The discipline of product management (PM) has evolved into an increasingly popular one across businesses. Drawing on all three fields of marketing, design, and engineering, PM is essentially an interdisciplinary process that reaches across teams to design and plan in such a way that uninterruptedly brings better products to the market. Listed below are the important steps in the PM process: Market study and portfolio: Firstly, depending on in-depth market and business analysis, marketing executives pass on the information to the business development team. An official market study takes place and a portfolio is built as per the research. Appointment of product manager: Product managers play an integral role in any product-based companies. They are the ones who interact with clients and gather their requirements for the product to be made. The product manager is the single point of contact of the company with the client. Contract signing: A contract is signed between the development company and the client. Commencement of contract: Once the product manager brings all the requirements to the in-house team, the respective development and project teams are formed. Every engineering team will have a technical leader assigned and will be reporting to individual engineering managers. A project manager or project management office assigns a point of contact to the project who will be tracking the statuses and report the progress to the product manager.

Till date, humans have categorized things into products or tools. Product is the end result of using tools that help produce the final result. For example, you can say that furniture is a product while the ax and other equipment are the tools. The tools used form the technique and foundation to creating a successful product. When it comes to the modern setup in an enterprise, the process of project management involves tools and products as well. On the Internet, there is a plethora of information available on each and every type of tools recommended for products. Some of the tools required for product managers, who manage the product life cycle from end-to-end, include skilled resources, technology, process, etc. Role of a product manager It is product manager’s duty to be the facilitator between a company and customer. Within the company, there may be multiple cross functional teams which would help the product manager channelize the customer requirements. The commitment given for a particular type of product creation starts off once the resource team is finalized. The work then is delegated as per the skill set required. A project manager is assigned to keep track of all the activities committed to him/her.