Project and product management are two disciplines which have their own defined roles, models and methods. But they are connected and share some of these roles models and methods especially in the field of custom software development. This paper shows common ground between the two disciplines using state of the art literature as well as interviews of persons working in both fields. As a result a clear distinction between the two fields could be made where possible and com-mon roles, models and methods and their relevant connection points could be identified. Based on these models where developed to make effective use of the common ground and to outline possibilities of project managers pursuing careers in product management. This helps people working in either field not just to understand the other but also executive managers to establish effective and efficient project and product man-agers within their organizations.