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Product Manager Job Description & Roles and Responsibilities

Product Manager Job Description & Roles and Responsibilities

Edited By Team Careers360 | Updated on May 23, 2024 12:14 PM IST

A Product Manager is an essential expert engaged with the development and the board of an item or administration. He or she manages every stage of its existence, from creation to launch and beyond. He or she guarantees the item addresses market issues and lines up with business targets by working together with groups like designing and advertising. A product manager wants to convey a profitable item that fulfils clients' needs and drives business development.

Product Manager Job Description

A product manager job description includes development and outcome of an item or service. The individual is answerable for directing each part of the item lifecycle, from its underlying idea to its send-off and continuous development. A product manager works with cross-practical groups like designing, planning, and advertising to sell the item to the public.

A product manager duties include product presentation, collects client criticism, and settles on information-driven options to continuously refine the item. Eventually, a product manager wants to guarantee that the product accomplishes business targets, addresses client issues and stays sober in the commercial hub. Some of the important Product Manager Roles and Responsibilities have been mentioned in the next section.

Product Manager Roles and Responsibilities

Analyse and comprehend consumer needs: A Product manager's primary duty is to study markets and comprehend client requirements. A comprehensive consumer study is necessary since it provides the foundation for the design of the product you create. A product is nothing more than a solution to an issue, after all.

Cooperation with stakeholders: A product manager's next main duty building a strong line of contact with all parties involved. He or she must inform all parties involved in the product of every significant decision made. A product manager's responsibilities also include serving as a link between the development team and the client. This is one of the key product manager duties

Design and implementation of the roadmap: A product manager is in charge of drawing up a thorough product roadmap after determining the demands of the client or realising their vision. The most typical steps in a product roadmap are as follows: recognise the product, establish the plan for product development, separate the task into several user stories, design and development of products as well as tracking of progress

Monitoring important parameters for product development: A product manager bears the responsibility of formulating and monitoring critical metrics and KPIs to guarantee that the product development process remains on course. Some popular agile KPIs and metrics that the management usually keeps an eye on include the following: lead time and cycle time, velocity, cumulative flow diagram (CFD) and sprint burndown graphic. This is another extremely important product manager duties.

Developing a revenue and pricing model: A product manager not only develops products but also collaborates with stakeholders to identify revenue streams and pricing strategies. He or she performs a number of tasks and takes into account a variety of elements for this duty, such as selecting the most appropriate pricing strategy based on the objectives, a careful analysis of rival pricing structures, and achieving equilibrium between corporate objectives.

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Career Path Progression For a Product Manager

A product manager progresses through several career phases as he or she acquires knowledge and experience. From entry-level jobs, he or she might progress to director-level responsibilities, then senior product manager roles, and finally executive leadership roles. In the field of product management, this development involves growing responsibilities, leadership chances, and strategic decision-making.

Entry-Level Product Associate: Entry-Level Product Associate often supports senior product managers with duties related to stakeholder communication, product development, and market research. He or she studies the principles of product planning and development while gaining practical expertise in the field of product management.

Product Manager: A product manager is tasked with more important duties, such as managing cross-functional teams, leading product development initiatives, and creating product strategy. From birth to launch, the full product lifecycle is under his or her supervision. A person may become a product manager after working as a product associate for some time.

Senior Product Manager: A Senior Product Manager is a person with a great deal of experience and knowledge. In the product management team, he or she carries leadership duties and helps junior product managers by offering advice and mentoring. He or she is in charge of leading strategic initiatives along with developing the product roadmap and guaranteeing alignment with business goals.

Director of Product Management: A director of product management is in charge of formulating the comprehensive strategy and vision for the product along with managing several product teams. He or she works closely with the executive team to promote innovation and company success. One may advance to a director-level position in the product management division as his or her careers develop.

Chief Product Officer (CPO): A CPO is in charge of formulating the company's comprehensive product vision and strategy, coordinating product activities with operational objectives, and leading innovation in products throughout the whole enterprise. He or she drives the growth and success of the entire organisation together with the top leadership.

What are the qualifications required to become a Product Manager?

The first step towards becoming a product manager is to pursue formal education or training. Usually, it involves completing 10+2 from a recognised board in any field. The next stage is to get a bachelor's degree in business, marketing, engineering, or a similar discipline. One could also choose to take specialist courses or earn more credentials.

Bachelor’s Degree Programmes

Master’s Degree Programmes

  • MBA
  • MBA in Product Management
  • MSc in Product Management

What are the skills required to become a Product Manager?

Here are some of the skills that you must possess to become a Product Manager. We have mentioned below both soft skills and hard skills for becoming a Product Manager. Some of the soft and hard skills that are required to opt for a career as a Product Manager are as follows:

Hard Skills :

  • Data Analysis
  • Market Research
  • Product Development
  • Project Management
  • Strategic Planning
  • Technical Proficiency

Soft Skills :

  • Creativity
  • Communication
  • Time Management
  • Adaptability
  • Collaboration
  • Problem-Solving

Top recruiters for Product Managers

Companies offer dynamic environments for product managers to thrive and opportunities to work on cutting-edge projects and innovative products. Joining these esteemed organisations can provide valuable experience and propel career growth in the field of product management. Here is the list of top recruiters for Product Manager.

  • Paytm
  • Ola
  • Swiggy
  • Zomato
  • MakeMyTrip
  • Tata Consultancy Services (TCS)
  • Flipkart

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Product Manager Salary in Top Companies

Product managers receive profitable salaries in top organisations because of their critical role in ensuring the success of their products. Product managers have an appealing career path since well-known companies like Paytm, Swiggy, and Ola provide competitive remuneration packages that include incentives, stock options, and basic salary.

CompanyAverage Annual Salary
FlipkartRs. 21 Lakhs
PaytmRs. 12 Lakhs
OlaRs. 17 Lakhs
ZomatoRs. 15 Lakhs
MakeMy TripRs. 14 Lakhs

Source: AmbitionBox and Glassdoor

Conclusion

A product manager’s job is important to the success of products produced by a company. Organisations are looking for people who want to innovate new things and have a track record of success. He or she should also possess strong strategic thinking, communication skills and a customer-oriented mindset for this role. some of the important Product Manager Job Roles and Responsibilities have been discussed in this article along with skills and scope.

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