Product management is managing of a company’s product through all of its stages starting from designing, on to manufacturing and marketing. This is also known as the lifecycle of a product. Product management is an inbound focus that is made by product managers to maximize the sale and profit of the product and add to the profit of the company or organization. The main focus of product management, however, lies in taking or considering new product for development. According to the Product Development and Management Association (PDMA), the product that adds up to unique benefit and serves superior value to the customers and clients is considered as the highest product of profitability.
Job Responsibilities of a Product Manager
The responsibilities of product managers vary depending upon the size, structure and type of product manufactured by the company. Their key responsibility lies in defining a new product manufactured by the company. They are also responsible for making strategies and policies to consider product life cycle and product differentiation.
Product managers are responsible for product planning and deal with marketing of the product. In planning, a product manager identifies and articulates market requirements and further enhances the basic features and properties of the product concerned so that it meets the needs of customers and clients.
Product managers are solely responsible for setting target demographics and looking at the plans and policies that other production companies have applied to make their product customer friendly. They create and apply new ideas to manufacture and promote a product that suits the company and fits the business model. Product managers have to manage one or more substantial products.
They are required to meet with the product team on a regular basis and get updates on the development of the product. They create product management roadmaps that will detail the ways by which the product will be manufactured and also give an estimation of particular time required.
Sometimes, product managers also have to make hardware, software, mechanical design, user documents, marketing and sales strategies. They also are involved with customer testing activities to promote the product manufactured by the company which make it user friendly.
Education Required to become a Product Manager
The responsibilities of product managers are wholly associated with the production unit and marketing policies of the company. A product manager must have practical knowledge of the current market and also understanding of the policies and strategies of product development. The most desired degree by the product development companies are that of an MBA in product management studies with a focus on economics, accounting, marketing, and business mathematics. These studies enable a student to understand the basic principles of product management and creating new strategies and plans in marketing research.
Online Studies That Can Get You There
Use of internet in our daily life has brought several unimaginable facilities to us. One of these involves getting desired knowledge on any subject from any corner of the world. There are several colleges and universities world wide that offer a variety courses including management studies. To get an MBA degree on product management, online, the following are names of some of the renowned universities and colleges:
Oxford Brookes University Business School
DeVry University Online
Everest University Online
Kaplan University Online
McCann School of Business and Technology
South University Online
University of Phoenix
Salary Range of a Product Manager
Salaries are subject to change depending on the assets of the company, the buy and sell strategies, employee strength, geographical position of the company, and also the years of experience. The salary range of a product manager having experience of one year or less, in the Unites States is around $ 65,471. Persons having experience of five years or more are paid about $ 72,043 and those having experience of more than 20 years $ 99,584.
Product manager creates and apply new ideas to manufacture and promote a product that suits the company and fits the business model. Product managers are also responsible for product planning and deal with marketing of the product.