5. Career in product management

Developed User Empathy

A Product Manager must understand the crisis situations of consumers, such as having a tight budget, escalating prices, or poverty. This understanding helps guide important decisions like pricing strategy, promotional strategy, and the choice of ingredients and raw materials, so the selling price will not increase too much.

Empathy

Ability of anybody to enter a crisis situation of another and experience the crisis himself. A very nice quality of a person to have. User refers to the consumer.

Be a Problem Solver

A Product Manager should follow universal steps in problem solving and decision making.

Step 1: Recognize the apparent problem, issue, or concern

Identify the problem as it initially appears. An apparent problem is what we first see, such as a student being late, not participating, or not taking notes.

Step 2: Investigate and ask questions related to the apparent problem

Ask questions to better understand the problem and determine what solution is needed.

Step 3: Identify the real problem or root cause of the apparent problem

The apparent problem is only a symptom. Asking the right questions helps identify the root cause.

Step 4: Generate alternative solutions or courses of action

List all possible solutions and evaluate them based on pros and cons, durability, and realism.

Step 5: Choose the most effective and optimal solution

Select the solution that best addresses the root cause of the problem.

Step 6: Implement the solution

Put the chosen solution into action.

Become Hyper-Organized

Organizing work modules, assigning tasks to people, establishing deadlines, and defining desired outputs.

Leadership

Focuses on people and involves guiding, motivating, and inspiring others.

Management

Often seen as a colder version of leadership because it focuses more on results and relies heavily on systems and functions.

Planning

Setting goals and deciding in advance how to achieve them.

SWOT Analysis

A planning tool used to analyze strengths, weaknesses, opportunities, and threats.

PESTEL Analysis

A planning tool used to analyze Political, Economic, Social, Technological, Environmental, and Legal factors.

Forecasting and Scenario Analysis

Estimating future trends and possible situations to support planning.

Desired Results and Standards of Performance

Setting goals and determining acceptable levels of performance.

Cascading of Desired Results

Breaking down goals from higher organizational levels to lower levels and across time frames.

Organizational Cascading

Company goal, division goal, department goal, section goal, team goal, and position goal.

Time Cascading

Long-term, medium-term, short-term, monthly, weekly, and daily goals.

Programming of Work

Identifying and arranging work activities that need to be done.

Scheduling

Determining when work activities will start and finish.

Policy Formulation

Creating policies to guide actions and decisions.

Budgeting

Allocating resources to support plans and activities.

Organizing

Arranging tasks, people, and resources to achieve goals.

Hierarchy of Leadership

The levels of leadership within an organization.

Modules of Work Derived from Goals and Objectives

Work activities created based on organizational goals and objectives.

Organizational Structure

The arrangement of relationships and responsibilities within an organization.

Vertical / Command and Obey Relationship

A superior-subordinate relationship where instructions flow downward.

Horizontal / Advice and Council Relationship

A relationship where departments provide advice and support rather than direct authority.

Job Delegation

Assigning responsibilities, authority, and accountability to others.

Responsibilities

Tasks assigned to a person as part of delegation.

Authority

The right and power given to perform assigned tasks.

Accountability

Being answerable for the results of assigned tasks.

Leading

Directing and influencing people to achieve goals.

Communication

The process of sharing information and understanding with others.

Motivation

Encouraging people to perform and achieve goals.

Training and Development

Activities designed to improve skills, knowledge, and capabilities.

Controlling

Monitoring and measuring performance to ensure goals are achieved.

Performance Monitoring

Tracking actual performance.

Performance Measurement

Comparing actual performance against standards.

Actual Performance

The results that are actually achieved.

Standards of Performance

The expected level of performance.

Tolerance Limits

Acceptable variations from performance standards.

Performance Correction or Improvement

Taking action to improve performance when needed.

Correct or Improved Performance

Performance that has been enhanced to meet standards.

Revise Desired Results

Adjusting goals when necessary.

Revise Standards of Performance

Adjusting performance expectations when necessary.

Sustain Actual Performance Equal to Standards

Maintaining performance that meets expectations.

Recognition of Good Performance and Admonishing Poor Performance

Rewarding good work and correcting poor work.

Management

Achieving desired results (goals and objectives) through and with other people.

Interest in Product Management

A person interested in Product Management should continuously improve by reading newspapers, attending seminars, and staying informed about current trends.