Product Manager Job Description Sample

Playing a key supervisory role in tech companies, the product manager is in charge of defining the strategy, features and vision of the product according to customer requirements. The position may also involve participation in market analysis. Product managers help in ensuring that the proposed product is being made as professionally and efficiently as possible. They also extract valuable feedback from end users to find out the new features they are looking for.

 What are the primary responsibilities of a Product Manager?

• Ensure product availability by fine-tuning inventory levels and production agendas
• Investigate requirements and development plans before bringing new products to the market
• Perform return-on-investment analyses
• Schedule and assign personnel for the developmental work and follow up on the outcomes
• Recruit and train new employees when required
• Study customers’ needs and carry out the research required to obtain market information
• Realize the scope of the product by going through specifications and requirements
• Evaluate new product ideas and designs
• Evaluate market competition and study the competitors’ products
• Study market research data to determine product pricing
• Appraise cost of production
• Outline the objectives of product marketing communication
• Discuss with sales managers to develop sales strategies for the product
• Assess success of the product based on feedback from customers
• Keep the management updated with product sales forecasts

What are the education and entry requirements for Product Manager?

 Usually, employers expect at least a bachelor’s degree in business or a related field for product manager positions. Companies that involve a number of product lines may look forward to hiring professionals with advanced degrees.

 What are the qualities and skills required to become a successful Product Manager?

• Strong analytical skills
• Superior negotiation skills
• Exceptional communication skills
• Product Management skills
• People Management skills
• Planning skills
• Competitive Analysis
• Sales Planning
• Inventory Control
• Financial Planning
• Strategy
• Customer focus
• Product Development
• Requirements Analysis
• Pricing

What are the pros and cons of being a Product Manager?

Pros:

• Product management is a great way to prepare yourself for a senior role in the future
• You get valuable management experience
• More responsibility
• Lucrative pay
• There is a constant need for creativity and innovation
• You gain valuable insights into user behavior and market scenario

Cons

• You are expected to make some very tough decisions as part of your job
• There are times when the creativity of the product manager is held up by the company’s orders and principles
• The Product Manager is automatically held responsible for any failure of the product in the marketplace
• Lack of variety – you usually work on the same kind of product all the time
• Long work hours
• High work pressure

How much can a Product Manager earn?

 According to Payscale, the average salary for a Product Manager in the US is $89,350 per year.

Work environment and career outlook

The work environment is usually stressful for product managers due to constantly changing priorities and tight deadlines. A lot of travel may be involved to meet with clients and people from the marketing industry. It is not uncommon to see product managers working long hours and during weekends to deal with tight deadlines. According to the U.S. Bureau of Labor Statistics, advertising, marketing, and promotion manager jobs are set to increase by 9% from 2014 to 2024. Most product managers move on to key leadership positions like director of product management, CEO or CTO. Some succeed in starting their own product-based business.