Product vs Projects

A product is anything that can be offered to a market to solve a problem, or to satisfy a want or need. Products have a cycle that consists of multiple stages. First, the product is conceived, then developed, then introduced and managed in the market, and finally, the product is retired when the need for it diminishes.

In resume, a product could be anything, and PM is not always in charge of an entire product, but of certain sections of it. A specific feature can be assigned to an entire feature team to develop it.
For example, Facebook’s newsfeed has more PMs working on different parts of it, and PMs can also be split up by platform.

A project is a temporary endeavor that is undertaken to create a unique product or service. With a project, there is a clear definition of what needs to be delivered by a specified date in time. Like in the previous item, projects are usually carried out by a project team.

It’s important to note that a product can only be developed within the context of a project, and multiple projects can occur within a product’s life cycle. Unlike with a project, with a product, there is no clear definition of what has to be delivered. Customer needs naturally evolve over time, and products must evolve to serve customer needs. Project and Product Managers must understand this clearly.

With products, there are no clear deadlines or an end date, so Product Managers move around in a unique way. A customer expects a product to meet their needs right now, not at some distant point in the future. Thus, product development is not a temporary or occasional endeavor. It is a continuous process of delivering new features and improving a given product over time to satisfy changing user needs.