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Software product managers play an important role in the software development organization while being responsible for the strategy, business case, product roadmap, high-level requirements, product deployment (release-management), and retirement plan. This article explores the problems that affect the software product management process, their perceived frequency and perceived severity. The data were collected by a systematic literature review (5 main databases were analyzed), interviews (10 software product managers from IT companies), and surveys (89 participants). 95 software product management problems assigned nonexclusively to 7 areas were identified. 27 commonly mentioned software product management problems were evaluated for their perceived frequency and perceived severity. The problems perceived as the most frequent are: determining the true value of the product that the customer needs, strategy and priorities change frequently, technical debt, working in silos, and balancing between reactive and proactive work. In total, 95 problems have been identified which have been narrowed down to 27 problems based on their occurrence in at least 3 interviews. These selected problems were prioritized by perceived frequency and perceived severity. 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