PRODUCT MANAGEMENT COURSES – The Economic Times

About Product Management
The department within a company responsible for managing a product’s success is known as product management. This division puts the product management team’s suggestions into action and creates a plan for bringing items to market that satisfy consumer demand. In order to create a compliant and competitive product that satisfies consumer expectations, the product manager conducts market research on the key pain points and collaborates with engineering and design teams. They test the goods as well to make sure it is outstanding and faultless.

What is Product Management?

Let’s first clear some common misconceptions about product management before delving deeply into its official definition.

• Product managers are project managers/program managers? No, they are not, despite the fact that programme management and project management are closely related to product management in organizations like Microsoft and Apple.
• Product managers are product marketing managers – Despite the fact that product marketing is a part of product management, a product manager’s responsibilities extend beyond simply promoting the product to drive customer acquisition and activation.
• One cannot become a product manager directly after graduating from college. However, one can still do so as a freshman because some employers like those who appear to be creative.
• An MBA is not necessarily required to work as a product manager. Since the position only requires skills that may be developed without a formal business degree, one can always become a product manager without having one.
• Product managers deal with various stakeholders throughout a product’s lifecycle and operate as mini-CEOs of the product lines they oversee. However, they lack formal power.
• Product managers create everything that customers need. This may not always be the case, however, as clients occasionally lack specificity. It is crucial for a product manager to distinguish between what customers actually require and what they believe they need.
• The idea that ideas are more essential than implementation is flat-out untrue. Ideas might matter, but ultimately it’s how well they’re put into practice that creates a product that meets a critical client requirement.

Types of Product Management

Let’s take a moment to discuss the different kinds of product management now that we have defined product management. This is where it becomes a little contentious, so it’s best to highlight the many categories of product management, who are primarily employed in the software business, to clear up any confusion.

• Domain-Centric Product Management:
  Manage the product life cycle within their respective industries and are experts in a particular domain within those industries. Companies like Amazon, GE, Boeing, Lockheed Martin, etc. use such domain-focused product managers.
• Technology Product Management:
  Technologists who have transitioned to a company’s product division—collaborate with other business-centric product managers and business analysts to guarantee that the product or feature is provided in accordance with client expectations. Typically, one can find these on Amazon.com.
• Customer Centric Product Management:
  This category can be broadly categorized based on the target market a company serves. For businesses creating goods for other businesses, it may be B2B (business to business), or it may be B2C (business to customer), for businesses creating goods for typical customers. Product managers working for Facebook and SAP for business-to-business transactions are two examples.
• Full Stack Product Management:
  This is a brand-new category for product managers who have all the necessary business, technological, analytical, design, and other talents to lead a product team. Such product managers are frequently seen at startups where they are required to wear several different hats.

Objectives of Product Management

The product management will discuss mainly about 5Ps. Let us discuss what are the five Ps.

• Product
• Price
• Promotion
• Place
• People

Duties of Product Manager

Let us briefly discuss the daily activities of product managers. We won’t go into detail, but some of the product managers’ duties include the following:

• Design a product strategy and roadmap.
• Deliver MRD/PRD along with a feature description of priority.
• For a product or feature, conduct in-depth user and market research.
• Make connections with various stakeholders and, depending on the situation, persuade or bargain with them.
• Develop a business plan for the good or service.
• Work on the product or service’s pricing to achieve profitability.
• Create strong partnerships with outside parties.
• Monitor analytics occasionally to gauge the product’s overall growth.
• Represent the business in front of the media during a release or other related event.
• Create a revenue and forecast for each month.
• Create the necessary sales materials and equipment as needed.
• Have a thorough knowledge of competition.
• Occasionally give customers demonstrations of the aforementioned goods or service.
• Participate actively in the hiring process for other PM jobs.
• If and when necessary, take an active role in mentoring and developing the team.

The majority of the duties in product management that are dependent on external stakeholders are completed through the establishment of strong connections. Despite lacking formal authority, it gives people a thorough understanding of the company from a strategic perspective. Product managers are experts in operational finance, spending a lot of time examining the company’s cash flow, balance sheet, and income statement to see whether the unit economics of a product are truly generating profits for the business.

Roles of Product Management:
We want to provide you a clear understanding of the function before we go into a talk about the activities and occasions that will fill a product manager’s regular day. Who manages products and what do they do? Our succinct response is as follows:

A product manager heads the team that will address market problems that are worth solving after identifying them.The role of a product manager may be divided into three main categories.
The Three Main Roles of a Product Manager are:

1. Interacting and speaking
2. Learning and analyzing
3. Making decisions and recording

Here are some real-world projects and jobs that fit into each of these categories.

Interacting and Speaking

• Holding regular meetings for the core team.
• Meeting frequently with assistance. Make certain they have received the necessary training to assist clients and to get any valuable market feedback they may have.
• Attending frequent sales meetings. Make that they have the right language and materials in order to market the product and collect feedback from clients and potential clients.
• Regular meetings with growth. Check in on their progress, look over their demos, respond to their inquiries, and, if necessary, assist them in developing user stories.
• Regular meetings with marketing. Review the results of your marketing success metrics, discuss the product marketing plan, and follow up on initiatives.

Learning and analyzing

• Analyzing the sales, marketing, and income figures for your goods.
• Examining the additional key performance indicators (KPIs) you use.
• Creating new sales training materials for your products.
• Researching your market by reading news articles about it, important blogs, analyst reports, and product literature from your competitors.
• Examining and analyzing usage statistics for your product.
• Analyzing the adoption statistics for any added features, functionalities, or alterations to the user interface of your product.
• Interviewing and conducting customer surveys.

Making Decisions and Recording

• Making sure that critical information from your meetings, such as discussions with your support staff, is recorded and distributed to the appropriate parties.
• Formulating your hypotheses and problem statements, then disseminating them to the necessary stakeholders.
• Making sure your Kanban board is created and updated to reflect your current priorities and development. This Kanban board will be useful for core team meetings and for directing your work.
• Keeping your product roadmap current will help to ensure that all internal and external stakeholders are aware of your current strategic vision and plans for the product.
• Examining and maintaining your product backlog.

Reasons to Choose Product Management Course

• Below are the some reasons to choose the product management course:
• Business Atlassian Agile Coach — By bridging the communication gap between development, design, the customer, and the company, product management assists teams in meeting their business goals.
• UX – Product management places a strong emphasis on the user experience and acts as the client inside the company. This focus shows up as excellent UX.
• It is immensely rewarding, and that is by far the most important reason you should think about becoming a product manager. Since there is now a demand for it, it is well compensated, and unless you work for a multinational corporation, you can advance quickly in your career.

Top Product Management Courses
Any organization that depends on the output of raw materials or finished items must prioritize product management. Product management programmes will assist you in achieving your objectives whether you’re looking for a position as a product manager within your business or are interested in entering the profession.

• Product management course in AI
• Product management course in Data science
• Product management: Zero to Hero PM
• Smart tips: Product management
• Win your product management job with big tech PMs
• Master product management skills by building a product
• Product management fundamentals
• Advanced product management: Leadership & communication
• Product management: A-Z
• Machine learning product management
• VPs and Directors of product management: Finding excellence
• Great product manager
• Digital Product operations
• Mastering product management
• Product management certification

Growth Opportunities
We’ll examine six typical positions that a product manager might hold during the course of their career:
Director of Product; VP of Product; Chief Product Officer; Associate Product Manager; Product Manager; Senior Product Manager; and More

• Associate Product Manager
  Hiring managers are seeking for you to show that you have a clear interest in and passion for the customer in addition to having a grasp of what product management is for this entry-level product function. This initial stop on the career route for a product manager is not like school. It’s not about having the greatest knowledge, putting in the most effort, or winning the competition. More of an art form. It involves showcasing your user empathy, your capacity to spot problems and possibilities, and your ability to work well with others. It’s critical to demonstrate your capacity to consider all points of view, synthesize and evaluate them, and make an informed choice.
• Product Manager
  This mid-level product function is comparable to the associate level product manager position, with the exception that in addition to serving as the “go-to” resource for other teams regarding your product, you will also serve as the point person for the product team as a whole. You’ll be asked for advice on the procedure, relationships, tactical choices, etc., so you’ll need to be sure of yourself and well-versed in the relevant information.
• Senior Product Manager
  You must typically have some prior experience in direct product management at this stage of the product manager career path. A good senior product manager will at the very least have a track record that shows she can think quickly on her feet, take responsibility for her actions, set an example for others, and make data-driven judgements based on a variety of intricate, interrelated criteria. Additionally, this position calls for extensive product and market knowledge.
• Director of Product
  Experience in leadership and the capacity to establish and trust a team to complete the task you previously performed alone are prerequisites for a director-level position in product. The Director of Product function will place additional emphasis on developing better procedures and perfecting those that already exist, enhancing team output generally, and fostering alignment throughout the entire organization.
• VP of Product
  You are substantially less involved in the practical aspects of the product development process at this stage of your professional path as a product manager. Depending on how many product lines an organization has, there may be more than one VP of Product. This position, which is in charge of the complete product set and how it integrates with the rest of the organization whether there is one VP or multiple, is a high-level support resource for the product organization

Upskill for Career As a Product Manager
As a product manager, you must continually learn, get practical experience, and reflect on your progress. You may become a renowned product manager and propel the success of your company by remaining informed, looking for new chances, and always honing your talents.

• Numerous businesses, from MNCs to startups, across the board, also provide product management internships.
• Enroll in online courses or attend workshops to discover cutting-edge product management approaches and techniques. Massive open online courses (MOOCs), live training courses, and self-paced online learning environments are just a few of the options that are available.
• Find possibilities for coaching and mentoring, too. Working with an experienced product manager at your company, locating a mentor through a business organization, or enrolling in a formal coaching programme are all examples of how to do this.

In conclusion, improving one’s skills as a product manager necessitates a mix of continuing learning, practical experience, and introspection. You may become a renowned product manager and fuel success for your company by remaining informed, looking for new chances, and always improving your skills.

Disclaimer: This content was authored by the content team of ET Spotlight team. The news and editorial staff of ET had no role in the creation of this article.