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Product Management @ Lastbyte

Introduction

In recent years, the role of product management has surged in popularity. Despite its growing demand, the responsibilities of product managers remain somewhat ambiguous. Before delving into the specifics of product management, let's first explore some foundational concepts.


Product manager writing on a whiteboard

What is a Product?

A product is any item or service sold to meet customer needs or wants. In today’s world, the term "product" often brings to mind digital products, such as apps like Gmail or Zomato. However, products can also be physical, such as refrigerators, TVs, and phones. Services, too, can be either digital (like Netflix) or physical (like eating food in a restaurant). Some companies, like Uber, bridge both realms by offering a digital product (the app) and a physical service (transportation from point A to point B).


What is Product Management?

Product management involves driving the development, launch, and continuous improvement of a company’s products. In simple terms, it’s the art of ensuring that products are developed and delivered on time and with high quality. This role spans the entire lifecycle of product creation and launch.


Who is a Product Manager?

You might have heard that a “product manager is the CEO of the product.” While this analogy captures some aspects, it’s not entirely accurate. At Lastbyte, we believe that a product manager should think like a CEO, execute like a COO, tell stories like a CMO, and deliver like a CFO.

  • CEO Mindset: Think broadly about vision, strategy, and team culture.

  • COO Execution: Be process-oriented, structured, and focused on output.

  • CMO Storytelling: Inspire the team, bring creativity, and maintain customer focus.

  • CFO Delivery: Drive product outcomes that provide the highest business value efficiently.

In essence, a product manager wears multiple hats depending on the product’s stage.


The Role of a Product Manager

  • Communication: A significant part of a product manager’s role involves communicating with customers and stakeholders. This includes understanding customer pain points, ensuring team alignment, and updating leadership on progress.

  • Product Design: Collaborate with design teams to define user experiences and create wireframes. Advocate for the user and ensure the design meets the target audience’s needs.

  • Engineering Execution: Work with engineering teams to implement designs, run planning meetings, and organize weekly tasks.

  • Business and Sales Collaboration: Develop launch plans, create marketing buzz, and measure the success of new features.

A product manager is the focal point of the product, ensuring all information flows through them and understanding each aspect of the product deeply.


How to Prepare to Be a Product Manager

To become a product manager, focus on these four key areas:

  • Be a Good Listener: Regularly interact with users to understand their needs.

  • Distinguish Needs from Wants: Understand that what users say they want may differ from what they need. For example, Spotify realized users didn’t need more storage but more music accessibility, leading to the music streaming model.

  • Collaborate to Solve Needs: Work with design, engineering, and business teams to address user needs.

  • Measure the Right Metrics: Identify and track the right metrics to ensure you meet your objectives. The saying "you get what you measure" highlights the importance of measuring correctly.


Conclusion

The best way to learn product management is by building and shipping products repeatedly. Each product launch provides valuable lessons, helping you refine your skills. You don’t need fancy degrees or prior experience—just the ability to build, ship, and repeat.

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