Prioritizing features involves considering factors such as customer needs, market demand, business goals, technical feasibility, and resource constraints. Product managers typically use techniques like user research, data analysis, stakeholder input, and prioritization frameworks (e.g., MoSCoW, Kano) to determine which features or requirements should be tackled first.

Product managers employ various methods to gather customer feedback, including user interviews, surveys, usability testing, and data analysis. They engage with customers to understand their pain points, preferences, and desires, enabling them to make informed decisions and improve the product based on user insights.

Success for a product can be defined through different metrics depending on the goals and context. Common metrics include user adoption and engagement, revenue or profitability, customer satisfaction, market share, and retention. Product managers collaborate with stakeholders to define measurable objectives and track progress towards achieving them.

Managing competing priorities and stakeholders involves effective communication, negotiation, and decision-making skills. Product managers must align diverse perspectives and interests, prioritize based on strategic goals, and clearly communicate trade-offs. Building strong relationships and fostering collaboration among teams and stakeholders is crucial for successful product management.