A Comprehensive Guide to Product Management: Roles and Responsibilities

About the Author: Sidra Nasir khan is a current student at FMS Delhi. She is currently working at TATA Administrative Services (TAS) and is an Alumni of NIT Bhopal. She is Currently a member of HR & OB Society at FMS. In this article, Sidra talks about the Product Management Roles and Responsibilities.

Product management 

Product management is one of the most sought-after fields to work in today. In today's digital-first world, product management is the cornerstone of successful enterprises, and product-as-a-service dominates practically every industry. These "mini-CEOs" oversee entire products, collaborate with cross-functional teams, and help businesses successfully transition in order to accomplish their objectives. PMs receive enormous salaries, particularly in the US.

The Work of a Product Manager

• The combination of business strategy and product management holds the key. Basically, you must have knowledge of PR, media, communications, sales, customer behavior, etc. to be a successful product manager.
• The motivation behind the goods and services will be you. You'll be involved in everything from app design and UI/UX planning to business goal matching strategy.
• You'll participate in creating new products, enhancing and modifying existing ones, and generally choosing the course that the tech and product development teams will take.

Simply defined, a Product Manager (PM) makes decisions on the software and products to be developed next and assists in managing research, design, testing, and go-to-market strategy. Although a PM has many other duties, choosing what to build and in what order is their primary responsibility.

What Do Product Managers Make?

At a company like Flipkart, a PM might make anywhere from 28 lakhs to 36 lakhs per year. Packages may vary depending on your background and business school. However, it's crucial to keep in mind that you won't be recruited as a PM right out of business school. Before you can become a product manager, you need to gain experience by working and learning on the job, as well as comprehend the sector you want to work in.

Types of Product Managers-

1. Technical Product Manager (TPM)

TPMs operate better with product design and engineering teams since they have greater technical training.

The main responsibilities include market trend analysis, collaboration with development leads, product training, enhancement of current products, and competitor product and service research.

2. Digital Product Managers (DPM)

A DPM supervises the development and creation of digital products. Then, they transform those needs into features that their team will design.

Planning product launch campaigns, researching digital products and their features, and contacting clients to ascertain market mood and wants are major duties.

3. Software Product Managers (SPM)

An SPM manages the creation of software products from start to finish. Identify the needs of the intended audience. Create plans to boost your profits.

Determine customer needs, collaborate with the design team to develop features and products that address those demands. Software solutions that are out of date should be phased away.

4. Product Operations Manager

Operations managers (Ops) oversee daily operations for products. One of their main worries is how to transmit and use product data to improve operations.

Implementing best practises, facilitating resource sharing, and ongoing training are major tasks. Increase departmental communication channels.

5. Data Product Manager

This kind of PM is more suited for the data management industry. They collaborate closely with professionals in the same industry, like analysts and data scientists.

Finding ways to use data rather than just using it is a major responsibility. Product data will be used for early design iterations and design enhancements.

6. Product Marketing Manager (PMM)

A PMM should be considered a marketing manager first, then a product manager. They concentrate more on the product's marketing side.

Understanding the technical features of the company's products and figuring out how to promote them are major tasks.

7. Growth Product Manager

When it comes to experimenting with product design and ideas for new features in already-existing products, GPMs take the lead. Additionally, they produce data-driven decision-making techniques.

Major duties include using data to concentrate on the long-term success of the company, identifying new opportunities for product growth, and doing research and working with design teams to develop features that would boost profitability

8. Ecommerce Product Manager

All of the company's items that are listed on the official website are thoroughly understood by EPMs. They are in charge of improving product performance and sales across all ecommerce platforms.

Major duties include choosing the right vendors, building e-commerce platforms, coming up with business plans, and managing and approving product delivery methods.

9. Product Design Manager (PDM)

PDMs organize the effort to create new product features and enhance existing ones.

Product research, trend research, product analysis, improving product features, and ensuring design feasibility are the main responsibilities.

Product Manager: Career Advancement

The following shows a product manager's career progression:

1. Junior/Associate PMs

They are in charge of smaller-scale features that support a product's strategy as determined by a mid-level or senior PM. Your first step on the career path for project managers is in this entry-level product role. Both a fundamental understanding of product management and a desire to learn are expected here. You begin displaying empathy for the consumer, discovering your enthusiasm for spotting opportunities, and organising a team of individuals to work on a single project.

2. Mid-level Product Manager

You'll probably need to have some prior professional experience in order to advance to this stage in your career path. Although prior product management expertise is not required, it is expected that you can demonstrate your ability to communicate, collaborate, and set priorities.

You are in charge of a product's whole lifespan, the team's go-to person, and the link between the engineers and other team members. It is crucial to comprehend both the value proposition of your product and the demands and challenges of your target market. Create product initiatives that support the business plan if you want to be a successful PM.

3. Senior Product Manager

This is necessary because you must learn how to think for yourself, set an example for others, successfully assess complicated, interrelated aspects, and feel responsible for important decisions. Deep product and market expertise are necessary, as well as the capacity to intervene and handle challenging circumstances.

Senior PMs carry out much of the same tasks as junior and mid-level PMs, but with products that have a higher effect and greater visibility. They collaborate closely with the organization's product leaders to carry out the company's product strategy, and they have the authority to mentor or direct other junior PMs. Senior product managers start to focus more on the overall product process while other PMs operate more at the execution level, progressively taking on the role of the product team's representative to senior management.

4. Director of Product Management

The capacity to establish and trust a team to complete the essential tasks without interfering is a requirement for a director-level position. In addition to ignoring the recruitment efforts necessary to assure the formation of a top performing team, there is a greater emphasis on creating better processes and optimising current ones, enhancing overall team performance, and forging consensus throughout the entire business.

The other members of the product management team frequently look to product directors as mentors. Utilizing the strengths of their product teams for the benefit of the firm while mentoring individual product managers to succeed is a crucial component of a director's job. They represent the team and the complete product strategy as ambassadors. They are in charge of providing the team with the appropriate openness regarding decisions being made at the more senior levels of the company and the market.

5. VP of Product Management

The practical aspects of the product development process involve you substantially less. You are primarily strategic, whereas the product team is tactical. Budgeting for the product organization is one of the responsibilities. Other duties include defending the product team from internal politics and ensuring that strategic product decisions are in line with business objectives.

The VP position facilitates high-level product organization and serves as a liaison between the business, C-level stakeholders, and the board of directors.

6. Chief Product Officer

The Chief Innovation Officer is another name for the Chief Product Officer. It is an executive who oversees all business operations involving products. You are taking care of the complete product line, making sure that the funding, research, and human resources are allocated to the areas that will produce the required results. Usually, the person in this role reports to the CEO (CEO). The CPO may serve as the VP of Product's assistant or may supervise several VPs of Product reporting to a single product leader.

Be aware that if you land a product management position, your career may not always proceed in this manner. Any of these roles can be appropriate for you if you possess the knowledge and abilities. In many companies, it's also feasible that there will be just 1 or 2 PMs. Hierarchies may differ.

Five reasons why a product manager needs an MBA

Why would a product management professional want to pursue one, aside from having another diploma on their wall?

1. To be the "CEO of the product," one must possess the knowledge of a CEO.

Product managers are occasionally referred to as the company's CEO (usually by themselves of other product managers). This is due to the fact that they are in charge of a wide range of different areas of the product's execution and strategy. But having a lot on your plate as a CEO, a mini-CEO, or even just pretending to be one, is a given.

Many CEOs have an MBA, albeit not all of them do. This is so that an MBA may complete a CEO's knowledge base and fill in any gaps caused by a lack of hands-on, professional experience. It demonstrates your thorough understanding of every facet of a company.

2. A reputation that commands respect

An MBA demonstrates your seriousness about your career, as opposed to a candidate who merely has a Bachelor's or a Master's in a technical subject. It's a requirement for leadership jobs that some recruiting managers will not consider negotiable. They want confirmation that you possess that range of knowledge and experience.

3. Changing how you come across

Rarely is product management someone's first career. A product manager might also be defined by their former position. Whether they were an engineer, project manager, or marketer in the past, that heritage might be challenging to overcome.

4. Enhancing your ability to empathise

Product managers must interact with and satisfy a wide range of stakeholders. Forging closer relationships and anticipating their wants and concerns requires an understanding of their occupations, responsibilities, and interests.

5. Creating a network of industry contacts

The chance to interact with your classmates and programme alumni is just as crucial as the formal education you receive from an MBA programme. Every class, activity, and chance encounter is an opportunity to meet people who could one day be crucial to your future