Author: Chris
M. Alexander
Product management is managing of a company’s product through all of its
stages starting from designing, on to manufacturing and marketing. This is also
known as the lifecycle of a product. Product management is an inbound focus that
is made by product managers to maximize the sale and profit of the product and
add to the profit of the company or organization. The main focus of product
management, however, lies in taking or considering new product for development.
According to the Product Development and Management Association (PDMA), the
product that adds up to unique benefit and serves superior value to the
customers and clients is considered as the highest product of profitability.
Job Responsibilities of a Product Manager
The responsibilities of product managers vary depending upon
the size, structure and type of product manufactured by the company. Their key
responsibility lies in defining a new product manufactured by the company. They
are also responsible for making strategies and policies to consider product life
cycle and product differentiation.
Product managers are responsible for product planning and
deal with marketing of the product. In planning, a product manager identifies
and articulates market requirements and further enhances the basic features and
properties of the product concerned so that it meets the needs of customers and
clients.
Product managers are solely responsible for setting target demographics and
looking at the plans and policies that other production
companies have applied to make their product customer friendly. They
create and apply new ideas to manufacture and promote a product that suits the
company and fits the business model. Product managers have to manage one or more
substantial products.
They are required to meet with the product team on a regular basis and get
updates on the development of the product. They create product
management roadmaps that will detail the ways by which the product will
be manufactured and also give an estimation of particular time required.
Sometimes, product managers also have to make hardware, software, mechanical
design, user documents, marketing and sales strategies. They also are involved
with customer testing activities to promote the product manufactured by the
company which make it user friendly.
Education Required to become a Product Manager
The responsibilities of product managers are wholly associated with the
production unit and marketing policies of the company. A product manager must
have practical knowledge of the current market and also understanding of the
policies and strategies of product development. The most
desired degree by the product development companies are that of an MBA in
product management studies with a focus on economics, accounting, marketing, and
business mathematics. These studies enable a student to understand the basic
principles of product management and creating new strategies and plans in
marketing research.
Online Studies That Can Get You There
Use of internet in our daily life has brought several unimaginable facilities
to us. One of these involves getting desired knowledge on any subject from any
corner of the world. There are several colleges and universities world wide that
offer a variety courses including management studies. To get an
MBA degree on product management, online, the following are names of some of the
renowned universities and colleges:
- Oxford Brookes University Business School
- Drexel University
- Ashford University
- Brown College
- DeVry University Online
- Everest University Online
- Kaplan University Online
- McCann School of Business and Technology
- Norwich University
- South University Online
- University of Phoenix
- Walden University
Salary Range of a Product Manager
Salaries are subject to change depending on the assets of the company, the
buy and sell strategies, employee strength, geographical position of the
company, and also the years of experience. The salary range of a product
manager having experience of one year or less, in the Unites States is
around $65,471. Persons having experience of five years or more are paid about
$72,043 and those having experience of more than 20 years $99,584.
Article Source: http://www.articlesbase.com/career-management-articles/product-manager-job-responsibilities-education-and-salary-1216332.html
About
the Author:
Product manager creates and apply new ideas to manufacture and promote a
product that suits the company and fits the business model. Product managers are
also responsible for product planning and deal with marketing of the
product.