Product Management: Product managers reshaping industries and driving success for businesses

In the not-so-distant past, electric vehicles (EVs) were met with scepticism due to long charging times and high manufacturing costs. However, Tesla’s introduction of new models changed that scepticism. This change in perception happened due to the impact of well-designed products in reshaping industries and consumer preferences.

Product management has a huge importance in the rapidly evolving business landscape. It has become a central focus for businesses and companies striving to stay competitive. Companies need to innovate to meet customer needs and preferences continuously. This has led to a growing demand for skilled product managers. According to a recent report by Product School, 88% of surveyed companies plan to hire more product managers, with 86% considering product management as critical to their business strategy. Furthermore, 77% of these companies intend to increase their investments in product management teams.

Product management has expanded beyond the software products. Based on earning potential, job availability, and reported job satisfaction, Glassdoor ranks product management roles among the top 10 career paths in the U.S. Product managers earn a median base income of approximately $92,000 per year, with salaries ranging from $63,000 to $131,000, as of March 2023.

Product management roles

The role of a product manager is not static and varies across industry sectors and product lines. However, their overarching responsibility remains consistent: to successfully introduce, develop, and market products. Product management in organizations is categorised into three major roles:

1. Strategic Product Management: This role focuses on developing strategies to ensure a product’s success. It involves market analysis, research, trend identification, demand management, and competitive analysis, including SWOT analysis.

2. Technical Product Management: Technical product managers are responsible for defining requirements, gathering needs, and planning product development and feasibility.
3. Product Marketing: Product marketing managers coordinate the Go-To-Market phase, aligning with sales objectives and creating marketing communications for product launches.

Demand for Product Managers

There is a growing demand for product managers in India and across the world. Almost every company now requires product managers, and the roles within this domain are specialized. As professionals gain experience, their responsibilities and compensations grow accordingly.

Career landscape

Product managers have diverse career options and specialize in various areas. Technical Product Managers with a strong technical background tend to earn the highest salaries. They need to stay updated with technical skills and industry trends, adding credibility to their domain and product line.

Skills and qualities of a successful Product Manager

A successful product manager possesses a unique blend of skills and qualities that contribute to a product’s success and a company’s growth. Product managers communicate effectively with stakeholders, cross-functional teams, and customers. They engage in active listening, promote cooperation, and articulate their ideas clearly. They understand technology trends and technical challenges, enabling them to guide their teams effectively.

Product managers apply logical and analytical thinking to solve problems related to product development, often under tight deadlines. They view tasks and problems from new perspectives, driving innovation in product development and marketing methods.

The product management field is evolving and expanding, offering numerous opportunities and challenges for professionals. As businesses seek to create groundbreaking products and drive growth, the demand for skilled product managers continues to rise. Product management roles are highly versatile, including various aspects of the product development process, from conception to marketing. Whether you are a seasoned manager or an aspiring professional, understanding the significance of product management can help you move ahead in the ever-changing business landscape.

FAQs

1: What does a product manager do?
Product managers oversee the entire product development process. Their responsibilities include evaluating the performance of existing products in the market, as well as overseeing the design and development phases of new products. Furthermore, product managers are responsible for tasks such as product marketing and launching.
2: What skills and qualifications are needed to become a product manager?
To become a product manager, you should possess certain skills and qualifications. These include a minimum of a bachelor’s degree in a business-related discipline, with a master’s degree in management preferred. Additionally, desirable work experience of 2-3 years in product management and coordination is helpful.

3. What are the key qualities of a product manager?
Key qualities for a successful product manager include leadership, analytical thinking, strategic planning, quantitative skills, negotiating abilities, time management, and operational management. Acquiring these skills and qualifications can pave the way for a career in product management.

4. What are the key responsibilities of a product manager?
Product managers have a diverse set of responsibilities, including product scoping, development, positioning, business needs analysis, demand analysis, planning, certifying, pricing, product launch, marketing, and distribution. They also work closely with various teams, including engineering, marketing, and sales, and they track competitor products. Additionally, they ensure that products are tested, approved, and undergo demos before launching.

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Disclaimer: This content was authored by the content team of ET Spotlight team. The news and editorial staff of ET had no role in the creation of this article.