Average Product Manager Salary in India for Fresher & Experience
The owner of the product is responsible for identifying requirements of the customer and larger business objectives associated with the product. He or she is responsible for connecting the business strategy, customer requirements and design knowledge in order to develop a product. A Product Manager stays focused on optimising a product to achieve business goals and user needs at the same time maximising return of the investment. A Product Manager plays the role of both as a coach and as a janitor.
He or she empowers stakeholders and teammates in order to deliver the highest value. In the product team, Product Developers and Product Designers are responsible for managing day-to-day execution, drawing up designs, testing prototypes and finding bugs.The role of Product Manager involves defining the problem to solve such as for who, why and when. He or she drives the product vision and pushes the team towards achieving it. A Janitor unblocks teammates and shields them from blame and pressure. He or she tackles high-value work of low prestige.
The work responsibilities of a Product Manager vary depending on the size of organisation. Product Managers work within the team of specialists in larger organisations. It includes researchers, analysts, marketers and others to gather input. A Product Manager or PM aligns stakeholders on a specific vision. In smaller organisations, a Product Manager spends more time doing hands-on work and defines vision to see it through.
Product Manager Responsibilities
We have provided here details of key responsibilities of a Product Manager. He or she is required to perform several tasks on a daily basis to meet the organisation’s goals.
Defining Vision: A Product Manager defines the vision of the product. He or she prioritises product features and capabilities. He or she empowers independent decision making while working in a larger team.
Documentation: The responsibilities of a Product Manager include writing product specifications, meeting notes as well as test cases. It is critical to document products on the same page.
Managing Crisis: Product Managers are required to deal with angry customers with crisis management. They are in charge of improving the development team and business as well as keeping the customer happy.
Coordination: A Product Manager is required to work in close coordination with the engineering, sales and marketing teams. He or she provides necessary support to meet the customer satisfaction goals and ensure business profitability.
Defining the Problem: The role of a Product Manager includes articulating the valuable market problem A Product Manager is required to understand and represent user needs. He or she monitors the market and develops competitive analyses.
Market Research: A Product Manager is required to understand the reasons for making a purchase of the product. He or she performs market research to understand competition, customer’s thoughts on a product while buying it.
Developing Business: A Product Manager job includes developing a business case for new products, making improvements to existing products and business ventures. He or she is required to position the product in the market.
Also Read: Career as Production Engineer
Product Manager Skills
If you are thinking of becoming a Product Manager, we have provided here details of a Product Manager. These skill sets are crucial to work in a fast paced work environment.
Communication Skills: A Product Manager job demands constant communication. He or she is required to interact with a number of people on a regular basis such as clients, stakeholders, managers and team members. A Product Manager stays busy in product meetings and presentations. He or she conveys plans and objectives in both written and spoken communication.
Technical Expertise: A Product Manager is required to acquire technical aspects of the project. He or she makes detailed requirements and outlines product features. The role of a Product Manager demands identifying performance issues and meeting product requirements concerning functions, design and user experience.
Business Intelligence: Business Intelligence is crucial for the role of Product Manager. He or she must have an understanding of how profits, sales projections, budgets and cash flow play a crucial part in the product development. A Product Manager is required to justify the product development budgets with factual data.
Research Skills: A Product Manager is required to determine the product’s success. He or she is required to perform extensive market research in order to understand the consumer’s needs and competitor performance. A Product Manager is required to stay updated with the market opportunities and threats.
Management Skills: The role of Product Manager demands strong managerial skills. He or she is required to oversee the work of the product development team. A Product Manager must be capable of identifying strengths of each team member and delegate tasks accordingly.
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Also Read: Career as Product Development Manager
Product Manager Salary
The Product Manager salary varies from industry to industry. The average Product Manager salary in India is Rs. 1450000 per annum. ( Source: glassdoor)
We have some interesting statistics of a Product Manager salary based on the Software or IT industry. The average Product Manager salary in software is Rs. 1741148 per annum. (Source: payscale.com)
The average Fresher Product Manager salary is Rs. 912329 per annum.
An entry-level Product Manager earns an average salary of Rs. 1313419 per annum.
A Mid-career average Product Manager salary is Rs. 1776152 per annum.
An average Senior Product Manager salary is Rs. 21660039 per annum.
The average Product Manager salary in India per month is Rs. 1.3 lakhs, according to Ambitionbox.com.
Also Read: Career as Product Designer
Top Product Manager Employers, Software and Salary
The Product Manager salary varies depending on the organisation. We have provided here data of average Product Manager salary in India based on various software companies.
SAP Labs India: Rs. 20,00,000
Oracle: Rs. 1875000
Dell Inc.: 14,00,000
GlobalLogic: Rs. 825,000
Amadeus India Pvt Ltd: Rs. 2324731
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Conclusion: A product manager is a supervisory role that comes with a set of responsibilities. The salary of a product ,manager varies from industry to industry. The skills, qualifications and prior work experience also affects the salary of the candidate. The product manager salary may also vary depending on job market, geographic location, size and structure of the employing organisation.
Frequently Asked Question (FAQs) - Average Product Manager Salary in India for Fresher & Experience
Question: What qualifications do I need to be a product manager?
The primary requirement for a person to become a product manager is to have the degree, Bachelors or Masters in Business Administration, computer science, engineering, economics or marketing or any other related field. It is preferable that the individual should have some field experience as well.
Question: Is product manager a hard job?
There is no such job is a difficult job or an easy job. But yes, the stakes in being a product manager are quite high; the risk as well as rewards are both high. Being a product manager often revolves around coordinating between different teams on a daily basis, which on a daily basis can become taxing.
Question: Is product manager high paying job?
If we are to give an overview, product managers are some of the top paid employee in any organisation. The average salary of an MBA graduate can be anywhere around Rs. 15 lakhs per year.
Question: How much are product managers paid in India?
The salary range of a product manager in India is anywhere between Rs. 6 lakhs per year to Rs. 30 lakhs. The salary also depends on factors such as the nature of the job and location of the company.