Product Managers are responsible for defining the product vision and strategy. This requires the ability to think strategically, set long-term goals, and align the product roadmap with the company s overall objectives. Strategic thinking also involves evaluating market trends, competition, and emerging technologies to make informed decisions.
Product Managers must make tough decisions about what features or enhancements to prioritise in a product s development. They rely on various techniques, such as the RICE framework (Reach, Impact, Confidence, and Effort), to evaluate and prioritise potential initiatives.
Product Management is responsible for defining and delivering the right product to the market. Product managers are champions of the customer, ensuring that the product addresses market needs, is competitive, and aligns with the company s strategic objectives. Their focus is on the "what" and the "why" of a product.
Metrics and Key Performance Indicators (KPIs) are crucial in product management to measure success and make data-driven decisions. Metrics provide objective assessment, alignment with strategic goals, and opportunities for continuous improvement.
Sunsetting products is a strategic decision that requires careful consideration in product management. Understanding the product s lifecycle is important in making informed decisions. There are various reasons to sunset a product, such as low demand, technological obsolescence, resource reallocation, market shifts, poor financial performance, portfolio optimization, and high end-of-life support costs.