You need to know the key differences between Product Manager and Project Manager.

Organizations are familiar with terms such as project manager, product manager, and project leader. However, most people confuse them with responsibilities. Is there a distinction between these roles? What are the differences if there are?
This article may be of help to you if you’re one of these people. Although they all relate and collaborate with one another, each has their own responsibilities. All three roles may exist in some organizations. In some organizations, one role may assume the responsibilities of another. An organization could have a product manager who also has the responsibilities of a project manager. A project manager assumes the responsibility of a leader. These terms are used by some organizations. In some cases, a project leader can also be a project manager.
These three roles have different responsibilities. Conflicts can be reduced by having a clear understanding of the responsibilities and limitations of each role. Understanding differences is essential.
Understanding the Difference
Product Manager, Project Manager, Leader – What is the Difference in Real Life?
Despite the fact that some organizations have all three roles, there is still confusion about what they do. What do they do? Let’s start by understanding the basics.
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Product vs. Project:
Let’s first understand the difference between product and project.
What is a Product?
A product is any product we create to meet the needs of its end users. It is something we offer to satisfy their needs. Products can be tangible products, non-tangible service or even software or applications. An organization can have a variety of products in its product portfolio. They pitch to the market to meet the needs of their customers. The strategy is the organization’s call.
What is a Project?
The project is a way to create a unique product, service, or result. Projects are temporary and have a defined time limit. Projects are therefore unique and drive organizational change.
Projects are managed within the constraints of budget, time, and resources.
We have now discussed the differences between product and project. Before we can explore the subject further, it is now possible to understand the product and project lifecycles.
Let’s examine the differences and similarities between the project lifecycle and the product lifecycle.
Life Cycle of Product:

Figure 1.1: Product life cycle
Image Source: https://commons.wikimedia.org
Every product goes through different phases during its life cycle. These phases include:
1. Conceptualization and development
2. Introduction
3. Growth
4. Maturity
5. Decline
Sometimes, development and conceptualization are not part of the product life cycle. A product is an idea during conceptualization. A product is in the design stage during development. It is then made available to the market. This is where end users consume it. It then moves on to the Growth Phase where it captures market volumes. It reaches maturity and gains market stability. After a period of time in the decline phase, this leads to product decline. This ends the current product’s life. (Refer to Figure 1.1).
Project Life Cycle:

Figure 1.2: Project lifecycle
Image Source: https://cio-wiki.org/?page=project-life-cycle
These are the phases of a project’s life cycle:
1. Start the Project.
2. Organizing and Preparing