What is Product Management?
Product management refers to designing and building products while organizing the teams that contribute to this process. It guides every step of the product from development, to positioning and pricing, by focusing on the product and its customers first and foremost. Here, we present a detailed career guide to product management.
A product manager is a person who is responsible for improving the product as per the need of the customer and organization. Product managers often work collaboratively with engineers, designers, and other stakeholders to accomplish tasks, such as Testing products, identifying new products, etc.
A Product Manager is responsible for developing strategic plans to create a product and find the product’s targeted audience. His job duties also include creating marketing strategies and coordinating with the marketing team to promote the product.
What does a product manager do?
The primary responsibility of the Product Manager is to make strategic decisions related to product management and provide the in-depth expertise required to improve the product. Sometimes, the Product Manager also has to take care of the marketing and promotion activities necessary to promote the product. They also define the strategy, vision, and roadmap of the product. Moreover, they run pilot and beta programs before releasing the final product. They also analyze the market and find ways to promote the product in the market.
The eligibility criteria in this career guide to product management are discussed below:
You are required to have a bachelor’s degree in business or a related field. Those who have completed the bachelors’ degree in economics, advertising, marketing, communications, and statistics will be preferred.
This is not a compulsory requirement. However, it will provide an additional boost to your opportunities. Some of the companies hire candidates who have completed a master’s degree in management.
To reach an upper level in the hierarchy, you would be required to have a minimum work experience of 2-3 years in product management.
Some of the skills required for a Product Manager are:
- Business Expertise
- Leadership Skills
- Operational Ability
- Leadership Skills
- Strategic Thinking
- Analytical Skills
- Quantitative Skills
- Time Management
- Negotiating Skills
Product Management graduates are hired mainly by IT companies. They can also apply for a job at some other sectors such as Financial Services, Healthcare Companies, Manufacturing Companies, Banks, and Government agencies. The job roles of a Product Manager will vary from company to company. Some of the significant job profiles available for a Product Manager are discussed below:
Associate Product Manager
Assistant Product Manager is an entry-level job. Associate product managers (APM) report to product managers or group product managers. Their main job is working with the engineering team to develop the product lines, communicating with customers to identify their needs, and improve user experience. It is common for larger companies, such as Google, to make this job a rotational program. The associate product management job is ideal for fresh graduates looking for a career in product management.
The sales manager’s primary responsibility is to overlook direct and oversee the organization’s sales policies, objectives, and initiatives. They are required to set short- and long-term sales strategies and evaluate the effectiveness of current sales programs. Along with this, they also recommend product or service enhancements to improve customer satisfaction and sales potential.
This is the most common job title. The job description can vary a lot and the salary range as some companies hire a Product Manager to improve their existing product while some hire a Product Manager to design a product for them. This means that the product manager is responsible for the entire product lifecycle, from crafting the product strategy to executing product requirements.
This role is best for individuals with broad knowledge, which feel comfortable managing the product responsibilities from to finish. The experience required for this position depends on the product and its impact on users. Startups usually require between one and two years of experience, while some other companies need more than five years.
Marketing managers develop strategic marketing plans for a company and then oversee the implementation and execution of the various efforts associated with the marketing plan. This might include evaluating the results of various marketing campaigns, spearheading market research efforts, or coordinating initiatives across multiple channels.
Marketing managers must have a bachelor’s degree in marketing, communications, public relations, business, strong communication skills, and ability to understand and analyze trends, and a deep understanding of the wide variety of marketing channels.
According to Glassdoor, Brand managers are responsible for developing brand strategies, promoting brand growth and expansion, implementing brand plans, and using various data to drive volume and profitability. In their essence, brand managers focus on achieving brand business objectives in the short and long term.
Most brand managers have a Bachelor’s degree in marketing and demonstrate deep knowledge about market research, analytics, and consumer behavior.
Top companies for Product Managers
Some of the top companies for Product Managers are discussed below.
- Tata Consultancy Services
We hope this career guide to product management proved useful to you. For further information, don’t hesitate to book a call with our expert mentors.