Product Owner is a role in Scrum framework (formally one of the three accountabilities in the Scrum Team). Product Manager, however, is a framework-agnostic discipline, which often refers to someone who oversees the whole lifecycle of a product. The role dates back to 1930s and has recently been further popularised by tech companies.
In practice, different organisations approach the two roles differently. In Scrum, the Product Owner owns his/her product end-to-end (so quite similar to a Product Manager). This encompasses both the strategic focus (visioning, goal setting, stakeholder management, release planning, product discovery, etc)Â as well as the tactical one (product development and delivery including product backlog management, refinement, value maximisation etc).
In some organisations where Scrum is practices PMs and POs co-exist where PMs often take care of the strategic area of the product (product discovery) and POs drive the tactical focus at team level (product development). Here the question should rather be " What is the right organisational design to foster rapid innovation and empirical learning?". That is the single most important measure.
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