The major responsibility of the product manager is to determine whether a particular product fits in the business model of the company. The role of the product manager is strategic. The product manager has to manage the product till it reaches the end users. The major task is to gather the requirements of the customers; define the product vision, and work hand in hand with the research and development team in order to bring out a winning product for the company they are employed with. If the product of the company is successful it can lead to business development which means an increase in sales and therefore the profitability of the company. Every customer expects that the product delivers the true value for money, so it is the function of the product manager to find the requirements of the customers and deliver a quality product. The ultimate goal of the product manager should be the success of the product commercially.
The product manager must define the roadmap and strategy of the product. The product manager should set the product demonstration for the customers. He should also be able to prioritize and document the report of the product requirement in detail. He should collaborate with the finance team of the company and fix the rate of the product and determine the profitability goals that can be achieved from the product. The product manager should be able to maintain a monthly revenue forecast. He should be responsible enough to act a leader in the organization. He should brief and train the sales team regarding every aspect of the product. The product manager should also be able to research the competition faced in the market. He should work with the development team and come out with a new development methodology. The product manager should be able to conduct market research in order to find out the existing demand and future of the product.
The product manager should posses a MBA degree preferably in Marketing. The product manager should possess a minimum of 3-5 years of experience either as a product marketing manager or product manager in order to avail a job in a reputable company. The person desiring to become the product manager must show his success in defining and launching excellent products. The person must have good command over written and oral communication. He must possess excellent teamwork skills and must be ready to travel from one place to another. The person should be able to communicate effectively with various departments from the organization. The person should have a positive attitude.
Each and every multinational company or even small companies come out with various products every now and then in order to face the cut throat competition in the market. The career prospect for a product manager is really very excellent and it's not expected to diminish over a period of time. Product managers are one of the pillars of success of every organization therefore it's not likely that any organization would overlook their importance.
The average salary of product manager is around $76,000. The salary of a product manager is totally based on the experience and the organization he is employed with. The salary of a product manager having experience of less than one year is estimated to be around $59,000. Product managers with experience between one to four years can earn around $62,000. Products managers having an experience between five to nine years can take home a salary around $76,000. Product managers who have 10 to 19 years of experience can earn a salary of up to $85,000.
A product manager has great opportunity, as their presence in every manufacturing company is a must. They play a major role behind the success of the products in the market and therefore their pay scale is significantly high.