[sanderjd]

Creating value != creating features, but it might equal managing them. Determining which ones to not create or to remove is also "managing".

[alexhaar]

Fair point, I should have left out the second part. My point is that creating value shouldn't be associated at all with features. Creating value might be 1) striking a deal with a partner, 2) tweaking an operational process, 3) improving a customer support script, etc etc etc.

[kyllo]

1) striking a deal with a partner, 2) tweaking an operational process, 3) improving a customer support script, etc etc etc.

Yes these tasks add value, but that doesn't necessarily mean they are, or should be, part of the Product Manager's job description. They may get done by Product Managers in some cases, but they could also be done by people in various other roles.