Product managers frequently deal with issues like juggling competing stakeholder priorities, overseeing tight deadlines and resources, keeping up with quickly changing market trends and technological advancements, effectively communicating the organization's product vision and strategy, and making decisions in unclear or ambiguous circumstances.

Based on a variety of criteria, including customer wants and feedback, market demand, corporate goals and objectives, competitive analysis, technological viability, and possible effects on the user experience and product value, product managers rank items on the product roadmap in order of priority. They frequently make use of frameworks like MoSCoW, user narrative mapping, and value vs. effort analyses.

Maintaining a customer-centric approach, regularly obtaining and evaluating market and user feedback, encouraging teamwork and communication, setting strict priorities based on data and strategic objectives, iterating and experimenting with product features and solutions, remaining flexible and responsive to shifting market conditions, and taking the initiative to address problems and seize opportunities for innovation and growth are some best practices for successful product management.