Empower Your Product Management with a Customer Service Management System for Product Management

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with the rapid growth in technology there is a tremendous transformation in the need for product products are something that we practically can't live without in our daily lives we use thousands of products could be a mobile phone laptop headphones or many more but we are not just dependent on the hardware products applications are a part of our lives as well from ordering daily required stuff online to binge watching to ordering food online to being socialized applications have made our lives easier taking an example of netflix as a product so far in the last three years we have seen an extreme growth in its in 2020 netflix total worth was 238.89 billion whereas in 2021 it has reached to 267.46 billion it is expected to have a total worth of 293.64 billion dollars till the end of 2022. to cop up with our changing demands concerning the need for the product product management makes it easier to fulfill our daily product requirement and create enormous business growth to understand more about product management let us move ahead with our session hey guys welcome to this video where we are going to learn what is product management but before we start if you haven't subscribed to our channel then click on the subscribe button and hit the bell icon to never miss an update from simplylearn let us proceed and talk about the objectives of our session today we will start our session by understanding what is product management and why is product management important in today's modern era after that we will be talking about the areas of product management and the life cycle of product management moving forward we will understand the difference between product management and project management and the skills that are necessary to thrive in product management at last we'll wrap up this session by talking about the companies that are hiring product managers and the future of product management so without any further delay let's proceed and understand what is product management product management is managing the process of the product throughout the life cycle from strategizing to design and development to branding of the product product management involves strategizing of the products to enhance business and create customers value it also involves creating product roadmaps to design and develop the product it involves specifying functional requirement and creating blueprints to develop the product as per customer requirement once the product is developed it is important to manage the customer feedback and only then the price of the product is finalized let us proceed and understand why product management is important so product and market are the two essentials of marketing product management plays a crucial role in the success of the product as product management is avoid stop the market inside the industry product management helps in creating customers value and business benefits now let us proceed and talk about the areas of product management so product management is divided into three key areas product discovery product planning and product development let us move ahead and know what is product discovery and what are the various part that product discovery follow the very first phase of product discovery is alignment where the team is created and the task is allotted to the team to work on a particular project the next phase of product discovery is research the research work is done to know what are the requirement of the product and what does a user need from the product the team researches on the problem statement and check whether the gathered data is correct or not the next phase of product discovery is ideation the team starts to find a solution for the problem statement in the next phase of creation the team starts to create a prototype of this product and test it within the team or may be outside the team in the next phase of validation the product is validated to know whether the product is worth spending the resource money or time or not after product validation the refinement process is done the process of product discovery is aligned to meet the need of the business codes after product discovery product planning is the next area of product management product planning involves four steps number one identifying profit the process is done to check the success of the product and to know what would be the profit out of it the next phase of product planning is evaluation of the product the product is evaluated to check the suitability and safety of the product for the users in the next phase we have allocation of the resources and time plannings the resources needed for the product are allocated to the team and a particular time period is planned to provide the product to the customers the last phase of product planning is complete pre-product planning so before we start the development process it is necessary to plan and execute every task so that the development of the product should be complete without any further delay once the discovery and planning are done the product is moved towards the stage of the development product development follows the process of idea the solution for the problem statement is already there in the discovery phase now the development team start to work on that idea and start to develop the product using that idea so once you walk into this step of product planning and you have the idea of what to do and how to it is important to do some market research as well this research will look out for a market to sell your product now you got the market to sell your product it is important to do some development of the product in the planning phase we have already created the prototype of the product the prototype is already tested in the team so now the development team will start to develop the product using that prototype once the product is developed product validation is done the product validation means the product undergoes the validation process where the product is tested through every aspect of the testing process so that the user doesn't find any difficulty using the services of the product and once the product is validated it is launched into the market launching means to provide the services of the product to the users now let us move ahead and talk about the lifecycle of product management the first phase of product management is product framing the step involves creating a vision of the product and identifying problems and defining its success the next phase of life cycle of product management is research research means to learning from the people about the need and values of the product the next phase of life cycle is designing in this space the team synthesized visions ideas and research in the prototype of the product in the next phase of plotting the testing and solution of the product is done in the real time with real people after plotting the product the product is launched into the market launching means to send your product into the wild and let it flourish and once the product is launched into the market it is important to do the measurements measurement means using matrices and data to check the success of the product and plan the improvements for it now the question arises what is the difference between the areas of product management and the life cycle of product management so the areas of product management describe every sub phase that come under every phase of product management or that come under area of product management whereas the life cycle of product management represents the workflow of product management as a complete process a lot of us tends to get confused between product management and project management so let us proceed and understand the difference between the two bold terms product management leads to the external market operations and management whereas project management leads to the management of internal operations product management deals to the project given to the whole company whereas the project management deals with the particular project given to the manager or the team the life cycle of product management is product framing research design plot launch and measure whereas the life cycle of project management is initiating planning executing monitoring and controlling and closing in product management manager must be good at market research strategic thinking and business service whereas in project management the manager must be good at planning and budget organizing moving on to the skills that are necessary to thrive in product management the skills that are mandatory for a product manager are technical skills the manager must know how to perform some specific tasks the knowledge could be of any programming language or some specific tools presentation skills the product manager must have the ability to deliver the presentation in attractive creative and informative ways analytical skills the manager must know how to provide the information in shorter ways and get the conclusion communication skills the manager must be able to deliver the information in such a way that the audience can understand it properly time management the manager must have the skills to manage the time efficiently team management the manager must be able to lead a group of the people working together to achieve a common goal to choose a right field as a career option it is necessary to know what would be the scope of the field in the market so let us take a look at the companies that are hiring product managers there are more than forty thousands opening in india and more than fifteen thousand opening in u.s for product managers the companies that are hiring product managers are google microsoft amazon salesforce uber swiggy and many product management is a role that takes the complete responsibility for the success of the product and product management is a career that fit everyone that have the skills and ability to work home so to build a career out of it started now and what do you understand what does a product manager do do let us know in the comment section below thank you for being here keep learning and stay tuned to simply learn hi there if you like this video subscribe to the simply learn youtube channel and click here to watch similar videos turn it up and get certified click here