- Product Development Manager
Who is a Product Development Manager?
If you keep your eye on the profit, you’re going to skimp on the product. But if you focus on making really great products, then the profits will follow ~ Steve Jobs
If you think you have a good knowledge of the business world. If you think you can understand consumer needs and find an opportunity to create a potential product without dealing with the monotonous work then you can enter an organisation as a product development manager. The job of a product development manager involves working on market research which is the first and very crucial part of developing a product. After that they plan out the development of the product which resolves technical feasibility and attain design optimisation. Working on the development of new products is an interesting field to work in and if it interests you then you can become a part of it. Product management is a key function that ensures the delivery of high-quality products. Product management involves strategy, execution, and user understanding.
Product Management varies as per organization and assigned responsibilities. In some organizations, the strategy is planned by executives without involving product development managers. They are then directed about it. While in some other companies there is a group of product development managers who execute day to day strategy and research. In larger organizations, the strategy-making is left to executives while product development managers are responsible for execution, and user research. The role of a product development manager is often complicated as the decision making responsibility varies as per the organization. They have the three prime responsibilities strategy, execution, and user understanding.
There are instances when product development managers give instructions for all three responsibilities. There are also those instances when they have to take instructions for all three responsibilities to effectively perform product management. The product development manager is more like a facilitator who ensures the smooth delivery of the product.
Product Development Manager in a Nutshell
The role of a product development manager is to manage projects and tasks that involve product development. They look after the design and technical aspects of a product. The product development manager also has to work with other teams in order to generate the idea and figure out the design, production, and development strategy of a product. They also collaborate with the sales and marketing teams in order to make the product financially viable for the company or how they are going to promote the product so that it reaches the end-user.
Quick Facts for Product Development Manager
Average Salary in India
Male, Female, Others
The role of a product development manager is suitable for everyone regardless of their gender. It is a senior role and requires a sense of responsibility. The experienced candidates are preferred for this role regardless of their gender.
Any special needs
It depends on the responsibilities assigned to candidates and the functioning of the organization. There might be companies that do not prefer a specially abled candidate on board as the work responsibilities may require standing for hours and traveling. While there are also organizations that hire specially-able depending on the work responsibilities such as E-commerce organizations may assign work from home. As it only requires vast knowledge and working with computer systems instead of physical movement.
Table of Contents for Product Development Manager
What is the role of Product Development Manager?
The success of the product in the market depends on the product development managers’ efficiency and strategies. The product development managers are responsible for guiding the cross-functional team and improving their productivity in both the aspects qualitatively and quantitatively. A product development manager plays a great role in an organization. He or she maintains the discipline among executives working under him or his team. A product development manager makes the strategy, plans roadmap, and features definition for a product or product lines. A product development manager is considered responsible for the profits and loss. product development managers are expert professionals who lead the organizations with their abilities and effective decision making. A product development manager analyzes the market and competitive conditions. He or she lays out a product vision that delivers customer demands. The product development manager collaborates between engineering, marketing, sales, and support teams. A product development manager ensures the successful launch of the product.
A product development manager is responsible for defining the product vision, strategy, and roadmap to reach the goal. Product managers should deal with a number of organizational goals, such as designing a product plan that would be in alignment with the business strategy, designed to maximize revenue, profit and customer experience, providing new products on time and within budget and gaining manufacturing quality levels.
A product development manager is responsible for setting priorities, gathering information, managing work responsibilities, and prioritizing customer requirements. Management of tasks is the practice of monitoring a task throughout its development process. It requires the preparation, checking, tracking and reporting. Task management can help people achieve their goals.
A product development manager is responsible to work closely with other teams as well such as the engineering team, marketing and sales team, and support team. Collaboration is the process of more than two individuals or groups working together to achieve a project or an objective. Most collaboration involves leadership, but within a community and the form of leadership can be social.
A product development manager often stays occupied with documentation. A product development manager requires getting all the essential information documented such as market needs, priorities, and justification. Documentation might contribute to enhance potential share price by promoting an understanding of a company's operations and assessing its valuation.
A product development manager is responsible for developing new products, and improvising it to existing products. A product development manager develops business ventures. Development of business involves processes and workflows for designing and implementing possibilities for advancement between many companies and organizations. It is a subset of the industry, trade and organization and management domains.
A product development manager often contributes to the price set by providing information related to industry insights and recommendations. This role varies as per organizations. All organizations do not consider product development managers for product pricing. Brand managers are designing goods that satisfy customer requirements. How much a company serves the needs of the customers defines how valuable a product is in the marketplace, and the price it would be willing and able to pay for. It is something for product managers to make a significant contribution to pricing decisions.
Types of a Product Development Manager
Project Manager: A product development manager is responsible for leading the whole project whether it is planning, execution, monitoring, controlling, and closing projects. A product development manager is considered accountable for the entire project such as project scope, project team, resources, and the success or failure of the project.
Business Developer: A business developer is responsible for finding ways to bring revenues to the company. A business developer finds opportunities in new markets, partners with other companies, sell products to existing markets, and develops new products and services.
Operations Director: An operations director or director of operations is accountable for the growth and profits of the company. An operations director controls expenses manage staff and supervises the department.
Also read - Career as a product designer
What is the workplace/work environment of Product Development Manager like?
Product development managers are responsible for the production of products, managing product marketing, and responding to customer’s feedback. The product development managers are often employed in the private sector rather than in the government sector. The pay a product development manager receives from his company is generally higher than the average national pay. There is a tough competition for the position of product development manager. It sometimes becomes difficult to find a job. Product management requires higher creativity and working in a fast-paced work environment. A product development manager generally works 40 hours a week including evenings and weekends.
Does Product Development Manager require travelling?
Yes, the career occasionally requires traveling to attend meetings.
Product development managers usually work during the general shift (9 AM - 6 PM) however, in most cases they end up working more than their designated shifts as product development is always an ongoing process so they end up working for more than 10 hours a day on most of the days.
A product development manager works permanently with the company as it is a confidential job. The details of the product should not be leaked in the market before its launch. A product development manager’s role requires a firm commitment to the organization.
Most of the product development managers work out form their offices. In certain cases, where there is a deadline to be met, some of them even work from home in order to ensure that things are done on time.
Presence in Geographical Area
Almost all the product development managers are based in metro cities such as Gurugram, Mumbai, Bengaluru, Chennai, and Hyderabad. The reason being that there are more employment opportunities for them in these cities than at any other location. Also, the majority of the companies that deal with product development are located in these metro cities.
Product development managers are likely to face time pressure issues. Time pressure is quite active for product development managers. Apart from performing their research and work, they are also required to supervise and verify the work done by their team members. Hence, product development managers work under a lot of time pressure.
The allotted working hours for product development managers are typically 9 hours per day. But because of the responsibilities assigned to product development managers, they work overtime for half the time in a month.
Weekly Hours of Work
Min 50 Hours
A product development manager works for about 50 hours a week. As product developers are involved in almost all the activities taking places in order to develop the product, most of the times they end up working for more than the regular nine hours a day.
How to become a Product Development Manager?
What are the skills and qualities required to become a/an Product Development Manager?
Strategic mindset: Strategic thinking helps the business to identify how and where to make the most effective use of such resources and move the organization towards the targets. Strategic analysis guides the management structure on its most likely regulated marketplace. Strategic thinking is a system that determines the way people think about themselves and everyone, by evaluating, interpreting and constructing the future. They are also specialized in corporate strategy and in developing a method of strategic planning. Product development managers are responsible for strategic decision making. They have to decide the priority of the tasks and find ideas from various sources.
Technical skills: Technical abilities are the capabilities and expertise required to perform different tasks. They ae realistic and frequently refer to technological, numerical, or observation and experiments in information technology. Some instances also provide software development language skills, mechanical components, or techniques. Product development managers must have a good understanding of all the technical aspects required for effective production. product development managers who work for E-commerce must be familiarised with data thinking and use digital tools such as Google Analytics, Mixpanel, Tableau, Optimizely, and other related tools.
Collaboration: Collaboration is greatly beneficial for both the workers and the company, as they see and appreciate how others work, think, communicate and function as they work collectively, communicate and discuss their ideas. A product development manager highly relies on working with others to ensure the success of their team. A product development manager must be able to effectively collaborate with other teams and their team. Successful product development managers possess leadership quality and emotional intelligence to achieve a high performing state.
Communication skills: Communication in the workplace is essential to businesses as it helps organizations to be competitive and function efficiently. .Employees will experience improved morale, efficiency and dedication if they can interact within an institution. Product development managers work with internal and external team members through email, chats, meetings, and presentations. Effective communication skills ensure the sharing of information and the functioning of an organization.
Attention to detail: Paying attention to every detail can interpret your ability to analyze and solve problems, especially small problems. So even random mistakes in any work environment can even have serious implications, and failures are awful. Attention to detail depends on the ability to accurately assign the cognitive efforts in achieving assignments of diligence and efficiency. Attention to detail able to continue improving productivity, effectiveness and achievement. Detail orientation is an important aspect of product management. It helps in improvisation by finding missing details and fixing issues. It ensures the outcome as well as output orientation.
Empathy: Empathy could really illustrate profound admiration for fellow employees in the place of work, as well as show that you care, as compared to going through rules and procedures. An empathetic approach of leadership will enable everybody to feel like a family and enhance profitability, confidence and of course loyalty. A product development manager must ensure that the product is user friendly and it solves the problem of users. The product development manager and team need to understand the users to build a product that solves the users’ problems.
Which certifications and internships can be helpful in becoming Product Development Manager?
The product management internships could easily be found on various recruitment websites. The most popular ones are Indeed.com, monster.com, Internshala, LinkedIn, and Glassdoor. The candidates can also directly apply through companies’ official websites. The roles assigned to candidates vary as per their field and organization. The interns are often assigned to conduct primary and secondary research to understand the market and target audience of the product. The interns are assigned to do documentation with wireframes, clear use cases, and test cases. Interns work closely with tech teams that enhance their learning and skills.
Career Path Progression for Product Development Manager
Associate product development manager: It is an entry-level role. An associate manager supports one or more managers to increase work efficiency. A product development manager is responsible for collecting data and metrics through market research. An associate product development manager synthesis customer research gathers product requirements and aligns it with the business goals.
Product development manager: It is a mid-level role. product development managers are responsible for setting strategy, roadmap, and feature definition for a product. A product development manager defines the goal of the product to the executives. A product development manager is accountable for forecasting, marketing, and profit and loss.
Senior product development manager: A senior product development manager is an experienced professional in the market. He or she understands the need for a market and comes up with innovative solutions in the form of a product.
Director of Product: The director of the product is responsible for supervising the functions of junior product development manager, product development manager, senior product development manager, and head of product management. The director communicates the development of the production process and progress to stakeholders.
VP of Product: In small business entities, a VP of Product may serve as an only product development manager. But in larger companies, the VP of products are responsible for recruiting, retaining, and organizing product development managers. A VP of Product is responsible for product vision, execution, and team culture.
Chief Product Officer: A chief product officer leads the entire organization. A chief product officer is responsible for the strategic product direction such as product innovation, product vision, product design and development, and other related aspects.
Product Development Manager Jobs and Salaries
Chief Product Officer
- Average Salary 45000
- Junior Level Salary 35000
- Senior Level Salary 200000
The Chief Product Officer is an organizational director, strategist, and spokesperson of a company' s product. The Chief Product Officer's main purpose is to guide and promote the development of products that provide the importance to consumers and as well as the industry.
The position of Chief Product Officer with an average salary may be as high as five to six a year. With experience and expertise, the Chief Product Officer will receive an average salary more than Rs twenty-four lakhs a year. In this career the pay is based on the industry in which they work.
What is the job outlook for Product Development Manager?
The product development managers are most sought after candidates. Product management plays a crucial role in the success of a product in the market. product development managers reach across teams to plan, design, execute, launch, and deliver products successfully in the market. The product development managers are required to lead developers and engineers. A product development manager collaborates with other teams to reach the goals. The product development manager is a leadership role that requires business acumen, knowledge of UX design, and product design. product development managers are crucial for both startups and giant organizations. There is an expected job growth of 9 percent in the profession of product development manager. product development managers are known as product CEOs. There are constant job openings for product development managers. product development managers are the most sought after candidates.
There is a 56 per cent product development manager holding a bachelor's degree, 26 per cent holding a master's degree. While only 11 per cent of product development managers hold a professional degree. The work responsibility of product development managers revolves around his or her abilities and knowledge of communication, marketing, advertising, statics, and economics. Abundant career advancements are the biggest opportunity for a product development manager. Their role as a product development manager is considered for career advancements. The famous CEOs are once product development managers.
Frequently Asked Questions for Product Development Manager
Que. What is the average salary of an IT product development manager?Ans.
The average salary of a product development manager is Rs.16,44,876 per annum, in India.
Que. What are the education requirements for a product development manager?Ans.
There is no specific education requirement for the product development manager’s role. The candidates possessing a bachelor's degree in the related fields are preferred. Several recruiters consider an MBA (Master of Business Administration) for the role.
Que. What are the advanced roles of a product development manager?Ans.
The career progression hierarchy of a product development manager is as follows:
Product development manager- Senior product development manager- Director of Product - VP (Vice President) of Product- Chief Product Officer
Que. How many years of experience is required to become a product development manager?Ans.
It requires a minimum of five years of experience in the industry to become a product development manager.
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