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.

Job Profile:

• 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.

  

Also Read: Everything You Need to know About a Customer Care/Service Executive

Educational Qualifications:

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.

Skills required:

• Creativity
• 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:

Indian Institute of Technology Kanpur, Uttar Pradesh

Maharashtra Institute of Technology Pune, Maharashtra

Faculty of Management Studies, Delhi

Shri Govindram Seksaria Institute of Technology and Science Indore,

Narsee Monjee Institute of Management Studies, NMIMS Mumbai