The product manager should be able to judge the temperaments of the market. He needs to have a thorough understanding right from the inception of an idea, and transforming that idea into reality, through various processes such as product outlining, procurement of material, manufacturing process, assessment of the finished product, pricing, and ultimately, marketing and launching the product at the most favorable time. He should have keen business acumen. A product manager can be characterized as the key element which draws the line as to how far a product can make an impact in the market for the company he works for.
A product manager is not necessarily in charge of a physical product, as the term extends to services too. For example, the finance portfolio managers are nothing but product managers dealing in financial products. The same can be said about advertising too. Thus a product manager is a person who handles products or services, and assumes the responsibility to make it successful, through careful planning and implementation of a strategy designed by him or her.
If you are applying for the post of product manager, you need to understand the process flow of the company, how a product moves from one stage to another, what are the strengths of the products and what are its weaknesses, how can the weaknesses be overcome, what are the products standing in the market vis-à-vis the competition's product. How can the brand value as well as the intrinsic value of the product are increased, etc.
To be eligible to apply for the post of a product manager, you need to have a minimum of a bachelor's degree. A master's degree either in business administration or marketing is an added advantage. A specialized degree in electronics engineering or computers is required in the technical product management field. Further courses that will help in career advancement are the ones in usability, marketing, technical writing, economics, advertising, market research, and management.
Apart from the academic profile, you need to have very good interpersonal skills. This is because you will be required to deal with several people, both within the company and outside the company. You must have a good analytical mind and observation skills. Having a vision to visualize an innovative product is very essential. One must be able to express and communicate his ideas without hesitation in front of seniors and colleagues. Good research skills are also important. You must be familiar with the process cycle involved in manufacturing a product and the type of people involved in it. A product manager needs to have an eye for detail and must also have an understanding of the legalities involved in product development.
Depending upon your line of interest, decide on the industry that you want to focus on. However, grabbing the opportunity as it comes and adapting to the requirements at hand is a pre-requisite. There are better chances for your success, when you are in an industry that interests you, so try to cultivate a natural interest in the process or product you work on. After you have decided on your interest, you need to try to find a job, maybe at an entry level in the industry of your interest. Most of the product managers have worked their way to the corporate ladder, by working in smaller positions in their earlier years. Try to garner maximum experience in each and every function as a product manager. The more you learn by way of performing your duties, the more lucrative your resume would be.
You can take up short courses in managerial skills, product management, personnel management etc. The company may also provide additional training to hone your interpersonal skills, leadership qualities, marketing skills, etc.
You can also increase the weight age of your resume by studying further and getting a certificate from Association of International Product Marketing and Management. With this degree, you will certainly have an edge over others with this certificate course. Moreover, there are several conferences and seminars organized by this institution for the betterment of the participants.
Since product managers possess higher educational qualifications, vast experience and shoulder great responsibilities, they receive very good emoluments. The average salary of a product manager is around $110,000 per year. There are quite a few occasions where after a successful product launch, huge payouts are given to product managers in the form of a bonus, a raise in salary, a higher post, and/or several other perks. However, it should be remembered that all this is not achieved after a walk in the park. The product managers are required to put in hundreds of hours, particularly months before the product launch. The career scope for a product manager is immense.
