May 20, 2024

What is Product Management?

What made you land on this page?

Of course, you are thinking of advancing your career in the field of Product Management with a Product Management certificate

Did you know that Product Management is considered one of the hottest professions?

You have an idea of how lucrative a career can be in the world of Product Management. 

Let us clear the clutter with some powerful stats regarding Product Management.

 

Fast Facts:

 

  • As per the data provided by Grandview Research, the worldwide product lifecycle management market is projected to reach USD 54.36 billion by the year 2030

 

  • As per a survey made by LinkedIn Insights, the year-over-year growth in jobs related to Product Management is projected to rise by a whopping 14%

 

  • Currently, job portals are flooded with new job openings in Product Management worldwide, and the number of job openings has crossed the 100,000 mark.

 

  • According to AmbitionBox, the average annual salary of a Product Manager is around a gigantic INR 16.7Lacs

 

  • Some of the biggest names looking for Product Managers include Ola, BookMyShow, Cisco, Adobe, Amazon, Airbnb, Oracle, Microsoft, Facebook, VMWare, IBM, Accenture, TCS, Google, and many more.

 

  • Product Managers can choose to work in the industry of their choice as they are in demand almost everywhere, including BFSI (Banking, Financial Services, and Investments), IT Services, Computer Software, Internet, Retail, Manufacturing, and many others.

 

What an amazing collection of facts!!

It is now clear that a career in Product Management can be rewarding and lucrative yet innovative and challenging. 

The last few years have seen almost double the growth in the professionals shifting their careers to product management. This is mainly because of the increasing importance of data in making informed decisions and the main emphasis on the customers and the design. Another growth driver for this domain is the speedy evolution of software development methodologies. 

If you like to understand customer behavior, their requirements, and the way they do things on the Internet, you may be interested in this role. By gaining a Product Management Certificate, you will acquire the knowledge required, such as Product Management Strategy, Product Lifecycle, Product Innovation, and Product Leadership. 

Let us now go through a brief overview of what product management actually means.

What is Product Management?

Product management is an organizational function that directs each phase of the lifespan of a product, from development to positioning and pricing, by placing the customer and the product first. Product managers represent customers’ interests within the company and ensure that the voice of the market is heard in order to create the most outstanding outcome possible.

Product teams consistently deliver better-designed and higher-performing products as a result of this customer-centric emphasis. A deep understanding of clients and the capacity to develop solutions specifically for them are more important than ever in the digital industry, where newer and better alternatives swiftly replace firmly established items. Product management can help with it.

As defined by Martin Eriksson, Product Management is the convergence of technology, user experience, and user experience.

Technology: Though it doesn’t require you to code to know what is being developed, you also need to understand how it has to be developed. You are required to have an idea regarding the techniques involved in developing the product and also the amount of effort put into developing the same. Then you will become capable of making the right decisions in developing strategies. 

Business: Product management’s overarching goal is to grow sales. Product managers must be driven by an obsession with product optimization, which has a direct impact on sales and returns on investment.

User Experience: Only if the clients are heard, and their input is taken into consideration can better products be developed. In this situation, product managers serve as the customers’ internal spokespersons and are responsible for efficiently communicating consumer needs to develop goods.

When businesses required specialized assistance with their product lifecycles, the need for product management arose. Functionality was required to assist in pricing, development, and the first understanding of the client and the product. These requirements were met with the use of product management. It became the responsibility of the business to create the greatest goods and contribute to improved customer understanding.

Who is a Product Manager?

As defined by Wikipedia, a Product Manager is a professional role that is responsible for the development of products for an organization, known as the practice of product management. Product managers own the product strategy behind a product, specify its functional requirements, and manage feature releases.’

So, a Product Manager is basically responsible for the management of the end-to-end lifecycle of products, which may include product planning as well as marketing on the basis of customer requirements. Some of the key responsibilities that you need to fulfill as a Product Manager include determining the product vision, defining the overall strategies and objectives, managing finances and revenues, and collaborating with marketing, sales, and engineering departments. 

Product Manager Job Description

Have a look at what a typical day looks like in the role of a Product Manager.

  • Describing the roadmap and strategy to develop the product
  • Conducting market research in both primary and secondary approaches
  • Working with Sales, UI/UX, marketing, and engineering departments
  • Define the product vision
  • Preparing monthly reports
  • Carry out competitor analysis
  • Execute product demonstrations
  • Work on partnership and license opportunities with external as well as internal stakeholders
  • Lead and manage team members
  • Provide training to team members on important aspects of product management to ensure success
  • Gathering and analyzing data along with predicting important observations
  • Keeping ahead of market trends and customer requirements

Conclusion

Now that you have gone through the Product Management overview, you might have realized how creative and innovative the job role is.

To learn product management in and out, Simplilearn can prove to be a one-stop solution. It provides you with top-class training, which is delivered by industry experts, and that too with your preferred mode of learning. Ask Me Anything sessions and JobAssist programs conducted by Simplilearn are just a few of the most special features of this course. 

Enroll Yourself Now!

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