In the modern business scenario, the functions and responsibilities of several job roles are highly integrated and intertwined. Product Manager and Program Manager are two such roles that are often used synonymously in an organization. While both these roles are product-related, they have their fair share of differences and quirks.
Check out our management courses to upskill yourself.
What is the difference between Product Management and Program Management?
To understand what distinguishes Product Management from Program Management, we must first examine the roles of a Product Manager and Program Manager objectively. When you become aware of the unique features, skills, and responsibilities of these two roles, it will become much more comfortable to address the Product Management vs. Program Management debate. Not just that, it will also help you to navigate the confusing domains of enterprise-level project management.
Explore our Popular Management Courses
Product Management vs. Program Management
In layman’s terms, Product Management is a practice that aims to drive strategic business development through continual innovation, improvement, and support. As such, Product Managers are executives who take responsibility for one or more product offerings of a business, from the moment of conception to its final marketing.
On the other hand, Program Management refers to the processes involved in classifying, analyzing, and coordinating the interdependencies among products, projects, and other vital elements functioning within a company. This is why Program Managers usually have a lateral view of an organization – they are primarily focused on individual components that are crucial in driving the product design, development, and marketing.
Who is a Product Manager?
Product Managers are responsible for supervising and managing a product’s complete lifecycle. This involves identifying and prioritizing product and customer requirements and establishing the product vision. To ensure smooth product planning and execution, Product Managers have to work closely with other teams like design, engineering, sales, marketing, and customer support. The Product Manager has to ensure that the product vision is well-aligned with its overall strategy and goals.
- To develop, align, and execute product strategies with the company vision.
- To create timelines and roadmaps for the product development process.
- To develop effective product positioning strategies.
- To gather and analyze feedback from customers, stakeholders, and cross-functional teams to design product requirements and features.
- To identify areas of growth and create product line roadmaps to boost product adoption in the target market.
- To make creative recommendations to expand the company product base.
- To supervise all the stages of the product lifecycle, from concept ideation to product launch.
- Creative thinking with keen attention to detail.
- Excellent communication, presentation, and leadership qualities.
- Commendable organizational and time management skills
- In-depth knowledge of Agile methodology.
- Sharp analytical and problem-solving skills.
Top Management Skills to Learn in 2022
Who is a Program Manager?
Although the job responsibilities of Program Managers vary from industry to industry, they are primarily responsible for designing, coordinating, and upgrading the company’s internal and external programs. The critical task of a Program Manager is to design and develop such programs that are perfectly synced with the organization’s goals and vision.
They focus on the accomplishment of specific business goals by using the right mix of management tools. Program Managers decide how and when the company should launch new products. Furthermore, Program Managers are responsible for managing multiple portfolios of programs (projects) and also ensure the timely delivery of products specified under different programs.
- To expand program offerings and improve the quality of existing programs.
- To develop and implement strategies for the program team, including a well-designed risk mitigation plan.
- To analyze all possible risks associated with programs.
- To work with the HR team to manage staff and resources for programs.
- To manage budgets and report on fund allocation for individual programs.
- To report on program performance to the executive team and directors.
- To liaise with the marketing and customer support teams for promoting programs.
- To develop industry partnerships and identify opportunities for continual improvement.
- Excellent knowledge of project and program management methodologies.
- Experience in program management and team management.
- Proficient in Microsoft applications like Word, Outlook, and Excel.
- Strong understanding of budgeting and resource allocation.
- Conflict resolution and problem-solving skills.
Product Management vs. Program Management: Final Verdict
The business and the industry type define product Management and Program Management roles. Hence, the main difference between the two is that while program management is more of a strategic-level responsibility, project management is mainly tactical.
Product Managers focus on the design, development, and production of a company’s product offerings. Program Managers provide strategic guidance to Product Managers for the effective implementation of product development plans.
Product Management is mainly concerned with a product’s success or failure in the market. Thus, a Product Manager asks relevant questions about the product, such as:
- Why build the product this way?
- Which is the target buyer persona?
- What should be the optimal pricing?
- What features and functionality to prioritize?
While Product Management focuses on the specifics, Program Management takes a more comprehensive and organization-wide view of any business initiative, including product development. Hence, a Program Manager is concerned with How and When questions, such as:
- How to utilize time and human resources (customer support) for conducting pre-launch product training?
- How much budget should be allocated to these initiatives?
- When should the marketing department start working on collateral creation?
Also Read: Average Product Manager Salary in India
Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.
Our Top Management Articles
On careful consideration, you’ll find that all of these questions combined make for a cohesive project management plan. If a company invests adequate time, resources, and efforts into designing effective Product Management and Program Management strategies, it can only make tangible progress and gain competitive advantage.
In conclusion, both form a sturdy pair, ensuring the long-term success of a company. If you’re interested to become a great product manager, you need to demonstrate qualities of leadership, check out the Post Graduate Certificate in Product Management for it is you who’ll guide your team towards the path of success
What is a technical project manager and a project manager?
A project manager is the individual who supervises project teams and is responsible for ensuring the progress and correct trajectory of development activities. Project managers have to supervise the project, plan the schedule, ensure its timely completion, and resolve problems that might crop up in the project scope. Although project managers need to possess technical awareness, they are not directly involved in project execution. The role of the technical project manager is similar to that of the project manager, but they need to possess sound expertise in a specific IT field. They are more focused on the technological aspects of a particular project.
How much do product managers earn in India?
The role of the product manager is vital to the success of an organization. Companies are always in need of efficient product managers and even offer handsome compensation to those who possess the suitable skills and experience. Product managers are in high demand across different industries. The salary of a product manager in India can range from INR 5 lakhs and shoot up to INR 35 lakhs a year. On average, they earn around 16 lakhs per year. It is worth mentioning here that the average salary will vary as per the total work experience of the candidate, the skills they possess, and location.
What is the best program management certification?
Certifications are a powerful way to add value to your resume and convey to employers the knowledge and expertise you can bring to their organization. There are several certifications available today when we talk about program management. One of the best certifications is the one offered by Duke Corporate Education in collaboration with upGrad. Other useful certifications include the Program Management Professional (PgMP) certification offered by PMI, Six Sigma Green Belt, Six Sigma Black Belt, Certified Scrum Master, Master Project Management, and Certified Manager Certification.