How to Become a Product Manager(13 courses)
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Definition of Product Manager
A Product Manager holds overall responsibility for conceiving, researching and developing new merchandise, software and other goods aimed at increasing a companyâ€™s profits and market presence. They are typically thought of as the intersection between technology, business and user experience; creating strategies, determining the value and defining the purpose of a product.
Product Managers evaluate market trends, identify intended demographics and monitor competition. Considering factors such as the companyâ€™s business model and consumer opinion, the Product Manager determines what features are needed to ensure that the final product meets the needs of the end-user.
Once they have created a blueprint and strategy, the Product Manager must communicate their product vision and value to everyone from executives and senior management to the development and marketing teams. They ensure cohesion across all aspects of product strategy and execution, from research and engineering to sales and marketing.
What are the responsibilities of a Product Manager ?
- Conceptualising and developing new products in order to improve market share and maximise profits.
- Defining the purpose, value and target market of new merchandise, software and other goods.
- Outlining and maintaining product development strategies, timelines and budgets.
- Monitoring and researching market trends to identify customer needs.
- Assessing and comparing competitor products in order to create differentiation.
- Conducting market research to determine competitive pricing and promotional plans.
- Supervising recruitment and training of product management staff.
- Liaising with other departments such as engineering, sales and marketing to ensure a cohesive product vision.
- Generating and presenting reports, sales forecasts and market analyses for management and executives.
Career Outlook for Product Manager
The average age of people working as is 43 with 61.10% of them being male. 90.70% of are employed full-time and they typically work around 42.3 hours per week.
Unemployment is below average and, with A Bachelor Degree or higher, the average Community Worker can earn around $1,669 per week Before Tax. In 2015 there were 12,600 working and the future growth of the profession is predicted to be very strong, with numbers around 14,800 in 2020.