Compendium admissions 2023-25


Key differences between product managers and project managers



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PI Prep Kit 2023

Key differences between product managers and project managers
Product Manager’s Functions
Project Manager’s Functions Researching Breaking down large initiatives into tasks Setting product vision Planning project timelines


102 Communicating vision to stakeholders Allocating project resources Developing a strategic plan Monitoring and tracking task completion Creating and maintaining the product roadmap Communicating progress to stakeholders Overseeing and driving development Ensuring project completion in a set timeframe
Product Mix
A successful product mix strategy has four dimensions
Width
: Total number of product lines a company offers.
Length
: Total number of products in a company’s product mix.
Depth
: Total number of product variations in a product line.
Consistency
: Indicates how product lines relate to one another.
Product Life Cycle

It is the amount of time a product goes from being introduced into the market until it's taken off the shelves. There are four stages in a product's life cycle, i.e., introduction, growth, maturity, and decline.



103


Gartner Hype Cycle
It provides a graphic representation of the maturity and adoption of technologies and applications and how they are potentially relevant to solving real business problems and exploiting new opportunities.



104


PM Frameworks

CIRCLE Framework
● Comprehend the situation
● Identify the customers who will benefit from this product
● Report the needs of the customers
● Cut through different priorities and select the highest priority feature or customer group
● List all solutions
● Evaluate the tradeoffs through analysis

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