The main difference between Product Management and Portfolio Management is that Product Management is focused on developing and managing individual products, while Portfolio Management is focused on managing a collection of products or services.
Before we move to more differences, let’s first understand Product Management and Portfolio Management:
- Product Management: Product Management involves managing the development, launch, and ongoing performance of a single product or service. This includes everything from defining the product roadmap to working with cross-functional teams to ensure successful delivery.
- Portfolio Management: Portfolio Management is focused on managing a collection of products or services as a group, with the aim of achieving overall strategic goals.
Now, let’s get to Product Management vs Portfolio Management:
Major differences between Product Management and Portfolio Management
|Product Management||Portfolio Management|
|Product Management focuses on a single product or service.||Portfolio Management is concerned with a collection of products or services.|
|Product Management is responsible for the entire product lifecycle.||Portfolio Management is focused on the strategic goals of the product portfolio.|
|Product Managers work closely with cross-functional teams to deliver the product.||Portfolio Managers work with stakeholders to ensure alignment with business objectives.|
|Product Management is focused on delivering a product that meets the needs of a specific market.||Portfolio Management is concerned with balancing the overall mix of products or services.|
|Product Management is responsible for the success of a single product.||Portfolio Management is responsible for the overall success of the product portfolio.|
So, these are the main differences between the entities.
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