Too many companies view #ProdMgmt as a set of product managers who’s primary role is to manage the product requirements / backlog. They believe that as soon as they have hired one or more people to fill the role, product management is covered. That’s it; done … on to the next issue.
They can’t be further from the truth. Product management is about managing the product portfolio from initial concept through to end-of-life (EOL); maximizing the revenue their product(s) generate. This is the life-line of product companies … the entire company needs to realize that messing this up could be disastrous. Hence, product management is a philosophy that everyone needs to understand and determine what their role is in it.
This philosophy is about understanding that every decision anyone in the company makes has implications on the management of the product. Decisions by executives about where to invest or which markets to target are the obvious ones. But decisions by the finance group regarding contracts and/or licenses impact pricing and packaging or agreements with 3rd party suppliers impact the content or profitability model of the product are examples of those that are not so obvious. I challenge everyone to think of every department in their company and write down the decisions and actions by each department that potentially could impact the product(s) … you will soon see that there are many that impact the management of the product(s).
So as an executive, impart this philosophy on all of your employees … mandate that decisions and actions by everyone are fed into the product management process ensuring that fact-based product decisions are being made. As a product manager be proactive and set up your internal network so that you meet face-to-face monthly or quarterly to review the latest news to find out what will potentially have an impact on your product(s) … don’t be blind-sided.