Product, PM and the Major Phases of a Product Lifecycle | Product Managment

What is Product and Product Manager (PM) ?

The product can be anything. PM is not always responsible for the entire product. may be responsible for any part of the product.

Example: There are multiple PMs working on the Facebook newsfeed.

Product Managers are not the managers of anyone, they work for the final success of the product, and they provide communication by receiving feedback from everyone in every field.

PM Types

There are 3 types of PM. The difference is they have different stakeholders. Stakeholders are people who contribute to the product we are developing.

Examples of stakeholder: users, shareholders, lawyers, marketing.

Internal Product Manager

People who produce products for people within the company

Business to Business Product Manager

Customers are other companies
PM interacts with the company’s sales team

Business to Consumer Product Manager

Business to consumer product manager
most common type of PM
The customer is the average consumer
Requires a lot of vision and creativity
PM collects data from users to integrate it into the product

Introduction to Product Development

The 4 major phases of the Product Lifecycle:

Introduction

The company introduces its product to the market
There is little to no competition
Business often loses money from the product

Growth

The product is accepted by the market
Sales start to increase
The company starts improving the product
There are still few competitors

Maturity

Sales reach their peak
More competitors enter the market

Decline

The company reaches its saturation point
The sales begin to diminish
Products are phased out from the marketplace
The product is deemed old or irrelevant, interest begins to wane.

You can check out Google Trends to see how a company is evolving and in which stage it might be at the moment.