Product Manager: Definition, Roles and Responsibilities
A product manager is a specialist who is responsible for assessing and making decisions over the overall product life cycle on all aspects of a company’s products. The product manager allows a company to take advantage of more information about its products and how they are made, handled and sold.
A product manager might collaborate with sales or branding, taking decisions that will help build a customer base for products. Again, for a technical product management position, certifications or IT skills can be valuable, and that role can involve managing or sharing data from different technologies.
In addition to managing products, the product manager can also produce comprehensive business management reports. The role can also include the construction and distribution of presentations for both internal and external viewers.
Duties Of A Product Manager
What does a product manager do? Here is the list of duties that the product manager is supposed to do
- Understanding the requirements and desires of the customers by making specific decisions on the research that needs to be done in order to acquire market information.
- Recommends the complexity and scale of current and potential product lines by evaluating product features and requirements, determining new product concepts and/or improvements in product or packaging.
- Evaluate competition in the industry by contrasting the company’s goods to the products of rivals.
- Offers source data for communication on the product line by identifying goals for communication on product marketing.
- Acquire a market share of the product by partnering with the sales managers to build a sales strategy for the drug.
- Assess commodity demand data by calling with field salesmen to consumers and analyzing the outcomes of the sales call.
- Provides strategic knowledge by planning short and long-term commodity demand estimates and specific reports and analyzes and responds to questions and inquiries.
- By evaluating and changing inventory levels and production plans, it promotes inventory turnover and product selection.
- Marketing new products by evaluating potential product specifications and product development plan, planning ROI analyzes; defining engineering and production time frames.
- Create and market new products through the application of time-integrated distribution, advertisement, and development strategies.
- Establishes product management personnel through recruitment, selection, orientation, and training of employees.
- Establishes the quality of the product management work by coaching and supervising employees, preparing, tracking and reviewing the quality of the job.
- By attending educational seminars, developing professional and technological knowledge, evaluating professional publications, creating personal networks; engaging in professional associations.
- Adds to team activity by achieving similar outcomes whenever possible.
Becoming A Product Manager
There are quite a lot of ways to become a product manager but nonetheless the roles that most start out with is of associate product manager. That is because associate product managers will get an idea of new product design and development. An Associate Product Manager’s tasks include developing UIs, identifying new concepts and functionality, evaluating data and continuously searching for new ways to improve the product.
Listed here are a few common ways of becoming a successful product manager
Through An MBA Program
One way, going through an MBA program is. Usually, people accumulate 3-5 years of work experience, go through an MBA program, and land a junior position in product management. MBA programs are helpful in developing vision and leadership skills for your company. MBA systems aren’t that good at building up your implementation skills in product management. You don’t know the methods (Agile, Scrum) or procedures and they can be quite expensive sometimes.
Training While On The Job
If you want to start work training this is where you somehow land a position in junior product management and develop the skills and learning experience on the job. That is the slowest road. It’s how most get into Product Management. They go down that road because when they initially start doing product research, there was no specific training.
Acquire Specialized Training
They can take classes in online product management, such as the Complete Product Management Course, or if you’re in some U.S. cities, attend a high-tech trade school, such as General Assembly or Design School. It can be a perfect choice because it’s a fraction of an MBA program’s expense and all you know is directly relevant to the job of product management.
Product managers have big-profile jobs that place them on the quick promotional track. Successful managers also become executives in top corporations or launch their own companies. As for the employment of marketing managers (the group under which product managers fall) at The U.S. Bureau of Labor Statistics was projected to rise faster than the average for all professions from 2004 to 2014. The number of goods and services vying for US dollars is expected to grow in the coming years, fueling the need for more managers of the goods.
Wages for product managers differ widely, depending on qualifications, degree of responsibility, expertise and the scale, place, and industry of the employer. In a 2004 survey, Mercer Human Resources Consulting estimated that product and brand managers earned a total of $95,900 in compensation and salaries per year.