The four functions of Product Management

What is product management?

Let’s be honest—it’s one of those roles that feels easy to describe but impossible to define. Search for it online, and you’ll find visuals that place a Product Manager at the intersection of design, engineering, and “business.” Others might describe the PM as the “CEO of the product.” But let’s face it: the first is a reductionist diagram that offers little practical insight, while the second is an overused metaphor that highlights responsibility without clarity. After all, how do you define what a CEO actually does?

When I first discovered product management, I dove into every definition I could find. I read articles, devoured books, and listened to podcasts, hoping to pin it down. But the definitions were always incomplete—some nailed certain aspects while ignoring others. It was frustrating. I wanted to understand the role deeply enough to excel at it.

This need became even more urgent as I transitioned into a leadership role. When it’s just you, intuition and a toolbox of skills can get you pretty far. But when you’re tasked with mentoring others—helping them develop into great product managers—you need a clear framework. Something practical. Something actionable. Something you can use as a guide when things get messy.

So, I started to think about it differently. What if I broke product management into core functions? Instead of trying to define the role with a single sentence or a clever metaphor, what if I focused on the core activities a great PM must master? After a lot of thought (and many coffee-fueled debates), I landed on four essential functions:

1. Product Strategy

Product strategy is like a compass—it helps you navigate through uncertainty. A strong PM understands the big picture and how their product fits into it. At its core, product strategy is about balancing three interconnected elements:

• The Customer: Who are they? What are their pain points, goals, and motivations? What options do they have today, and why might they choose (or not choose) your product?

• The Market: What’s happening in the broader landscape? What trends, competitors, and forces could shape the future of your product?

• The Business Goals: How does your product contribute to the company’s success? What’s the long-term vision, and what metrics signal progress?

Great product strategy isn’t about having all the answers—it’s about asking the right questions and constantly refining your approach based on new information.

2. Product Discovery

If product strategy is the compass, product discovery is the map-making process. It’s how you explore and define what your product should become. This function is all about identifying the right problems to solve and testing potential solutions before committing to them.

Product discovery involves:

• Talking to users and deeply understanding their needs.

• Running experiments to validate (or invalidate) ideas.

• Collaborating with design and engineering to explore feasibility.

The goal? Build confidence that what you’re about to build is valuable, usable, and feasible.

3. Product Planning

Here’s where strategy and discovery meet execution. Product planning is about turning insights into a clear, actionable plan. This includes:

• Prioritizing features and initiatives.

• Defining clear goals and success metrics.

• Aligning with stakeholders to ensure everyone’s on the same page.

Effective planning bridges the gap between “what we want to achieve” and “how we’re going to achieve it.”

4. Product Delivery

Finally, there’s product delivery—the part everyone sees. This function is about executing the plan, collaborating with engineering, and ensuring the product reaches customers in the best possible way. Delivery is where you:

• Remove blockers and clear the path for your team.

• Communicate progress and manage expectations.

• Iterate post-launch based on feedback and learnings.

While delivery is often the most visible aspect of product management, it’s the culmination of everything else. Without strategy, discovery, and planning, delivery risks becoming chaotic.

The Balancing Act

These four functions—strategy, discovery, planning, and delivery—are the backbone of product management. Mastering them isn’t about choosing one over the other; it’s about constantly balancing all four.

When teammates or aspiring PMs ask me, “What does a Product Manager actually do?” this is the framework I share. It’s not revolutionary—it’s a collection of insights I’ve gathered from reading, observing, and doing. But it’s practical, and it works.

So, the next time someone asks, “What is product management?” feel free to skip the Venn diagrams and CEO analogies. Instead, tell them it’s about mastering these four functions—and constantly learning how to do them better.