Definition
Product management is the organizational function responsible for determining what a product should be, who it should serve, and how it should evolve to deliver value for both users and the business. A product manager sits at the intersection of user experience, business viability, and technical feasibility -- often described as the "CEO of the product," though without the authority that metaphor implies.
The discipline encompasses research (understanding the market and users), strategy (deciding where to play and how to win), execution (turning strategy into shipped product), and iteration (learning from outcomes and adapting). A PM at Airbnb might spend their morning reviewing booking funnel data, their afternoon in a design review for a new host feature, and their evening prepping a roadmap presentation for leadership. The role is defined more by its breadth than any single activity.
Product management as a distinct function emerged in 1931 when Procter & Gamble assigned Neil McElroy to oversee Camay soap as a standalone business unit. In tech, the role evolved through HP's product division model in the 1960s, Microsoft's program management in the 1980s, and Google's APM program in the 2000s. Today it's one of the most sought-after roles in technology.
Why It Matters for Product Managers
Understanding what product management is and isn't helps PMs be more effective in the role. The biggest source of PM dysfunction is role ambiguity -- PMs who think they're mini-CEOs make unilateral decisions that alienate engineering. PMs who think they're project managers track Jira tickets but never challenge whether the team is solving the right problem.
The role varies dramatically by context. At a 10-person startup, the PM (if one exists) might be the founder, doing everything from user interviews to SQL queries to pricing decisions. At Amazon, a PM writes detailed 6-page documents and navigates a complex organizational structure. At Spotify, a PM works within the Squad model alongside a designer and tech lead. Understanding these variations helps you adapt your approach to your specific environment.
The core thread across all contexts is accountability for outcomes, not outputs. A PM isn't measured by how many features shipped but by whether the product achieved its goals: user adoption, retention, revenue, or whatever metric represents the product strategy. This outcome orientation is what distinguishes product management from project management, which is accountable for delivery.
How It Works in Practice
Common Pitfalls
Related Concepts
Product strategy is the foundation that gives product management direction -- without strategy, PM devolves into ad hoc feature requests. Product-market fit is the milestone that validates whether your product management work is aimed at the right target. The PM career ladder describes how the role evolves from individual contributor to leadership, with each level requiring different skills. Use the PM Maturity Assessment to evaluate your team's product management practices across six dimensions.