Product Manager is required in every organization as he is responsible for developing the product, making it compatible to the consumers demand and making space for the organization in the market. The product manager, therefore, is responsible in development of roadmap of the product and make it reach its destination in a smooth way.
Product Manager Job description – Explanation
A product manager lays out the strategy, takes care of the product’s development from scratch and makes and suggests improvements in the way until the product gets accepted in the market. He is responsible to bridge the gaps between the different functions and make the product happen.
Product Manager Responsibilities
Product Manager Roles
A Product Manager is responsible for everything associated with the product. It has to reach the final consumer in the best of its form and this is what the product manager aims at.
• He conducts the basic ground research on the product, its requirement, its target audience etc.
• He has to envision the strategy behind the product’s launch, its release, its final outcome, thereby managing the entire lifecycle of the product
• After the initial phase of release, he has to take care of customer orientation, take feedback from consumer insights and finally improve on the product if required
• He has to develop the go-to-market strategy and make sure that it is aptly done and the market that the product caters to
• Take charge and approve the marketing expeditions
• Work towards the customer orientation, seek feedbacks, consumer insights and work on them
Product Manager Skills
• Ability to handle pressure and capability to meet the targets by ensuring the right product
• Understanding people management by recruiting the right set of people
• Project management methodologies like feature planning, sprint planning and strategic planning
• Product management for managing the lifecycle of the product
• Sales planning, inventory management, pricing capabilities are few important skills
• Financial planning
• Strategy control and decision making capabilities
• Handling large sets of data and making use of tools to manage the same
• Ability to compute and imbibe meaning from various ratios like calculating return on investment
Skills on Product Management Tools
There are many project management tools available out of few top tools listed below for project manager
Product Manager Qualifications
• Bachelor’s degree in any discipline
• MBA in Marketing or any Sales related discipline (usually mandatory)
• IIT and IIM candidates are preferred in many companies
Product Manager Career and Salary Scope
Today every business looks to initiate a market research strategizing for the right kind of product segment reaching the right audience. If the target market is not correct, the investment in developing a product might go waste entirely. To take care of this, the role of a product manager deserves a huge importance and is being seen as a prospective career.
It is usually a very highly paid job which fetches a package of 35-40 lakhs. For the companies to the like of Amazon, Flipkart, Google etc. these positions are filled with experienced professionals who have been part of some strategic consulting or have an experience in working on development of a product.