What You Need To Build A Successful Career In Product Management
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With emerging technologies like Artificial Intelligence and Machine Learning gaining an upper hand in the product development process, many companies and organisations are leveraging these technologies to build ground-breaking products that sell itself. This has resulted in a huge increase in demand for professionals skilled in product development and management like never before. For those new to this undeniably important and popular domain, professionals skilled in product management, including Product Managers and Chief Product Officers, are liable for recognising the objectives of a product, outlining the product roadmap, and inspiring others to trust in the vision of the product. There are more than 20,000 active product management jobs available on online job portals like LinkedIn, Naukri, Glassdoor, Michael Page, and more. As the demand for product specialists continues to grow, it is no surprise that several professionals from various IT and non-IT backgrounds are switching lanes to be part of this fast-growing domain which comes with a promising future.
Product Management isn’t something that’s taught in every college and university. While you can get a Bachelor's degree in Computer Science to become a Computer Science professional, it’s not the same with product management. So, how do you acquire the skills required to build a career in product management? Quite simply answered, a certificate course in Product Management after graduation gives you in-depth insights into the product management lifecycle and hands-on experience through projects. The curricula of these certificate programs in Product Management are designed to prepare learners with skill sets required for a steady career in Product Management.
Understanding the Role & Responsibilities of a Product Manager
A product manager acts as a glue that binds different departments and functions that touch a product - Engineering, Design, Customer Success, Sales, Marketing, Operations, Finance, Legal, and others. They are not only the decision-makers of a product but also influence every aspect of how it gets built and launched. Product Managers' role and deliverables are expanding because of the growing influence of data in decision-making, increased customer focussed designs and integration of emerging technologies like Artificial Intelligence, Machine Learning, etc. in software development methodologies. Certificate programs in Product Management help aspirants in understanding the responsibilities of a professional in the product management domain in detail.
The Life Cycle of a Product Explained
The life cycle of a product comprises five stages - ideate, innovate,implement, industrialise, and improve.
●Ideate: At this stage, the inception of the product idea, its validation and market analysis are done, ensuring that the product meets required consumer needs.
●Innovate: The first prototype of the product is developed and tested. Then the market strategy is drafted based on that.
●Implement: Strategies for marketing, branding, sales and service are implemented based on the final version of the product.
●Industrialise: This stage is focussed on the manufacturing, marketing, sales, distribution, and support of the final product.
●Improve: The product's continuous improvement based on end-user experience and feedback occurs during this stage.
A product expert needs to be proficient in all these aspects of a product life cycle. Learners must look for such courses in product management that empower them with an in-depth understanding of the 5i Framework of product management.
Market Analysis & Product Pricing Strategies
Two key responsibilities of a product manager are conducting market analysis and devising product pricing strategies. Product managers need to do thorough market research, competitors’ comparison study, and conduct interviews with customers for product specification, realisation, marketing, sales, and pricing, amongst others.Valuable certificate courses in product management equip aspirants with tools and methodologies to seamlessly carry these tasks and make conscious business decisions.
Build a Promising Career in the Product Management Domain
Product Management (PM) has been elevated to one of the most crucial components of a business' core strategies. Fuelled by emerging technologies and ever-changing consumer needs, the product management domain is expanding and will continue to do so. Skilled product management experts have lucrative career opportunities in various sectors such as IT or ITeS, travel & hospitality, banking & insurance, e-commerce, healthcare, EdTech,finance, and others. According to a survey conducted by Payscales.com, an entry-level product management professional with less than a year of industry experience can expect Rs.5-6 lakh yearly. The average salary of a product management professional with two-four years of experience is yearly Rs.9+ lakh, and for those with over four years of experience usually earn around Rs.14 lakh yearly. After completing a certificate course in product management, aspirants can redirect their careers in product management with roles such as Product Analysts, Associate Product Manager, Product Designer, Senior Product Manager, IT Product Manager, Product Marketing Manager, among others.
The future looks bright for those who are considering building a career in Product Management, as its demand will only increase over time. Pursuing a certificate program in Product Management will equip learners with the rightskill sets, which will help them immensely in their entrepreneurial journey.
IIM-Indore’s six month long online Postgraduate Certificate Program In Product Management, in collaboration with Jigsaw Academy, is the first and only program in the country to have a curriculum-based on the 5i framework of Product Management, along with Bring Your Own Product (BYOP) to develop the learner’s idea into a product while taking them through the product development life cycle. Explore the options available to get a good understanding of the domain, tools and technologies that can assist in the journey, and hands-on experience to actually build a product from an idea.
With emerging technologies like Artificial Intelligence and Machine Learning gaining an upper hand in the product development process, many companies and organisations are leveraging these technologies to build ground-breaking products that sell itself. This has resulted in a huge increase in demand for professionals skilled in product development and management like never before. For those new to this undeniably important and popular domain, professionals skilled in product management, including Product Managers and Chief Product Officers, are liable for recognising the objectives of a product, outlining the product roadmap, and inspiring others to trust in the vision of the product. There are more than 20,000 active product management jobs available on online job portals like LinkedIn, Naukri, Glassdoor, Michael Page, and more. As the demand for product specialists continues to grow, it is no surprise that several professionals from various IT and non-IT backgrounds are switching lanes to be part of this fast-growing domain which comes with a promising future.
Product Management isn’t something that’s taught in every college and university. While you can get a Bachelor's degree in Computer Science to become a Computer Science professional, it’s not the same with product management. So, how do you acquire the skills required to build a career in product management? Quite simply answered, a certificate course in Product Management after graduation gives you in-depth insights into the product management lifecycle and hands-on experience through projects. The curricula of these certificate programs in Product Management are designed to prepare learners with skill sets required for a steady career in Product Management.
Understanding the Role & Responsibilities of a Product Manager
A product manager acts as a glue that binds different departments and functions that touch a product - Engineering, Design, Customer Success, Sales, Marketing, Operations, Finance, Legal, and others. They are not only the decision-makers of a product but also influence every aspect of how it gets built and launched. Product Managers' role and deliverables are expanding because of the growing influence of data in decision-making, increased customer focussed designs and integration of emerging technologies like Artificial Intelligence, Machine Learning, etc. in software development methodologies. Certificate programs in Product Management help aspirants in understanding the responsibilities of a professional in the product management domain in detail.
The Life Cycle of a Product Explained
The life cycle of a product comprises five stages - ideate, innovate,implement, industrialise, and improve.
●Ideate: At this stage, the inception of the product idea, its validation and market analysis are done, ensuring that the product meets required consumer needs.
●Innovate: The first prototype of the product is developed and tested. Then the market strategy is drafted based on that.
●Implement: Strategies for marketing, branding, sales and service are implemented based on the final version of the product.
●Industrialise: This stage is focussed on the manufacturing, marketing, sales, distribution, and support of the final product.
●Improve: The product's continuous improvement based on end-user experience and feedback occurs during this stage.
A product expert needs to be proficient in all these aspects of a product life cycle. Learners must look for such courses in product management that empower them with an in-depth understanding of the 5i Framework of product management.
Market Analysis & Product Pricing Strategies
Two key responsibilities of a product manager are conducting market analysis and devising product pricing strategies. Product managers need to do thorough market research, competitors’ comparison study, and conduct interviews with customers for product specification, realisation, marketing, sales, and pricing, amongst others.Valuable certificate courses in product management equip aspirants with tools and methodologies to seamlessly carry these tasks and make conscious business decisions.
Build a Promising Career in the Product Management Domain
Product Management (PM) has been elevated to one of the most crucial components of a business' core strategies. Fuelled by emerging technologies and ever-changing consumer needs, the product management domain is expanding and will continue to do so. Skilled product management experts have lucrative career opportunities in various sectors such as IT or ITeS, travel & hospitality, banking & insurance, e-commerce, healthcare, EdTech,finance, and others. According to a survey conducted by Payscales.com, an entry-level product management professional with less than a year of industry experience can expect Rs.5-6 lakh yearly. The average salary of a product management professional with two-four years of experience is yearly Rs.9+ lakh, and for those with over four years of experience usually earn around Rs.14 lakh yearly. After completing a certificate course in product management, aspirants can redirect their careers in product management with roles such as Product Analysts, Associate Product Manager, Product Designer, Senior Product Manager, IT Product Manager, Product Marketing Manager, among others.
Product Managers' role and deliverables are expanding because of the growing influence of data in decision-making, increased customer focussed designs and integration of emerging technologies
The future looks bright for those who are considering building a career in Product Management, as its demand will only increase over time. Pursuing a certificate program in Product Management will equip learners with the rightskill sets, which will help them immensely in their entrepreneurial journey.
IIM-Indore’s six month long online Postgraduate Certificate Program In Product Management, in collaboration with Jigsaw Academy, is the first and only program in the country to have a curriculum-based on the 5i framework of Product Management, along with Bring Your Own Product (BYOP) to develop the learner’s idea into a product while taking them through the product development life cycle. Explore the options available to get a good understanding of the domain, tools and technologies that can assist in the journey, and hands-on experience to actually build a product from an idea.
