Product Management Manager

Product Managers is a person who are responsible for looking after complete product development from stage one to the last stage.

Product Manager is one of the most compensated professions out there. They have the responsibility of regulating the whole product. Whether you are looking for product manager as a career or you’ve just hopped into the profession, it is important to know what exactly they do, what there are their responsibility and how to become a successful product manager.

Product Manager

Who’s a Product Manager?

Product Managers are referred to as a person who are responsible for looking after complete product development from stage one to the last stage. They are liable for product designing, road mapping, and ensuring that the products are made with proper consideration of the customer demand. Their role is not just limited to developing the product, but to ensure that it is performing well in the market.

The number of product management jobs is expected to grow by 32% from 2020 to 2030, much faster than the average for all occupations.

Responsibilities of a Product Manager

Some of the most common responsibilities that a product manager are as follows:

Responsibilities of a Product Manager

• Should have an immense market understanding.
• Apart from market understanding, they should know the sentiments of the customers.
• Should be able to examine the competition in the market and spot the low-performing sector of the product
• Keeping proper communication with the team involved in the development of the product.

For more details, please read Roles and Responsibilities of Product Manager.

Job Description for a Product Manager

There are certain requirement and skills needed for being a product manager:

Requirements

• Must have a Bachelor’s or Master’s degree in Computer Science, Engineering or a related field.
• Must have 3+ years of work experience in product management.
• Must have good technical product handling experience along with hands-on experience in software development and web technologies.
• They should be aware of the latest technologies and technology-related news, have experience in team management, have excellent communication skills, and have a working knowledge of the tech products, which would be a plus.
• Must have good multi-tasking skills.
• You must have good experience handling customers and resolving their problems by providing them satisfaction with the product experience.
• Must have good programming skills and knowledge of data structures and algorithms along with good knowledge of databases.

Desired skills

• Active listening skills
• Good verbal and written communication skills
• Good analytical skills
• Management skills

Key skills required to become Product Managers:

Now that we know what is product management, the question arises that what are the skills required to land your first job as a Product Manager:

Hard Skills:

• Data analysis and research skills
• Collaboration Tools like Slack, Google Workspace and Microsoft Teams
• Technical skills
• Product management tools and methodologies
• Communication skills

Soft Skills:

Soft skills Required for Product Management

• Communication skills
• Leadership skills
• Problem-solving skills
• Prioritization skills
• Empathy skills
• Time Management
• Attention to detail & quality
• Communication & collaboration within the team

What Does a Technical Product Manager Do?

Technical product managers (TPMs) manage all parts of a product’s technical lifecycle, from development and design to launch and maintenance. TPMs work closely with engineers, designers, and other stakeholders to guarantee that the product satisfies user demands, is technically possible, and is consistent with the overall business plan.

How to Become a Product Manager?

To become a product manager, you do not need to have any specific qualifications; however, there are some skills that are necessary. If you are determined to become a product manager, you may also go from another job to this one. You must have some level of technical understanding in this field in addition to the soft skills. For More details, please refer to How to Become a Product Manager?

According to the glassdoor, the average salary for Product Manager is ₹17,00,000 per year in the India. The average additional cash compensation for a Product Manager in the India is ₹2,00,000, with a range from ₹1,00,000 – ₹3,00,000.
For a complete article please refer : Product Manager Salary in India 2023

How to Become a Product Manager Without Tech Experience?

You can become a product manager without tech, some of must required skills are as follows:

• Interpersonal skills: Communicate, build relationships, and collaborate with others effectively.
• Business intelligence: Collect, analyze, and interpret data to make sound business decisions.
• Skills in analysis: Identify, understand, and solve problems effectively.
• A/B testing: Experiment with different versions of a product, service, or campaign to identify the best performing option.
• Customer support: Provide assistance and support to customers in order to resolve their issues and improve their experience.
• Market research: Gather and analyze data about the market to understand customer needs and preferences.

7 Best Product Management Courses & Certifications [2023]

Some of the best courses and certification for product management are as follows :

1. Breaking into Product Management By GeeksforGeeks
2. Digital Product Management [University of Virginia]
3. Become a Product Manager Nanodegree [Udacity]
4. Product Manager Certification Course [Product School]
5. Product Management Course [BrainStation]
6. Product Management [Udemy]
7. Online Product Management course [General Assembly]

Average Salary of Product Manager in India

I am sure now that you know what is product manager, you are curious about whats the actual payscale that you can get if you get into it.. The average salary of a Product Manager in India depends on variety of factors such as the experience, company, role, location, etc.. Product Managers are in high demand across India, especially in tech-centric cities like Bengaluru, Hyderabad, and Pune. They typically enjoy competitive compensation packages that include base salary, bonuses, and stock options.

Average Salary of Product Manager in India

The Average Salary of Product Manager ranges from 13 lakhs to 30 lakhs per year, dependent on experience and skills, product managers in India earn an average of about Rs. 16,60,000 yearly. The starting salaries are sizable at 5-8 lakhs per year, profit-sharing benefits can increase starting earnings by 50,000 to 1 lakh. The compensation depends on various variables, including geography, industry, background, and firm size.

Product Manager Vs Project Manager

product manager Vs project manager

Here are the following difference between Product Manager and Project Manager:

Basis	Project Manager	Product Manager
Team Management	A Project Manager manages project teams and assigns tasks and resources.	A Product Manager collaborates with cross-functional teams and stakeholders.
Scope	The scope is limited to specific projects with a start and end date.	The scope is on the entire product to the product line.
Focus	The focus is on project execution and delivery.	The focus is on product strategy and lifecycle management.
Timeframe	The timeframe is temporary, with a clear end goal.	The timeframe is continuous throughout the product lifecycle.
Responsibilities	The responsibilities include planning, and organising the project activities.	The responsibilities include defining the product vision and strategy.
Market research	There is limited focus on the project’s impact on the market.	Good understanding of the market trends and demands.
Metrics	Project milestones, timelines, and resource allocation are the metrics.	Product adoption, revenue, and customer satisfaction are the metrics.

Product Manager Vs Product Owner

Product Manager Vs Product Owner

Here’s a comparison between the roles of a Product Manager and a Product Owner:

Aspect	Product Manager	Product Owner
Primary Responsibility	Sets the overall product vision and strategy.	Manages the product backlog and feature priorities.
Scope	Responsible for the entire product lifecycle.	Focuses on managing the product backlog and iteration.
Decision-making	Shapes the product roadmap and strategic direction.	Prioritizes features and backlog for development.
User Focus	Focuses on market needs and overall product success.	Concentrates on meeting user stories and requirements.
Team Collaboration	Collaborates with cross-functional teams.	Works closely with development and scrum teams.
Responsibility Extent	Oversees multiple products or product lines.	Focuses on a specific product or feature iteration.
Metrics of Success	Market success, user adoption, and overall impact.	Success measured by feature delivery and iteration.
Communication	Communicates product vision to various stakeholders.	Communicates feature details to development teams.
Adaptability	Adapts to market changes and shifts in user needs.	Adapts to evolving feature priorities and user stories.
Skills Emphasized	Strategic planning, market analysis, leadership.	Prioritization, backlog management, communication.

Product Manager Vs Product Developer

Here’s a comparison between the roles of a Product Manager and a Product Developer in a tabular format:

Aspect	Product Manager	Product Developer
Primary Responsibility	Sets the overall product vision and strategy.	Implements technical aspects based on specifications.
Focus	Strategic direction and market success of the product.	Technical implementation of product features.
Scope of Work	Manages the entire product lifecycle.	Focuses on coding and technical implementation.
Decision-making	Shapes product strategy and roadmap.	Executes technical tasks based on requirements.
Collaboration	Collaborates with cross-functional teams.	Collaborates with developers, designers, stakeholders.
Prioritization	Prioritizes features based on user needs and business objectives.	Implements features as directed by specifications.
Measuring Success	Success based on market fit, user satisfaction, and adoption.	Success based on technical implementation and quality.
Skills Emphasized	Strategic planning, market analysis, leadership.	Coding, technical architecture, problem-solving.

Conclusion

Although it is a difficult and demanding job, product management is also quite rewarding. Product managers have the chance to truly impact their consumer’s lives and define the future of the goods and services offered by their firm. Product managers must have a thorough awareness of the demands of their consumers, the market competition, and the business objectives of the organisation in order to succeed. In addition, they must possess the capacity for strategic thought, project management expertise, and effective stakeholder communication.