A product manager is responsible for determining the profitability and marketability of a product, assisting in new product development, overseeing production, coordinating the company’s marketing plan with the sales department to create awareness of any new products or services that will be released, and managing customer service.
Essentially, if it involves a company’s product line then they are involved. They are also on top of major cost-control issues so they can keep prices low for customers while still being profitable for the company.
The Perez Notes says, product managers also serve as liaisons between product planning and the various departments such as sourcing, marketing, sales, and operations as well as those involved with marketing research. They are also involved with strategic planning and new product development.
Product planning
By the late 1990s, the role of product managers shifted from one that simply handled manufacturing and customer relations issues to a more business-oriented role that included working closely with engineering and marketing.
The responsibilities of product management have changed over time; today PMs manage multiple projects at once often juggling 10 to 20 projects simultaneously because they must keep up with changing technology and customer demands.
While the scope of product management also varies from industry to industry and business to business, product managers in most companies share certain responsibilities. Primary among their duties is creating a product that the company can sell and be profitable.
To do this, they may:
A product manager must be able to effectively communicate with a variety of different people at various levels within a company. They must also have excellent negotiation skills in order to achieve their goals while maintaining good relationships with management and their colleagues.
Product managers are responsible for producing new products and services with the help of their product design team. They must ensure that the product is technically feasible, cost-efficient, and profitable so that they can introduce it to the public. Product management is now under heavy scrutiny as its responsibilities have changed from one that solely focused on manufacturing and customer relations to now managing multiple projects at once with the help of engineering departments where budgets are often quite high.
Various levels within a company
Product managers must be able to effectively communicate with different people at various levels within a company. They must also have excellent negotiation skills in order to achieve their goals while maintaining good relationships with management and their colleagues.
Product managers also monitor service issues. If a product, for instance, is having manufacturing issues, they will work with their teams to figure out how to improve the product’s quality control.
In terms of their education, most companies prefer that their product managers have a bachelor’s degree or higher in a business-related field or in engineering. Product management is a very competitive career, however, and even those with an MBA still encounter stiff competition when applying for positions. Most companies require applicants to have at least four years of experience in the industry when applying for entry-level positions.
Part of organizations
Product management became an established part of organizations when activities under this function were separated from production and sales in the late 1950s. In this period, product managers are responsible for the development of new products for the company.
At that time, many companies were building new plants to produce their products, but there were only a few people in charge of that process. As a result, there was no one responsible for refining or creating new elements that would represent the product.
For this reason it was necessary to have one person dedicated to supervise these activities so they could be coordinated and executed effectively. At first these positions did not have much power or status but soon gained respect because they were performing an essential job for the company. They saw their positions as more than just factory management because product design meant developing technical solutions based on user needs and demands.
Managing the quality
In this period, product managers become responsible for managing the quality of their products. They were concerned with the design and pricing of their products as well as creating programs that would ensure the best use. In addition, they had to promote their products in order to manage customer satisfaction.
In this period, the importance of product management was growing rapidly because many companies were increasing their number of production lines. Nowadays, more than ever, there are increased levels of specialization within the role of product manager. Many product managers are responsible for managing more than one project at one time because companies require increased efficiency and shorter time frames when creating new products; they also need more attention during marketing campaigns due to fierce competition in today’s marketplace.
Responsibilities of product managers
The responsibilities of product managers are broad, but the basic scope is the same across all industries. They are responsible for creating a product that can be manufactured and sold to customers while maintaining profitability for the company. For this reason, they must keep in mind that they are managing both technical design elements as well as commercial ones, which requires them to have strong communication skills in order to work with engineers and marketing groups effectively. They also need to be able to analyze market trends and customer data in order to predict future needs while still meeting existing ones.
