A managed website means that we would manage the entire aspect of the site. This means that we would handle the hosting, security, content updates, technical SEO, local SEO, ecommerce SEO, and analytics.
Does it mean that we would create the content? Well, if you are willing to pay a premium, we can. However, we do not suggest you take that approach. You know much more about your industry and your business than we ever will. We prefer the partner approach where we will help create the road map, and you help us create the content. We would of course update the site as required. With more mature sites, we can even give you full access to the back end so you can do minor updates yourself.