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Product management as a career
In today’s digital world, products dominate every type of industry because of their constant improvements in service as per the consumer’s need. This has made Product Management an emerging and pivotal foundation for any business’s principal strategy. In simple terms product management refers to the management of products or services provided by any company.
It entails every step that is associated with the successful launch of a product in the market. Product managers are supposed to maximise the business value of any product by using their knowledge of technologies in order to set marketing techniques and visions for improvement in any product, so that the user experience is enhanced.
They are responsible for the healthy functioning of any product’s designing, its technology and the usage. Performing the right development and distribution of products require lots of hard work, because a product or brand manager has to bring together different teams through a strategic plan of marketing and production to maintain a streamlined lifecycle of the product or service. Therefore, the job as a product manager is a very challenging one, but is also the most sought-after occupation in India.
This is a very diverse and fast-growing job because of the expansion and adoption of modern technologies in every sphere of business. Since the fourth industrial revolution, the demand for product management across industries has increased drastically. This profession was initially born because of the need for a healthy sense of transparency, ownership and collaboration in the workplace.
If you want to work as a product manager you need to have an aptitude for collaborating with lots of different departments, at once within your company which includes sales, advertising, public relations and most importantly, research and development. You need to be an expert at carrying out daily tasks like, planning, coordinating, solving, developing, helping and addressing product related matters from a technical and marketing perspective.
You need to be able to assist the executive team to develop a formulative vision and a strategic plan for the future of developing business, solving issues and addressing users. Your primary responsibility as a product manager will be to create the company’s visions and goals for the product. After which you have to take all the crucial steps in order to execute this vision, in a productive manner. You will be in charge of ensuring the smooth and effective operation of product components like, design, technology, marketing and customer satisfaction.
Thus, being a product manager, your essential duty will be to supervise and manage the entire lifecycle of a product, right from the initial development of the idea to the ultimate performing of marketing campaigns for product delivery. You must be well-informed about modern technological advances and have a comprehensive information about marketing strategies in order to enhance the experience of users and maximize the business value of the products. If you want to work as a product manager, then you have to be a responsible person with good leadership skills. You are required to have an expertise in business along with time management and negotiating skills.
Having a strategic mind which is good at analytically, operationally and quantitatively solving every problem is a required skill, in order for you to excel in this career path. You need to be proficient with both marketing and technological tools, in order for you to have a versatile role in your company and evolve drastically. Your main job as a product manager will be to strategically make decisions related to the management of products and providing a detailed analysis required to improve these products.
Being a creative person will help you with the design of new products. You can utilise your ability to learn new things every day, and develop your leadership skills. In every industry, especially in IT and manufacturing, product management is the most important job profile. There are many prospects in project management, you can choose from these job profiles, namely, Sales manager, Product manager, Brand manager, Marketing manager and Business development head.
After completing your 12th in any stream, if you want to pursue a career in Product management, then you are required to take up a bachelor’s degree in Business administration or Business management. After this you can opt for MBA or Masters in the related courses. You can also apply for a certificate course program in product management.
This is a very high paying profession, because the salary of a fresher starts from Rs. 7.25 Lakh per annum. After 4 to 5 years of experience your annual salary will rise up to Rs. 12.09 Lakh. And, eventually when you become a senior, your pay scale will be a whooping Rs.15 Lakh annually. You have to stay inspired and focused on your creative work and you should be able to accept your mistakes and learn from them, if you want to shine in this career.