Product Development vs Product Management
Here are the following differences between product development and product management:
Aspect | Product Development | Product Management |
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Focus | Creating the product. | Managing the product throughout its lifecycle. |
Primary Goal | To create, manufacture, and launch a new product. |
To ensure that the product aligns with market demands and continues to meet customer needs throughout its lifecycle. |
Role | Involves creating the product, from idea to launch. | Involves overseeing the product’s entire lifecycle, from idea to retirement. |
Responsibilities |
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Timeline | Focused on specific project timelines for individual product development efforts. | Considers the long-term lifecycle of the product, from its introduction to its eventual retirement. |
Customer Engagement | Involves engagement during product development, especially in testing and feedback stages. | Engages with customers throughout the product’s lifecycle, gathering feedback and insights to make improvements and adaptations. |
Flexibility | Often follows a structured, sequential approach. | Requires flexibility and adaptability to respond to changing market conditions and customer feedback. |
Key Output | The product itself, created and ready for market launch. | Informed decisions on how to enhance and manage the product during its lifecycle. |
Stakeholder Collaboration | Collaborates closely with design, engineering, and testing teams. | Collaborates with various teams, including marketing, engineering, and customer support, to ensure the product’s success. |
Success Criteria | Success is often measured by the successful launch and adoption of the product in the market. | Success is evaluated based on the product’s ability to meet customer needs, generate revenue, and maintain competitiveness over time. |
Product Development Vs Product Management
Product development focuses on creating the product, product management is responsible for the product’s life cycle. Product managers deal with tasks such as market research, competitive analysis, and feature prioritization. Product development teams take these inputs and turn them into a tangible product.
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