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A product manager is in charge of the high-level creation of product requirements and usually carries the final responsibility for the success or failure of a particular feature or project. They need to make sure that each feature keeps customers satisfied and helps the business meet their goals. Depending on the organization, a product manager can have very significant or somewhat limited autonomy.
They set the entire product vision by liaising with the (corporate) management team and marketing team on specific business objectives to figure out an optimal product strategy. Once determined, they coordinate with the product owner to set the specific technical requirements that need to be handled by the design and development teams to timely execute said strategy.