Market research and idea development

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What industries do product managers work in?
A product manager can work in different industries, from construction to IT. But in product management, a product is most often understood as a digital solution or a mix at the junction of digital and physical. This could be, for example, an app for ordering groceries at home or an aggregator for searching for plane tickets.

According to a study by ProductSence and Yandex Praktikum, in the IT sphere, product managers most often work in fintech and banks. This is what 26% of respondents answered in the survey. In second and third place in the rating are training services and online stores, including food delivery ones.


In the IT sphere, product managers most often work in fintech and banks (data in %)
Product Manager Tasks
Every product has a life cycle - a set of stages from the development of an idea to honduras phone number list its exit from the market. All tasks of a product manager can be correlated with different stages of the life cycle.

At the first stage, the product manager researches the market and potential customers, namely:

Analyzes competitors. Evaluates which solutions have already been created and which niches are still free.
Studies trends. Gets acquainted with news and innovations in the industry in which he works.
Finds out the needs of the audience. Including conducting marketing research: surveys, interviews, focus groups.
Based on the analysis, the manager comes up with a number of hypotheses about what kind of product the market needs: what problems the target audience has and how they can be solved. If there are many hypotheses, the team conducts additional research and selects one or two best ideas that will be put into operation.