Due to huge digital advancement in India, Project Management roles have become the trending career option in IT and manufacturing companies. This is the perfect time to consider becoming a Project Manager. There is no certain path to become a Product Manager; you have to carve out your own path.
Product Management is an engaging and lucrative career path for creative people, who want to be a significant part in developing new consumer goods, software platforms, business technologies and everything that people use in their daily life.
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What is Product Management?
In simple terms, Product Management is defined as the complete management of the delivered product. It is an interdisciplinary role that is a combination of strategy, marketing, business, data analysis, technology, design, and leadership skills with the goal of launching a successful and amazing product.
It deals with problem-solving with technology and how people use that technology. This role is similar to brand management or project management. But these managers address technical products such as online services, industrial goods, software books or products.
Who are Product Managers?
They develop the pricing, distribution and promotion of technical, financial and manufactured products or product lines. They are the voice of the users.
The important task of project managers is taking strategic decisions related to product management and product improvisations. They manage the life cycle of a product from its design to the final product test.
They drive the strategy, execution and science of users in a digital product company.
Responsibilities
- Work closely with the marketing, engineering, sales and support departments for user satisfaction and achieving business goals.
- Development of product vision, roadmap and required strategy.
- Suggest new product ideas by review of present product specifications and requirements.
- Determine the market competition by comparing your products with competitor’s products.
- Hire and train staff required for product management.
- Undertake market research and determine the product pricing and manage production and sales cost.
- Management of a single or multiple budgets.
- Attend conferences and events related to your product or sector.
- Learn about product market and user types.
- Implementations of marketing campaigns and support them.
- Represent and balance the goals and requirements of business, technology and UX design of the organization.
- Before release of the final product, conduct and run the required pilot and beta programs.
Required Skills
- Strategic Thinking.
- Business Mindset.
- Strong project management skills.
- UX background with technical proficiency.
- Good leader, collaborator and diplomat.
- Excellent communication skills and empathetic.
- Analytical and Quantitative Skills.
- Time Management.
- Detail-oriented.
Required Education and Eligibility
- Complete 10+2 with 50% aggregate with Mathematics and Commerce field.
- Pursue Bachelors in Computer Science, Finance, Marketing, Business Administration, Statistics, Economics, Advertising, Communications etc.
- Some companies hire candidates with master degree in management.
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Suggested Books for Product Managers
- INSPIRED: How to Create Tech Products Customers Love Book by Marty Cagan
- Product Leadership by Martin Eriksson, Nate Walkingshaw, and Richard Banfield
- The Product Manager’s Survival Guide by Steven Haines
- The Art of Product Management by Rich Mironov
- Escaping the Build Trap by Melissa Perri
- Managing Product Management by Steven Haines
Career options in Product management
- Associate Product Manager
- Product Manager
- Senior Product Manager
- Director of Product
- VP of Product
- Chief Product Officer
- Brand Manager
- Business Head.
- Business development Manager.
Employment Areas for Product Managers
These managers are mostly employed by IT Industry. But they can also find work in other sectors such as:
- Financial Services
- Healthcare Companies
- Manufacturing Companies
- Banks
- Government agencies
Top recruiting Companies of Product Managers
Some of the top recruiters of Product Managers are:
- Uber
- Microsoft
- Amazon
- Cisco
- HCL (Hindustan Computers Limited)
- Tata Consultancy Services
- IBM (International Business Machines)
- Cognizant
- HP (Hewlett Packard)
Salary and Job Prospects
The average salary of Product Managers in entry-level is between INR 7 and 8 LPA. This salary is dependent on factors like location, skills, experience and company. Product Manager Salary in the US is $108,642 and the UK is £48,170 yearly.
There is a huge demand for product managers in the industry. To survive in this cut-throat competition, companies are deploying many products and services which cannot be possible without talented Project Managers and hence their job outlook is good.
