Product Managers have to play multiple roles in an organization. Before coming up with a product, they do market research, make strategies, determine the cost and pricing, plan the marketing and launch it and further set goals for sales etc.
- Find out customers' needs and desires through market research
- Take complete responsibility for the launch of a product/ brand
- Provide information to management on short-term and long-term product goals.
- Take responsibility for positioning a product
- Assess the competition and make strategies for its future
- Supervise market research and take customers' feedback
- Manage product management team by selecting, recruiting, orienting, and training them
- Coordinate with all departments of a business like finance, marketing, communications and research and development and therefore drive execution across organizational divisions.
A Product Manager may come from different educational backgrounds depending on the business requirement and the type of products they are making. However, the ideal qualification for a Product Manager is B.Tech followed by MBA.
- Analytical skills
- Leadership qualities
- Good numerical skills
- Ability to handle complex situations
- High-end computing skills
- Financial planning
Scope of Career as a Product Manager:
There are tremendous job prospects for a Product Manager. They can work in several sectors in different roles. The popular sectors where Product Managers can find exciting work opportunities are as follows:
- Software development
- E-commerce firms
- Internet firms
- Automobile firms
- Home products manufacturers’
- Food manufacturing firms
- Personal care product firms
Also Read: Career Guide to Become a Strategic Planner
Salary of a Product Manager:
The salary of a Product Manager depends on factors like size of the company, nature of business, the experience of the person etc.
For the entry level-
- 3 LPA- 7 LPA
For the senior level-
- 7 LPA - 15 LPA
Any graduate from B-school-
- 10 LPA - 20 LPA
For a mainstream professional
- 20 LPA - 50 LPA
The above figures are approximated. It may vary from person to person and company to company.
Also Read: A Career in Operations Management
Product Management Colleges in India: