The Role & Responsibilities of the Product Manager is to plan and execute the product’s lifecycle. A product manager’s role entails developing products and services to meet the needs of customers in an efficient manner. This includes identifying and analysing the performance of products in the market and driving the company towards success. They ensure an increase in revenue and profitability besides working closely with the market.
In this article, we’ll delve deeper into – what is product management, the product manager’s job description, the skills of a product manager, and the functions of a product manager, among other things.
What is Product Management?
Whenever a product is manufactured and launched in the market, it must serve the pre-defined purpose for the business and its customers and help the business grow in every aspect. Tracking all the activities across different stages of a product’s lifecycle and ensuring the achievement of goals is what product management is.
Product management is also defined as identifying and analysing the benefits that the product will bring to the customers. Additionally, it means planning, forecasting, and marketing products to customers at the right time.
Product Manager’s Job Description
A product manager’s job description involves planning and executing the product’s lifecycle. It also includes curating and prioritizing the requirements of products and customers. Product managers work closely with the sales, marketing, and engineering teams for various aspects.
Roles & Responsibilities of Product Manager
There are various types of product manager roles in a business and all of them are significantly different from each other. Therefore, one person cannot handle everything single-handedly. A few common product manager roles are:
Tech Product Manager
A tech product manager works on technical products. They define the need for the tech product and take care of all the functions throughout the lifecycle of the product.
Designer Product Manager
This product manager role is about strategizing and designing the look of a product. For any product, its design and aesthetics are important. This role also involves developing an understanding of user needs as well as improving the functionality of a product accordingly.
Business Product Manager
Business Product Managers determine the future of a product. They paint a bigger picture in terms of marketing, finance, and operations.
Growth Product Manager
Growth Product Manager entails being responsible for identifying any problems in the product to bridge the gap between supply and demand.
Functions of a Product Manager in a Company
Let us now take you through the common functions of a product manager:
- The first and the most important function of a product manager is to act as the central point of communication.
- Product managers are an integral part of the journey the product goes through, taking care of and supervising the features and other aspects of the product.
- Product managers devise strategies for positioning the product in the market.
- Product managers also provide guidance in terms of making the product. The requirements are then translated to the engineering department.
How does a Product Manager do it?
- Before beginning with the development of a product, the product manager undertakes thorough research. They analyse the demand for the product and the market fit.
- Product managers define the roadmap of the product consisting of the direction to follow while creating the product. They also underline the product’s features.
- The final step is testing the product before its launch in the market. Product managers perform various experiments to identify challenges if any.
Skills of a Product Manager
The skills of a product manager include but are not limited to the following.
Every product is aimed at generating profits. A product manager should therefore have the financial and business knowledge to understand the numbers and deal with stakeholders.
One of the most important skills of a product manager is communication. This is because they need to convince the stakeholders, design teams, clients, and everyone involved in the product’s lifecycle. Good communication skills of a product manager can be a big help in the entire lifecycle of a product.
Research and analytical skills
The creation of every product requires research and analysis. This is therefore another most important skill of a product manager.
Journey of a Product Manager
The entry-level job for a product manager is that of an ‘Associate Product Manager’. Then comes the role of a product owner which is more detailed.
Those who undertake a certification course in product management can quickly climb up the ladder. With such a course, you will be able to gather details about your roles and responsibilities as a product manager. It will also teach you the methods, strategies, and approaches to disburse your responsibilities. In India, there are several product management courses from which you can choose the best one.
How to Become a Product Manager
There is no fixed answer to this question. But just like any other job, becoming a product manager does not have any shortcuts. One needs to undertake a certification course in product management or any other relevant course which offers a perfect combination of practical skills and theoretical knowledge in product management. Before opting for the best product management courses in India, identify the domain in which you want to become a product manager.