To effectively evaluate the two forms of management, it is essential to first distinguish them. Product Management involves developing the organization’s product – some companies even make their own products instead of outsourcing from other vendors. The Product Manager bears the responsibility of defining the project’s vision, goals, and business trajectory to maintain its functionality. As their work mainly pertains to leading a team, they perform high-level tasks.

When discussing product management, we are referring to any service or item created by an organization to fulfill the needs of their customers or clients. The product manager’s responsibilities may differ from organization to organization or team to team, given that this is a relatively new role. Some of the specific tasks a product manager may include:

• Defining key performance indicators for successful products
• Identifying and addressing consumer needs while effectively communicating them to the product team
• Collaborating with cross-functional teams, including engineering, design, and marketing, to develop and implement product strategies
• Conducting market analysis and research to enhance product growth and improvement
• Maintaining a vigilant eye on product performance
• Testing and monitoring new product features
• Keeping a close watch on competitors.

As a product manager, you bear significant responsibility for ensuring that hands-on tasks are completed and that the project manager is not interrupted during the project process. It is important to note that the role of the product manager involves strategic thinking, while the project manager is typically more focused on executing tasks.