A Career in Product Management: What a Manager Should Know

What is product management? Product management is the act of strategically directing a company’s product creation, market launch and the associated support and development. It refers to developing strategies and tactics to develop a product that might be manufactured in order to bring out products that have the potential to be widely utilized and then focusing on a successful market launch that attracts a large audience. It also entails constant advertising of the product and its enhancement depending on user feedback.

What is the product management process?

The product management process begins with concept management. This involves the product managers to come up with ideas for manufacturing items that may solve a problem that society is experiencing in order to assure that the product has the potential to be purchased. Once an idea has been developed and a product concept has been finalized, the specifications of the product must be listed by considering the product’s purpose, expectations and estimated success.

Following that, it is necessary to prioritize the list of specifics. This allows the product to be effective to a certain degree even without fulfilling the entire list of characteristics. This way it can fulfill the characteristics with the highest priority.

Finally, once these decisions have been made the production will begin followed by testing. During this time, engineers and other professionals involved in building the product take the reins while product management takes a back seat and works in a more consultative or advisory position. During this time, the product is tweaked and enhanced to correct any issues and is readied for production.

What is a product manager’s role?

A product manager is a professional who identifies a product or feature that has consumer demand and also satisfies the bigger company objectives. They articulate what success for a product looks like and lead a team to make that vision a reality. Their role involves understanding and evaluating user needs and creating a product to quell those needs. They then determine a goal and vision for the product.

Product manager key skills

• Writing and communication skills, to effectively convey the idea of the product along with its specifications.
• Researching skills, to conduct productive market research and interpret statistics and data accurately.
• UX/UI skills, to understand and design the user experience, not necessarily implement it. While it helps for the product manager to understand UX/UI design so that they can create a better product, it is not mandatory for them to execute the design.
• Leadership skills, to effectively lead the team working on the idea and adapt when confronted with unforeseen challenges through the process.

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Read: How to Change Your Leadership Style in a Changing Environment

Product manager job roles

Associate product manager

An associate product manager is tasked with conducting market research, collecting product data, analyzing consumer research, and more, in order to assist product managers in working more efficiently and effectively.

• Product manager

It is essential for the product manager to develop a deep understanding of what the market needs, create product ideas accordingly to assuage those needs, and develop strategies to launch the product.

• Senior product manager

The primary role of a senior product manager is to lead product managers while collaborating with engineering, marketing, sales and other departments to successfully launch and manage the lifecycle of the product.

• Product director

A product director or director of product is in charge of directing, leading and managing product teams throughout the product development process.

• VP of product

The VP of product is a member of the company’s executive team and often heads and oversees the product management group as a whole. This role varies from company to company.

• Chief product officer

A chief product officer is a C-level executive who is in charge of the overall strategy and execution of a company’s product-related operations rather than individual products.

FAQs

What are the benefits of proper product management?

Proper product management results in articulating customer value, reducing the risk of product failure, managing organizational objectives, and safeguarding the organization from any future risks.

What are the 3 major areas of product management?

The three major areas of product management include product discovery, product planning and product development.

Is product management a high-paying job?

Product management is a well-paying position with high job satisfaction. According to Indeed, the average base salary for a product manager is $102,391 per year in the United States. While, in India the average annual salary ranges between ₹ 6 lakhs to ₹ 35 lakhs, according to AmbitionBox.

What is the difference between product management and project management?

While a product manager establishes a product’s vision, goals and commercial trajectory, a project manager oversees the numerous initiatives that make those ambitions a reality.