What is product management?
Imagine Netflix. You know the excuse we use to avoid all the social obligations we have to spend another weekend at home in our sweatpants while hogging on all the food? Yeah, that one. Now, imagine, what would it be like without all the shows and movies that we love to watch. It will be nothing. This blog covers Product Management Questions which is frequently asked.
That is how an organization will be without Product Management!
It is basically everything starting from planning, producing & manufacturing to marketing, selling & distribution of a product to its target market.
The aim is to either develop new products or upgrade the available product. The motive is to provide details about it to the entire company and the extended supply chain.
Sure, the process is long and challenging but it holds utter significance as it manages each and every aspect of the product life cycle while bearing the risks.
The key aspect of product management is that the new product introduction to the customers should have a USP or be a better version of the already existing one. Then only a brand value and a good image of the product can be create.
What does a product manager do?
He/ She is responsible for delivering a unique product to the market, taking into consideration the needs and representing a viable business opportunity.
It’s on them to define the product’s vision, strategy, and roadmap.
Their ultimate responsibility is to manage the whole product lifecycle by achieving the goals at every step of the development process.
These processes exist through cross-functional activities, which means product managers receive assistance from specialists such as designers, quality assurance engineers, product marketing managers, supply chain & operational experts, project managers, and many more.
Scope for product management?
Myth: Product Management is boring and restrictive.
Truth: It is one of those fields that has a very vast scope irrespective of the industry.
An organization’s main goal is to fulfil the demands and expectations of its customers by providing unique products and services.
Thus, the scope of product management lies at every step of the process used to develop a product.
When a new product is design, it should be done in such a way that it meets the customers’ demands.
The later phases of process designing and planning, location planning, production planning, cost control and cost reduction, and many more are all part of Product Management.
So, basically, if we talk about the Maggi Making Process, the steps from boiling Maggi to adding veggies and the tastemaker, all of them are parts of Product Management.
To summarize, PM is the never-ending process for developing any product.
Is product management a good career?
Product management, as a field, displays a never-ending learning curve.
It provides you with multiple growth opportunities and flourishes your leadership skills.
Due to the frequent back and forth negotiations with the parties involved, your communication skills will witness drastic improvements. You will end up becoming a pro in problem-solving and team working.
Being a product manager, you interact with different branches and departments like sales, marketing, engineering. This ensures that there are plenty of opportunities to learn and thrive.
As we had said before, Project Management is a long and complicated process. However, throughout the whole drill, the product managers will gain a variety of domain knowledge which is indeed remarkable and, in the end, we know for sure, “Mogambo Khush Hoga”.
How do I start a product management career?
If you want to pursue a career in product management, the first thing needed is to obviously know what it really is. That is where this blog helps you with all Product Management Questions. So, that is done. You’re welcome.
The most important requisite for Product Management is to know how to build your own product (surprise surprise!) and to get practical experience.
To start, get in touch with the developers and designers to gain more insights and then, start hunting for the companies and the role you want to work for.
The next step is to find the appropriate Associate product manager program. While the aforemention program is a tool develop for beginners. It is aiming to provide mentorship and accelerate their growth for the product, it is also built to give solutions.
It is important to do some research side by side. In order to keep yourself updated about the online courses, skills, interview processes, and jobs that are currently available in the market.
Types of Product Managers
Usually, when we talk about Product Managers, we assume that there is only one kind. That is, however not the truth. Product managers have many forms and each of them has their different work processes as compared to others. This is also the most asked Product Management Questions.
The tech product manager: They work with the engineering department and solve technical problems. It is their job to think about technicalities in products and see the bigger picture by defining what products to build. Google & Amazon are known to hire such type of product managers.
The designer product manager designs the product by taking the technical team’s views and the target market’s needs, and customer expectations.
The product marketing manager manages all the marketing activities by doing product testing, creating summaries for analysis, creating web content, co-operating with media for advertising, etc.
Data/analytics product manager works with data scientists on data management and analysis of the findings.
What is the product manager’s salary?
In India, the average salary of a product manager with 2-4 years of work experience would be around 17.5 Lac annually.
Product Managers earn a high paid salary because the job has prestigious demand, no matter which industry it works in.
According to Payscale, companies like Oracle and Sap Labs, India offer an average package of 19,50,952 and 18,00,000 Rupees respectively.
Another thing to be paid attention to is other cases that an average of 20 Lakhs or more is also paid. Such high packages purely depend upon the employees’ past professional experience (minimum 4 years), the skills acquired by them, and the updated knowledge they inculcate.
It also depends on the company’s aspects such as its size, working culture, location, and role. Such fancy packages are offer mainly by top companies like Amazon, Flipkart, Paytm, Microsoft, etc.
Is product management hard?
However, the most important product management questions is, it is not so easy as it seems.
It has its own complicated paths that seem to be quite difficult if one doesn’t pay full focus on it. This field requires gaining some specialization to excel in this field.
As we have seen, PM is more than just one basic task. It’s like an umbrella under which there are a various process that needs to be learned and inculcated and some of them may seem as hard as a nail.
Apart from the traditional responsibilities and roles, a product manager has to play in a team. There’s a huge team working with co-ordination with him/her and it is the manager’s duty to ensure that they all have the same aim in their mind.
The product management course benefits your self-development and career prospects. There are also some Certification courses available by Brand. And Product Management Certification Course (Coursera) and Digital Product Management Certification by Boston University (edX).
For a fresher I.e. a candidate having 0-1 year of work experience, the average pay is 15 Lac or less.
What is the product management course?
Learn it. Know it. Live it.
In the product management course, experts showcase detailed information and knowledge about the topic.
The course is specifically designed for beginners and answers queries such as how to build software products, what is core Product Management, which product marketing skills are used during the product lifecycle, and much more.
It also gives brief information on what are the responsibilities of a product manager. Their roles in the company, the kind of work they actually do, and how they perform. An advanced product management course is also available.