What is The Key Role Of A Product Manager: Everything to know in 4 Easy Steps

Introduction

We are all familiar with the word ‘Product Manager.’ The term came into existence in the IT world over two decades ago. Yet, most people are not familiar with the concept that the term entails. The Role of a Product Manager describes it as a common joint that binds different departments in an organization that touches a product throughout the product life cycle.

In this article, we’ll answer a few common questions that will help you understand the roles and responsibilities of a Product Manager. So let’s get started.

1. Who is a Product Manager?
2. What Does a Product Manager Do?
3. What Are Product Manager Roles And Responsibilities?
4. How much experience and knowledge do you require to get the role of a Product Manager?

1. Who is a Product Manager?

A Product Manager is responsible for delivering a unique product in the market that addresses consumer needs and reflects a feasible business opportunity. One of the significant responsibilities of Product Manager is assuring that the product holds the business’s overall strategy and goals. A Product Manager is an individual who recognizes the market requirements.

2. What Does a Product Manager Do?

A Product Manager outlines the product vision, strategy, and roadmap. But, what does a Product Manager do that makes them such a crucial part of an organization? They are responsible for collecting, managing, and prioritizing consumer demands. They act as customers’ advocate. Product Managers work jointly with engineering, sales, marketing, and client support teams to ensure that business goals and consumer satisfaction objectives are met.

3. What Are Product Manager Roles And Responsibilities?

How to become a Product Manager? What is their function in an organization? There are different roles and responsibilities of Product Managers, which differs from organizations to organizations. We’ve listed a few significant Product Manager roles and responsibilities that remain the same in every company under the below-mentioned categories.

A. Responsibilities Of Product Manager: Key Tasks

• Outlines the product vision, strategy and roadmap
• Collecting, managing, and prioritizing consumer needs
• Works jointly with engineering, sales, marketing, and client support teams to make sure that business goals and consumer satisfaction objectives are achieved 
• Ideation of the product as per consumer requirements
• Devise positioning for the product
• Deciding the niche space for a product launch as well as its market price
• Develop business case studies for new products, improving the existing product
• Meeting product deadlines

B. The Role Of A Product Manager: Key Deliverables

Product Managers keep track of everything related to a product, mainly through-composed documents supported by presentations. Here is a rundown of the most well-known records that Product Managers might need to create. Know that each organization has its own particular list and terminology.

• Product Note
• Business Case
• Product Roadmaps
• White papers, case studies, product comparisons
• Competitor analysis and consumer testimonials
• Spreadsheets to document data used above

4. How much experience and knowledge do you require to get the role of a Product Manager?

Product Managers address a broad scope of skills and have a comprehensive business arrangement and product experiences. Here is a list of what organizations look for when filling a Product Manager role.

• Shown accomplishment in characterizing and launching products that meet and excel business goals 
• Amazing cooperation abilities 
• Subject matter expertise in a specific product or market. This includes explicit industry or specialized technical knowledge
• Demonstrated capacity to impact cross-practical groups without a formal position
• Excellent written and verbal communication skills

Many Product Managers have a bachelor’s degree in the domain that their product serves. Some likewise have an MBA or marketing training.

The role of a Product Manager acts as an ideal training ground. It helps professionals move forward in the career scale to transition into jobs like VP, Head Supervisor, and CEO. 

Conclusion

The role of a Product Manager revolves around the ideation of the product idea, coordinating with the various departments involved in product development, interacting with customers, creating the product note, and launching the product on the given deadline.

If you wish to build a career as a successful Product Manager, check our 5i Framework based that takes you through the entire product development life cycle. Product Management Course, an online 6-month program in collaboration with IIM Indore, will help you build your entrepreneurial journey by learning from the best minds.