A product manager researches, selects, develops, and places a company's products.
A product manager considers numerous factors such as target demographic, the products offered by the competition, and how well the product fits in with the company's business model. Generally, a product manager manages one or more tangible products. However, the term may be used to describe a person who manages intangible products, such as music, information, and services.
A product manager's role in tangible goods industries is similar to a program director's role in service industries.
Diverse interpretations regarding the role of the product manager are the norm. The product manager title is often used in many ways to describe drastically different duties and responsibilities. Even within the high-tech industry where product management is better defined, the product manager's job description varies widely among companies. This is due to tradition and intuitive interpretations by different individuals.
In the financial services industry (banking, insurance etc.), product managers manage products (for example, credit card portfolios), their profit and loss, and also determine the business development strategy.
In some companies, the product manager also acts as a:
Product marketing manager — may perform all outbound marketing activities
Project manager — may perform all activities related to schedule and resource management
Program manager — may perform activities related to schedule, resource, and cross-functional execution.
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