- Articles byStream
Career Journey of a Product Manager
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:
Fashion Designing is one of the most promising and attractive fields for those students who are artistically creative ...
IFIM College, Bangalore has announced an official notification for the admission to various UG and PG programmes for ...