Product Manager Career Description
Product managers have the responsibility to develop products and market them in the target markets. They supervise the whole product life cycle. They need to conduct a market study about the need for the product, understand the customer requirements, develop the product, and drive the marketing strategies to generate sales and hence revenues for the company. During the whole product life cycle, they work with various departments inside and outside the firm like sales, marketing, product development, production, etc. The product manager also need to form strategies with the top management of the organization by discussing and approving moves by the departments in order to bring the product to the market.
Product Manager Job Career Description
- Product managers should work with the marketing analysis groups and study the latent needs of customers through questionnaires and statistical analysis.
- They need to supervise the operations of the product related departments and employees working in these departments.
- They need to communicate to the top hierarchy and the employees about the exact specifications of the product to be developed.
- Product managers should be aware of changes taking shape in the market place and upgrade their knowledge on the new technological improvements.
- Candidates who would like to become product managers should have good marketing skills like understanding prospective customers, latent needs of customers, decide the right kind of pricing, understand and beat competition, etc.
Product Manager Career Salary
There is a demand for product managers in many sectors like manufacturing and distribution, software development, medical devices, telecommunications, biotechnology, etc. Candidates are expected to have at least 3-4 years of experience. According to the National Salary Data by Pay Scale, the annual compensation of a product manager in the US is in the range $44,000 to $115,000. The median salary is about $70,000 per year. The compensation involves a contribution from the profits generated from the product in the market.