Product Manager vs. Project Manager: Which is better?
Who wins between Product Manager and Project Manager? Which career path should you choose? How do they interact? They almost sound the exact same. These are two completely different professions that require completely different skills and knowledge.
Product Manager is responsible for developing products or services, increasing profit, and satisfying customers. The Project Manager is responsible for implementing the product or service within the constraints of budget, time, and scope.
To be effective and efficient as a Product Manager or Project Manager, you need to have different personality traits.
Let’s get started.
I recommend watching the video as it contains more illustrations.Product vs Project Management
Let’s start with product management, as it is an important part of the product lifecycle.
Here’s how to best understand the difference.
One or more project life cycles can be included in the product life cycle.
This means that you may need multiple projects to launch a new product/service.
Product management has two main goals:
Profit margins can be increased
Market share to increase
…of the product/service that we provide.
Project management is about delivering the product on time and within budget.
Product management is therefore a larger entity. It acts as an umbrella for many projects.
However, this does not mean that product managers have to work with larger budgets or a wider scope of work. Sometimes project managers handle the entire work, while product managers focus on the vision and goal.
Okay, here’s a side note.
Understanding that there may be other projects that go beyond the creation of any product or service is important. There might be products that only require one project to complete the Product Life Cycle, or at least the major portion of it.
We launch the product and create it within one project.
Let’s now compare the responsibilities for a project manager and a product manager.
Product Manager’s Responsibilities
The Product Manager is responsible to maximize the profits of the service or product we create.
He or she is responsible to achieve the sales goals before the CEO or department manager for this product.
Product Manager Develops Product Roadmap
A Product Manager at a higher level must develop a vision of the product or service. Or, in other words, the direction of development it will take.
It all comes down to identifying the features that we need to make this product successful.
If it is an existing product, we will need to make it better. The Product Manager must decide which features or effects to add.
To what end? To increase:
Revenue from the product
Adoption of the product
The Product Road Map is created by the Product Manager with all these capabilities and features in mind.
It is a list of features that we will add to the product/service.
Okay, so that’s one aspect of product development. The other side is its features and capabilities.
Product Manager Creates Ideal Client Avatar
But, before that, we need to understand for whom it is created.
Who is our ideal customer?
Which niche should we create the product for?
What pricing strategy is used for this niche, these users, and the product we will use?
The product manager must then develop a positioning strategy.
The Product Manager Oversaw the Launch of the Product
All these efforts will result in the product manager needing to ensure the launch or update of the product. This means that he must collaborate with other departments.
These departments are usually not managed by the product manager. He works closely with the proj