Need for product management
Every company can be classified into two fields of work, it’s either a product based company or a service-based industry. Products for that matter aren’t limited to just physical entities and services from one firm might themselves end up being a product for another firm. For product-based companies, in particular, life is hard and it comes with an unimaginable number of hurdles. To develop a product is no simple task, it involves determining product aims and customization according to extensive market research and meeting customer needs. All of this requires a specific set of skills that can be acquired through a product management course.
Most of the time the launching of a product and management of its brand afterward falls under the job responsibilities of product management, they have to keep the higher management in touch with the development process and short and long term outcome goals for the product as well. The product manager will always be the main voice of reason in crucial decisions in the development process and even before that the recruitment or formation of the product development team. Market research and analysis of the parameters that might affect the product and preferences of the end-users is a key part of the job and managed by the product manager.
Education and eligibility
Product management courses are an outstanding medium to equip oneself for the necessary tools for the job but the background foundation degree for the job varies according to the type of product being developed and thus candidates from a plethora of fields pursue product management courses. Although the technical foundation is generally preferred at the recruitment stages, such is the market trend for product development.
The MBA requires a bare minimum of 60% aggregate score in bachelor’s as well as 10+2 degrees. The candidates are additionally required to pass national level entrance examinations for entry into MBA such as CAT, XAT, GMAT, etc. and based on the score in these entrance examinations, the Institutes vary a lot in terms of quality of education and placement.
Distance learning is the new solution for people looking to add skills to their resume while also not letting their career progress halt in the name of a traditional on-campus degree. It is important to note that while distance learning is flexible, convenient, less time consuming and cost-effective, it lacks some of the practical skills that one gains from a traditional degree.
Post-Graduate Diploma in management is yet another alternative for people already in the management field to switch their specialization to product management by a smaller, condensed, and more focused degree that is aimed at refining skills rather than building them.
Industries of interest
There are three major industries that hire in product management by the bucket full. The most dominant among these three is the IT sector of India. In 2020, we have over 11,000 new tech startups every year. These are mostly IT firms and a vast majority of them are on the product side of the spectrum- leaving a lot to be delivered in terms of product development employment opportunities.
Next in line is the telecommunications industry with a valuation of over 217 billion USD and over 1 billion mobile phone users. It has product written all over it, India is a consumer market whose size is something to be reckoned with- making or breaking businesses by the sheer magnitude of demand or the absence of it. With huge advancements in smart ecosystems of consumer appliances and their dependency on telecom, this industry is in dire need of efficient management.
Finally, the third most crucial industry for this job is the retail industry and for good reason. There was very little customer engagement before and companies managed somehow with market research alone. But with reviews and ratings and every firm now having an online platform the development of products in the retail sector requires special attention and proper management to be able to sell off the shelves.
Job profiles and salaries
Some of the most lucrative and rewarding job profiles in this field are Chief Product Officer, Business Analyst, Product Manager, Product Owner, Product Technical Manager, Director of product development, etc. with a fresher or starting salary of 3 to 7 LPA, a mid-career salary of 7 to 15 LPA and late-career salary of upwards of 20LPA.
