Lecture on Product Management by Eric from Invensis Learning

Agenda

1. History of Product Management
2. Definition of Product and Product Management
3. Role of Product Manager and Types
4. Importance of Product Management
5. Product Management Life Cycle
6. Career in Product Management
7. Creating a Product Roadmap using Roadmonk Tool

History of Product Management

• Origin in the 1930s by Neil H. McElroy, marketing manager at Procter & Gamble.
• Concept of "Brand Man" consolidating responsibilities of tracking sales, advertising, etc.
• Influenced companies like Hewlett-Packard and Toyota.
• Introduction of Lean manufacturing principles like "Kaizen" and "Genki Jinbutsu".

Product and Product Management

• Product: Any good, service, or idea offered to satisfy a customer's need.
• Product Management: Intersection of business, UX, and technology. Main objectives include developing new products and ensuring they meet market needs.
• Martin Erickson described it as a mix of business, user experience, and technology.

Role of a Product Manager

• Acts as a bridge between various functions (engineering, sales, marketing, etc.).
• Responsible for research, strategic planning, execution, and feedback.
• Types of Product Managers: Technical, Product Marketing, Business, Growth, and Data.

Importance of Product Management

• Understands customer requirements and market needs.
• Aligns product development with business strategy.
• Develops business models and maintains focus on strategic goals.

Product Management Life Cycle

• Involves vision development, market research, strategy development, product development, marketing and sales, and metrics tracking.
• Key terms: MVP (Minimum Viable Product), MBI (Minimum Business Increment), MMF (Minimum Marketable Feature), MMR (Minimum Marketable Release).

Roles in Product Development

• Product Manager: Oversees high-level product vision and strategy.
• Product Owner: Executes the product vision, works closely with development teams.
• Stakeholders: Provide feedback and influence product development.

Skills for a Product Manager

• Technical skills: Requirements gathering, implementation planning, sprint management, prioritization, research, and analysis.
• Soft skills: Selflessness, emotional intelligence, empathy, communication, and interpersonal skills.

Career Path in Product Management

• Entry Level: Associate Product Manager
• Mid Level: Product Manager
• Senior Level: Senior Product Manager
• Executive Level: Director of Product Management, VP of Product, Chief Product Officer
• Salaries vary based on role and experience.

Product Management Tools

• Importance of tools in streamlining product management processes.
• Roadmonk: A roadmapping tool used for creating product roadmaps.
  • Offers pre-designed roadmap templates.
  • Allows collaboration and integration with tools like Jira.

Creating a Product Roadmap using Roadmonk

• Steps to create a roadmap: Sign up, create a roadmap, add items, set dates, assign team members, add milestones.
• Features like importing data, customizing views, and collaborating with teams.

Conclusion

• Product management is critical in aligning business goals with customer needs through effective product development and strategic planning.
• Roadmaps are essential for guiding product development and ensuring alignment with business strategy.