In the context of software products.
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Product managers act as a sort of glue between the high-level, strategic objectives of a company or team and the low-level implementation details.
For example, a product manager for Reddit might be on a team focused on user engagement, as measured by how many posts users read per session. That PM would try to come up with ideas for how to raise that number (that’s the business objective part). For example, they might say “aha, I bet if we sprinkle in posts from a related subreddit, people will read more”. Then they’d work with a designer to try to figure out what those sprinkled-in posts might actually look like (that’s the implementation details part) in the Reddit website or mobile app. And then they and the designer would write out a spec for what the site should do and give that to software engineers to actually build it.
The details of this process vary a lot from company to company, but that’s the gist.
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