A Product Manager is an ideal person who develops and optimises certain products and services in order to fulfil the needs of the customer efficiently. He studies and analyses the market to build a successful product for the future of the company.
Therefore, a Product Manager is the one who assures the success of the product as well as the growth and development of the firm. He sets a blueprint for the product after identifying the customer needs and then initiates a road map from the establishment to the success of the product. He manages the team which acts as a source for the elevation of the success of the product.
Roles and Responsibilities of a Product Manager
Product Managers are overall supervisors of the product. They are in charge of the product from its birth to its growth. However, there is a certain set of defined roles and responsibilities for a Product Manager which can be described as follows:
- Perform thorough market research to identify customer needs and market gap. Then ideate the product to fulfil that gap.
- Evolve the product in such a form that it meets the business objectives.
- Coordinate with the team, in order to facilitate the growth and continuous innovation of the product.
Job Roles of Product Managers as Per Designation
1. Associate Product Manager:
An associate product manager supports the various activities carried out by the product manager such as market research, customer analysis, continuous improvement of the product and many such activities.
2. Product Owner:
The product owner helps in the identification of the requirements of the product on behalf of its end users. He is also responsible for creating a prioritised list of activities that are required for the development of the product. The main aim of the product owner is to maximise the value of the product.
3. Senior Product Manager:
He is the overall controller of all the activities taking place in the product life cycle. He manages and coordinates the different departments like engineering, sales, human resources, etc. with the product manager in order to facilitate the success of the product.
4. Group Product Manager:
A GPM is responsible and answerable for leading a team for a group of product managers. He coordinates all the activities of various teams for the smooth functioning of the process.
5. Principal Product Manager:
These managers work on the most critical tasks related to product development. They are responsible for the crucial strategic decisions required in a product cycle.
Skills Required by a Product Manager
In order to be a successful Product Manager, there is a certain set of skills required by the employer apart from work experience. This competence adds value to your work along with your educational qualification. So, in order to be a perfect fit for the company needs you to have the following skills:
1. Critical and strategic thinking abilities
The Product Managers have to understand the requirement of the product, analyse different options to make it profitable to the company and convenient to the customers as well. Since regular decision-making is an integral part of the routine work of a product manager, you should be critical as well as strategic in this process.
2. Problem-solving abilities
The manager is the mentor of the group and he has the responsibility to solve all the problems of the individuals in the group. Similarly, the products should be designed in such a way that they are able to solve the queries and problems of the customer thus providing them with satisfaction.
3. Research Abilities
Market Research is quintessential in order to design a product. Therefore, a proper understanding of the market and needs of its customer, evaluation of the information gathered, designing the product as per the needs and continuous feedback are all part of the market research.
4. Leadership and Innovation:
A Product Manager should act as a leader and take decisions accordingly, but at the same time, he must be receptive to his team. The innovative thinking abilities of a PM create an environment for the modernisation of certain products and processes. The subordinates would also come up with various innovative ideas while looking at their superiors.
Prerequisite Educational Qualifications For a Product Manager
The various degree courses for becoming a product manager include Bachelor of Business Administration, Bachelor of Business Management, MBA in Business Management, MBA in Product Management, etc.
Most product managers keep on continuously updating their knowledge in order to keep up with the pace of this dynamic industry. Additionally, certain certifications lead to a boost in their career. For instance,
- Product School’s Product Management Certifications Program
- Pragmatic Institute’s Product Management Certification
- AIPMM Certified Product Manager Credential through 280 Group
- Product Development and Management Association’s (PDMA) New Product Development Certification
Tips For Being an Effective Product Manager:
- The PMs should follow the 4 D’s rule i.e. Do it, Delegate it, Defer it or Delete it. If the task is feasible it should be done without any delay thus meeting the deadlines. Delegating is also an excellent option where one can transfer certain tasks which require expertise. However, deferring should not be an option but minor tasks can be deferred for some time. Then, a PM should delete tasks that are monotonous and kill time.
- The PM should create a receptive environment, and ideas should be shared among the group in order to facilitate innovation.
- Breaks should be given and taken in order to increase efficiency.
- Deadlines should be set, to accelerate growth.
- Multi-tasking should not be encouraged, instead, a PM should focus on one thing at a time in order to minimise mistakes and increase efficiency.
Types of Product Managers
Different types of Product Managers have different job roles relating to their field of expertise. They not only perform their jobs but also coordinate among themselves in order to make the product lifelong and make it succeed.
The various types of Product Managers can be classified as follows:
- Tech Product Manager
- Designer Product Manager
- Business Product Manager
- Data Product Manager
- Growth Product Manager
Average Project Manager Salary in India
Average salary as per Experience:
|2-10 years||12 lac- 16 lac|
|10-13 years||16 lac- 35 lac|
Average salary as per Location:
|Gurgaon||INR 20 LPA|
|Bangalore||INR 22 LPA|
|Pune||INR 15 LPA|
|Mumbai||INR 13.01 LPA|
Average salary as per the Company:
|INR 54 LPA|
|KPMG||INR 23.05 LPA|
|Infosys||INR 21.20 LPA|
|L&T||INR 9.20 LPA|
Jagpreet is a Digital Marketing Expert and EdTech enthusiast. Having a total experience of over 11 years, he has been working in the Education industry for the past 6 years. Over the years, Jagpreet has mastered multiple trades such as Web Development, SEO, IT, Content Writing, Graphic Designing, etc. He is an extremely tech-savvy individual who loves gaming.