an excellent way to set yourself apart from other candidates and stay current with the evolving tech landscape. With IBM's AI Product Manager Professional Certificate, you can learn to apply your leadership skills to the AI product management lifecycle. You'll examine real-world case studies of successful AI integration and develop or strengthen your knowledge of Agile concepts and methodologies. By the end, you'll have earned a Professional Certificate from an industry leader in technology.

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IBM AI Product Manager

Launch your career as an AI Product Manager. Build in-demand product management and generative AI skills to get job ready in 3 months or less.

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Prompt engineering, Generative AI, Product Management, AI Product Manager, Artificial Intelligence, Large Language Models (LLM), Foundation Models, Artificial Intelligence (AI), Pre-trained Models, Natural Language Generation, ChatGPT, Value Proposition, Product manager, ProdBOK, Product Management Lifecycle, Prompt Engineering, prompt patterns, Project Charter, Product Plan, Swot Analysis, Product Concept, Idea generation, Product Lifecycle, Generative Artificial Intelligence (Generative AI), Product Manager, Product Management lifecycle, AI Skill Analysis, Natural Language Processing, AI ethics, Machine Learning, Market Validation Activities, Product Launch Activities, Product Development, Product Delivery and Retirement, Stakeholder Management, Leadership, Communication, Product Planning

Product management software

Product and project management tools are essential for any organization that wants to ensure that its products are well-designed, well-made, and meet the needs of its customers. Consider your organization’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 practice working with Jira hands-on? You can enroll in a 2-hour, online Guided Project: Get Started with Jira for free.  

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Get started with Jira

In this project you will create your first project in Jira using a Kanban board for agile methodology, creating issues, epics and tasks, setting up WIP ...

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Team Oriented, Kanban Principles, Workflow Management, Agile Methodology, Work Order, Product Roadmaps, Agile Project Management, Issue Tracking, Jira (Software)

• Asana: According to G2, Asana is the #1 project management software tool. Key elements include enhanced data reporting and visualization features, cross-collaboration tools, and resource-matching for strategic planning. 

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

Certifications 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. Here are 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 resume and connect to over 150 US employers. 

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Google Project Management:

Get on the fast track to a career in project management. In this certificate program, you’ll learn in-demand skills, and get AI training from Google experts. Learn at your own pace, no degree or experience required.

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Average time: 6 month(s)

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Risk Management, Project Management, Supply Chain and Logistics, Business Communication, Leadership and Management, Entrepreneurship, Change Management, Organizational Development, Planning, Collaboration, Strategy and Operations, Software Engineering, Influencing, Communication, Budget Management, Finance, Strategic Thinking, Organizational Culture, Career Development, Quality Management, Project Execution, Scrum, Agile Management, Coaching, Problem Solving, Stakeholder Management, Effective Communication, Project Charter, Business Writing, Task Estimation, Procurement, Project Planning

Real-World Product Management Specialization Sponsored by Amazon Web Services

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

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Real-World Product Management

Sponsored by AWS.. Is product management right for you? How do you get your first, or next, product management role? Learn from Nancy Wang, one of the youngest general managers and director of product and engineering at AWS, and 20 other real, full-time product leaders, including CEOs, who make hiring and promotion decisions across the industry! Learn from the same playbooks as Amazon, Google, Meta, Microsoft, and startups! Hone your skills with real-world projects and hundreds of real PM interview questions. ACE® approved—upon completion, you can earn up to 6 college credits.

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Marketing, Product Management, Real-World Examples, Technology Leadership, Strategy and Operations, Leadership and Management, PM Interviewing, Real-World Assignments, Strategy, Monetization Strategy, OODA Loops, Customer Retention, A/B/n testing, KPIs OKRs North Stars, AI/ML, Lead Engineers, Lead Designers, Technical PM Interview, Technical Literacy, Estimation Interview, Strategy Interview, Data Analysis Interview, Product Design Interview, Behavioral Interview, B2B Sales, Tech Leadership, Go-to-market Strategy, Product/Market Fit

Build product management expertise with Coursera

In the Xbox Product Manager Professional Certificate, you'll learn foundational product management concepts, principles, and methodologies, including how to create detailed product strategies, build roadmaps, and collect and analyze market data to identify product gaps.

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.

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Xbox Product Manager

Launch your career in product management. In this program, you’ll learn in-demand skills that will have you job-ready. No degree or experience required.

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Product Strategy, Data Analysis, UX/UI Design (Figma, Adobe XD), Product Launch, Market Research, Stakeholder Management, Feature Prioritization, asana, Requirements Gathering, Product Roadmapping, Usability Testing, Prototyping, User-Centric Design, Figma, Wireframing, Microsoft Forms, Communication, Competitive Analysis, Critical Thinking, Miro, SWOT Analysis, Market Segmentation, Cross-Functional Collaboration, Marketing Strategy, Sales Enablement, Looker

specialization

Digital Product Management

Implement a modern approach to product management. Master the fundamentals that create great teams and products

4.8

(2,994 ratings)

65,110 already enrolled

Beginner level

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Average time: 1 month(s)

Learn at your own pace

Skills you'll build:

Project Management, Data Analysis, hypothesis-driven development, Software Testing, Leadership and Management, Business Analysis, User Experience, Design and Product, Planning, Product Management, Software Engineering, Lean Startup, agile, Strategy, Communication, Design Thinking, Innovation Pipeline, Product/Market Fit, Continuous Delivery, Usability Testing, Software Development, User Experience Design (UXD), agile user stories, Agile Software Development, Kanban, XP, agile product management, backlog management