Product management is role in some company or industry that the job is to create new product or improve existing product. usually product management nowdays is more focus in the tech industry which the person who handle product management called Product Manager. in this role, they in charge regarding overall success of the product they handle
This is good questions, people often think that product manager is someone who manage all of the product, previously when i work in one of hotel industry, my friends always think that i manage the hotel, because they think is the Hotel is the product.
Indeed that we can think hotel is a product, but in product management product can be multiple think for example, when the customer want to book hotel and they use our Application that they can download in Play Store or App Store, we can think that apps is an Product.
In those apps there will be a lot of feature for example list of Facility that the hotel have, that can be called as product.
Or when the finance team want to pull regarding financial data from the internal system, the internal system also can be called product.
A lot of people who works with product manager think that product manager just a feature guy, or someone who think what is the next feature that needs to be developed, this is something that not entirely wrong, because one of our role is to make sure the product is to make it successful, but in the way to make it successful we need to develop. but in the other side as Product Manager we don’t always think to creating something but we should think about the COST.
Should cost is managed by the finance guy or someone from business team? Well not like that, cost that we think is not always money, but any resource that the company have for example:
Product management is a role in a company that involves creating or improving products, with a focus on the tech industry. Product managers are responsible for the overall success of the product they handle, which can include apps, features, and internal systems. While the role involves developing new features, product managers also need to consider costs, which can include money, time, bandwidth, and opportunity costs.