Product Management Blog Posts

Wondering what is the range of Product Manager Salary in India? Are you a product manager? Or are you planning on transitioning to this role? Then this article is for you. We’ll discuss the salary of product managers in India and find out what it is. You’ll also find out what this job is about and what skills help one in getting a good salary. You will find out the average product manager salary in India. If you have the required skillset and are ready to keep yourself updated, your career as a Product Manager is expected to keep growing onwards and upwards. This line stands true especially when we consider that a product manager salary in India is directly or indirectly dependent on how upskilled and updated they are. This way you’ll be able to find great jobs in this sector easily and advance your career accordingly.  We are sure, this must-have sparked a will to become a Product Manager within you! Let’s take a look at who exactly is a Product Manager and what is a typical Product Manager salary in India? Your Pace- Your Place- Thats why we are here What is Product Management? It is precisely what it sounds like – complete management of the product delivered. Now, it is to be remembered that the term ‘management’ is a subjective term, relative to its context. In light of product management, it means a field in an organization that manages the lifecycle of a product. Right from the idea conception to building marketing strategies – product management involves everything that one can find about a product until it’s running actively. Because of the demand, product manager salary in India is one of the highest. Source Check out our management courses to upskill yourself. Key Responsibilities of Product Managers  Product managers’ job description outlines the following responsibilities: Setting out the product vision, roadmap, and strategy. Specifying the research needed to gather market information for determining and representing the needs of customers. Providing insights and perspective on product portfolio planning. Reviewing product specifications and requirements and evaluating new product ideas. Working in liaison with marketing, sales, engineering, and support to ensure the fulfillment of business case goals and customer satisfaction. Gauging market competition by comparing competitors’ products with those of the company. Calling on customers with field salespeople to evaluate sales call results and assessing product market data. Defining the objectives for product marketing communication. Preparing short-term and long-term forecasts, reports, and analyses on product sales. Determining product pricing based on market research data and reviewing production and sales cost. Recruiting and training employees for product management staff. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses Qualifications Required to Become a Product Manager To pursue a career as a Product Manager in India, you’ll need to meet certain criteria, including holding a degree in fields like management, business administration, computer science, engineering or marketing. Additionally, a practical background of 2 to 5 years in product design, testing, or development is essential. Familiarity with tools such as Google Office and Microsoft Excel, along with associated software, is also expected. What are the skills required to be a product manager? To make your career to grow as a Product Manager and earn the highest possible product manager salary in India, you need to have update yourself with: #1 Strategic Thinking After setting the product’s goals and key initiatives, the product manager needs to realize the higher-level vision. This starts with asking the right questions and then understanding the market and competition. #2 Excellent Oratory Skills Keeping a lot of people in the loop, adjusting their language as per the audience – from customers and sales personnel to marketing and finance – product managers coordinate with both the internal and external stakeholders throughout the product life cycle. This requires a higher level of expertise in multiple fields. A product manager has to be a collaborative leader. He must be able to work with teams. A product manager is a leader of the product. He needs to associate with varied functional groups. When it comes to backlogs as well as stakeholders, it is a task of a product manager to focus on both and appease both. upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   He needs to be confident, assertive, and able to communicate with internal and external stakeholders efficiently. So, there are opportunities galore for product managers, and the indispensable nature of their jobs ensures that project manager salary in India is quite elevated. #3 Neat Negotiation Skills As discussed earlier, a product manager works with teams, both internally and externally, of varied domains. Tech, Marketing, Sales, HR – the product manager is generally found shaking hands with each of them. Since he’s the manager, he needs to get work done. To get that done efficiently requires good negotiation skills. #4 Analytical & Resourceful Product managers are valued for their meaningful analysis, problem-solving with holistic approaches. These mini-CEOs can guide the direction of content, UI, development, marketing, as well as visualize the outcomes at both macro and micro scales. How to Get Started in Product Management? To begin your journey in product management, enhance your foundational knowledge by exploring essential concepts like product life cycle, development processes, management principles, and roadmap creation through resources like blogs, books, and podcasts. This immersive approach will lead to a stronger understanding of product management, setting the stage for structured learning. This phase of introspection will help you assess if product management aligns with your goals and desires. How can Product Managers Increase Their Salaries? Initiating a conversation about the product manager salary Bangalore is appropriate when your employer begins to witness the positive impact of your contributions and observes a surge in customer engagement. If you’re effectively achieving your objectives and goals, seeking an improved product manager salary in India is certainly justified. Consider the following strategies that can help enhance the negotiation regarding the product manager salary: Thorough Preparation Before entering product management salary negotiations, dedicate time to thoroughly research industry benchmarks and your own accomplishments. Approach with Respect and Empathy Approach the discussion with a respectful and compassionate demeanor, acknowledging the complexities involved in getting good product management pay after placement. Salary Range Presentation Rather than presenting a single figure, propose a range of salary of product manager in India that reflects your value and the industry standard. Be Prepared for Rejection Even if you believe your proposed increase is reasonable, be mentally prepared for the possibility of rejection, and remain open to further discussions. Why are Their Salaries Higher? One might question the reasons behind the higher product manager salary in Mumbai and wonder if this trend is merely a passing fad, potentially leading to a corrective shift. However, it’s important to consider several influential factors that contribute to the average salary of product manager in India. The current salary landscape for PMs is not merely a fad; instead, it reflects a nuanced blend of dynamics within the industry. Furthermore, projections indicate that PM salaries are likely to continue their upward trajectory, reaching even higher levels.  Limitless Leverage In the past, labor resulted in direct output, but with capital and technology, leverage emerged, enabling workers to achieve 10 to 1000 times more. Product Managers benefit from leverage in industries with significant workforce costs, justifying higher salaries for their expertise. Leverage multiplies their impact, skills, and decisions. Today, we live in an era of vast leverage, where work is easily replicated, granting autonomy and immense potential for personal and widespread influence. Demand-Supply With India rising as a global hub for product innovation, e-commerce, and pioneering technology unicorns, a substantial surge in demand for various product-related roles is imminent. This demand will encompass positions such as Product Managers, Software Developers, Testers, User Experience specialists, and more. Institutional Hierarchy It’s important to recognize that while some product roles may involve individual contributions, especially at the senior levels, they carry substantial strategic responsibilities, positioning individuals within the middle to upper echelons of the organizational hierarchy. As a result, Product Manager roles are seldom entry-level positions, given the intricate blend of strategic decision-making and impactful contributions they entail.  Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses #5 Practicing Empathy As a product manager, you need to be at ease as you meditate through varied skill sets like data analysis, communication, the psychology of the users, market research, etc. At each step, you’d need to understand and weigh down the opinions of the stakeholders and the customer’s requirements. #6 Amazing Attention to Detail A good product manager can spot the possibilities where others would have seen it as nothing more than a wasteland. #7 The “fight, not flight” outlook To be a successful product manager, you need to have the conviction to say NO many times instead of succumbing to the scenarios. As products are built with limited resources, time, and a barrage of ideas, the product managers are inherently tied to the success of the products and can deliver more than anyone else. #8 Long-sightedness A good product manager can forecast the approximate benefits of the product and could easily do so by applying past experiences and leveraging comparable benchmarks. They also help to measure interest once projects are launched and factor those learnings into future prioritization and forecasts. #9 Passion for products A product manager is essentially required to be fond of products. They are needed to be able to recognise greater products with a go. Besides, they should be efficient enough to let one know what the customer will like and what will be disliked by the customer. Moreover, they must be capacitated to learn the loopholes in a product and go through them. They must know the strategies to scale up a product continuously.  A product manager who is utmostly passionate regarding a product shall ever be able to lead his team for its further development. #10 Understanding The Consumer A better product manager should be capable enough to understand the consumer’s demands. In addition, he should draw empathy to consumers; after all, a product is meant to sell to the consumer. So, a product manager must be efficient enough to understand and cater to the demands of the consumers, which will facilitate the development of a loyal as well as larger consumer base. A product manager must communicate to the consumers, must go for an interview or survey with them, and gain deeper insights. This will contribute to developing the product and make it worthy to the consumers based on their demands. The probability of meeting a consumer is enormous. Therefore, a product must take the necessary steps to resolve consumer issues. The said act on the part of a product manager will contribute to reaching the target customer at a wider scale.  #11. Execution A product manager, as mentioned earlier, is a leader  of the product and is essentially required to tie up with numerous functional groups that are working to reach the final end. Henceforth, he must possess those qualities and the ability to execute or ship products confidently. An efficient product manager is supposed to do every possible thing that is at the base of achieving success.   Prerequisites for Product Management      Source According to HBR, “any aspiring product manager needs to work on their core competencies” to make a great PM. However, there’s more to it than it appears at the surface. We’ll go through each of them in details: Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] First, the eligibility criteria You need to have a relevant bachelor’s or master’s degree in Business Administration, Computer Science, Finance, Engineering, Economics or Marketing to start strong. You would also require ample field experience for at least 3-5 years in the process of product development, strategy-building, testing or any level of product designing. You should be comfortable in making and translating data reports in Microsoft Excel, Google Sheets, and other related software. You need to have excellent time management skills, should be able to work best under pressure, and handle tight deadlines. Know more: Key skills of product managers Second, the creative side of things Now, when we say a product manager to be a wizard, it means they need to have higher creative abilities and a keen mind to keep up. Therefore, you must be adept at making detailed competitive reports from scratch, discern marketing strategies according to scenarios, and much more. You are comfortable in building/providing insights to product roadmaps for any of the product development stages or understand the fine lines of resource allocation. Third, the emotional quotient you’d need Perhaps, one of the most underestimated skills in the field of product management is the ability to build a repertoire with your clients. In-depth understanding of practical interpersonal skills that can be useful for ideation to delivery and marketing of a product. Believing in building symbiotic relationships with your clients/business owners by the right body language. Knowing how to handle challenges in a fruitful way, as well as keep the team motivated at the same time. Take hurdles efficiently and derive approach around them while conveying effective communication across all channels. What is the Average Product Manager Salary in India? According to PayScale, the average salary of product managers in India is ₹1,669,290 per annum. Although the average product manager salary in India is around 16 lakhs, it can go up to 30 lakhs per year with experience and added skills. Source Even the starting pay is quite high for this role. You can expect to earn somewhere around 7-8 lakhs per year when starting out. And when you add profit sharing to the mix, you get an additional 50,000 to 1 lakh added in your pay. Factors Affecting Product Manager Salary in India The four main factors affecting the Product Manager Salary in India are: Company – The company that you work for will have a direct impact on the salary you get. Experience – The more experience you have, the better is the ability to understand the roadblocks and provide quick solutions for bugs. A combination of experience and company will get salaries and positions that help create a mark. Location – In the coming years, location is all set to play a smaller role in the salary you can expect. But, even then, location will continue to have an impact on the salary you can ask for and get from a prospective employer. Skills – The important skills you have, the better is the ability to understand. Location is all set to play a vital role in deciding the machine learning salary in India. In the following points, we have broken down the various factors which affect your salary. Product Manager Salary in India: Based On Company The demand for these professionals is high in the market and many companies pay handsome amounts for this role. That’s the primary reason product manager salary in India is quite high. The ever increasing demand. The role of a product manager is crucial to the success of an organization because they oversee the development as well as the performance of the software product the organization relies on. Big organizations pay generously to their managers while small companies also offer competition to them. For example, Citibank pays its product managers an average of Rs. 17 lakh per year while HDFC Bank was found to pay around 9 lakh for this role. On the other hand, IBM India pays around Rs 20 lakh to their product managers. SAP pays a similar amount to their product managers. Other tech companies also pay around 20 lakh for this role. List of few top companies and their salary range from Payscale: Source Product Manager Salary in India: Based on Location Apart from the employer, your location will also have a huge impact on the product manager’s salary in India, you get as a product manager. It has been found that product managers in Bangalore earn 17% more than the national average.  Other cities that offer better pay for this job are Pune and Chennai. New Delhi was found to be the worst major city in this regard as the average pay is around 28% less than the national average. What is the Production Manager salary? Curious about the right production manager salary? Professionals have recognised varying salary numbers across the nation when it comes to production manager or associate product manager salary in India. Product Manager Salary Chennai: It is mentioned worthy that the product manager salary Chennai is ₹9 LPA. Product Manager Salary Delhi: It should be highlighted that a product manager salary Delhi is ₹6.7 LPA. Product Manager Salary Hyderabad: Experienced professionals across the nation have observed product manager salary Hyderabad to be around ₹9.5LPA Product Manager Salary Pune: A product manager salary Pune is that of ₹9.4 LPA Source Product Manager Salary in India: Based on Experience The more experience you have the higher your pay package will be. So, let us break down product manager salary in India, depending on how many years of experience you have in your bag – Let’s see how a product manager’s salary in India varies based on experience. Entry-Level Product Manager Salary in India The average entry-level product manager salary in India is ₹1,102,000. Mid-Level Product Manager Salary in India The average mid-level product manager salary in India is ₹1,679,068 Experienced Product Manager Salary in India The average experienced product manager salary in India is ₹2,008,430 Let’s see how gradually the product manager salary in India increases by experience: Source Product Manager Salary in India: Based on Skills As we mentioned earlier, one of the most important factors which determine the salary of a product manager is the skill. You must’ve noticed in the job description how diversified and challenging this role is. Due to its dynamic requirements, this role requires one to have mastery of several different skills. The most skills among product managers include Product Management, Financial Planning and Strategy, Product Development and People Management. Make sure that you have these skills to get better pay as they help you get above-average salaries. Source Other skills that are necessary for a product manager to have are Requirements Analysis and Agile Software Development. Product Manager Salary in Other Countries Product Manager salary is The US: $108,642 Product Manager salary is The UK: £48,170 Product Manager Job Description Product managers are vital for the growth of a company. It’s a versatile role that requires the person to wear many hats. But what does a product manager do? Well, a product manager has to develop products, do market research, figure the product’s specifications, pricing, and its requirements. He or she also has to figure out the time it’ll take to create the product, how it will be marketed and what are the potential products they can develop. Product development is a rigorous task and it requires the product manager to perform a variety of tasks. Here are the primary tasks a Product Manager does: Choosing the Product In most cases, a company has several potential products to work on. It’s the responsibility of the product manager to choose which one would be the right fit according to the market’s condition and requirement. The manager will have to assess the market, develop analyses of the product’s ROI (return-on-investment), and handle the inventory turnover. Assessing the Competition No matter how good your product is, if your competition is doing something better, it won’t succeed. That’s why assessing the competitors’ products and marketing strategies is also a responsibility for a product manager. He or she has to analyze the marketing campaigns and the product of the competitors to understand their USPs and figure out how his or her company can offer a better solution. Manages the Team A product manager also has to manage the team handling the product. He or she is responsible for the recruitment, orientation, and training of the employees. As a product manager, you’ll also have to make sure that your team has the latest skills and is familiar with the requirements of the market. So a product manager also conducts workshops and training sessions for the staff. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Who Is An Associate Manager? An associate manager secures a junior position to that of a product manager. An associate manager learns under working as a product manager. He is guided and mentored thoroughly by a product manager. There is much scope for securing jobs as an associate manager in India.  Job Roles Of An Associate Manager In India: An associate manager has a number of tasks to perform. Those are listed below: Collection of product data Conducting customer research Gathering information and aligning them with the objectives of a business Coordinating external and internal stakeholders Development of features of products Working on product development strategies What Is An Associate Product Manager’s Salary In India? There is a lot of scope in India to develop a career as an associate product manager, and the associate product manager salary in India is quite lucrative. Despite this, the first question that swirls around one’s mind is what is an associate product manager’s salary in India. An associate product manager salary in India on average in a year is 16.2 LPA.  Concluding Thoughts There is a lot of demand for product managers in the industry. Companies need to deploy more and more software products to survive in this market and they can’t do so without talented product managers. We hope you liked our article on Product manager salary in India. These numbers above are not set in stone. The real influencer of your salary is the skills you have,  the mastery you have attained over them, and how quickly you grow and make the company grow as well. The salary statistics also show that product managers will continue to be in demand for the coming years. If you are curious to learn how to build a product roadmap through user research, prototyping and product analysis, and more, check out Duke Corporate Education & upGrad’s Post Graduate Certificate in Product Management.

Introduction We often come across the title Product Manager and wonder how this role differs from other PM roles. Product Management is a vital function of a business that has widespread desecrate business functions. The hand behind shaping these pieces of this jigsaw is the Product Manager. Check out our management programs to upskill yourself. What is Product Management? Product management is a necessary function within a business that deals with all phases of the product life cycle (PLM) responsible for producing an innovative and profitable product or service. The PLM is responsible for integrating people, data, processes, and business systems. The typical stages under product management include product scoping, development, positioning, business needs, demand analysis, planning, certifying, complying, pricing, product launch, marketing of a product and distribution, etc. It provides product information for companies and their extended supply chain enterprise. It is the responsibility of the product manager to make sure that the product requirements are met and that it is able to gain the confidence of the users. The product managers understand the customer demands and grievances and address those by either integrating or removing certain elements from the product. Product management is not an isolated domain, and rather it involves inputs from various other fields as well, such as engineering, marketing, etc. Product managers understand the product and develop the strategy and roadmap for the product. Apart from working within the team and knowing about the ongoings within the organisation, the product managers also maintain proper tracking of the competitor’s products.  Before launching any product in the market, the product management team ensures that it is tested, has the approvals, and has undergone enough demos. It is due to the understanding of the product managers they can identify the correct positioning of the product and work closely with the marketing team. Not only that, but they also work closely with the sales team in order to train them on the products. So the people deliberating  “Is product management a good career?” should be assured that yes, it is, as it provides good leadership opportunities to product managers. Product Management Tasks A product manager’s job description is not stated as distinct and consistent, unlike other subjective jobs, say as software engineer. This is because product managers’ responsibilities vary significantly across the industry sector, businesses, and product lines. Irrespective of their specific responsibilities, all product managers live with a primary function: drive in introducing, developing, and marketing the products and be responsible for their success of those. Read: A complete guide on product manager career growth Product management in organizations is classified into three major categories: Strategic product management – It refers to working on strategies and tasks that make the product successful. It involves doing market analysis and research to tackle the needs through trends and demand management. It also includes competitive analysis (including SWOT analysis) to derive reliable project planning. Technical product management – It refers to the responsibilities in requirement settings and needs analysis gathering, followed by staging product development and feasibility planning. Product marketing – It is responsible for the Go-To-Market phase tasks, in coordination with sales objectives. Explore our Popular Management Programs Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Programs The first two categories catering to product planning and development lie in the “inbound” functions focused on organizational stakeholders. In contrast, the third lies in “outbound” catering distribution and communication in the outside world. Source A product marketing manager usually liaisons with a product manager, the sales, and the marketing functions to develop marketing communications to help in the product launch. In order to perform the tasks required to be done during the product management career, the professionals must possess certain skill sets that are helpful. Some of the skill sets are mentioned below- Research skills Technical skills Product management  Business acumen Innovation Communication Critical thinking upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   Product Management Role Why product management function is vital in the product life cycle because it lives with the product. The Product Manager does carry out significant PLM tasks, the entire product life cycle –from conception to consumption, such as strategic planning, product roadmaps promotion, marketing, etc., which requires vigilance and directives. For startup industries, the role is crucial, as the product manager has to devise the entire business workflow afresh. In larger-scale industries, they have narrowed responsibility. The authorized product management experts moderate business between clients, stakeholders, and product development organizations. They are responsible for ideating, conceptualising, innovating and developing products that are aligned with the company’s vision and are aimed at the target group. Thereon, they are also responsible for strategising the product development process that does not flout any rules and follows the ethical norms and regulations. The PMs are responsible for the analysis of profits and losses and are in charge of all the documentation and communication.  The young job aspirants having the doubt “Is product management a good career in India?” should be clear that it definitely is a very good option. There is an ample number of employers, and today in almost every company, there is a requirement for product managers. Based on the focused responsibility in a given channel, their roles are also specialized, such as sales manager, marketing manager, brand manager, business manager, etc. Salary and Demand You will wonder why product management is in high demand these days. This is because a Product Manager possesses unique abilities allowing them to work across teams, meet tight deadlines, finish product roadmaps, and more. According to PayScale, the average salary of product managers in India is ₹1,701,689 per annum. It goes high, up to ₹3,200,000 for experienced candidates with technical domains like a software products. Apart from tech, the logistics and supply chain industry are the highest paying sectors for Product Managers. Source Career paths for Product Manager (Unspecified Type). The thickness and colour of lines indicate the popularity of movement from one job to the next. Source The graph illustrates why product management stands high. The Technical Product Manager role, with a “technical” base either in qualifications or in the line of experience, earns the highest average salary. Such candidates are required to keep themselves upgraded with technical skills and remain abreast with technological development around. Your field of study adds some credit to the domain and product line. The business skills in the role of project manager add credit. The job role of each of these product managers differs. As they grow in their career, so are their responsibilities and compensations. A product analyst’s job role includes researching for market and analyzing the market trends. With the aid of the techniques and research, they are able to give recommendations backed by numbers to the stakeholders.  Whereas, the product managers understand and analyze the consumer needs, and monitor the performance of the products to help in strategizing the roadmap for better growth. The young professionals having the thought “Is product manager a good career?” should be satisfied that yes it is a very good career. It has numerous employers, across locations and countries. Along with that, it gives a really high compensation that grows even more as one grows in their career. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Source The product management demand also varies with the type of sector. Currently, not only do IT and ITES companies recruit product managers, but also in other service sectors, project managers play vital roles. The Product Management jobs market in India shows a swift rise in global companies. For example, the LinkedIn job site flashes more than 34,000 jobs, including 12,000 openings on Amazon alone. A career in product management promises good growth and a successful career. Before diving into this field, understand what the employers look for and, most importantly, the required skill sets. Then get yourself enrolled in a certification program that would help you build your foundation, which would be helpful in your practical life. Eligibility to Become a Product Manager If you have an outgoing personality, plus the ability to debate and lead various people in business, can understand the needs of the customers, manage a group of people, gather data from varied sources, and drive towards setting the tone for a product, can make the right decision for the product. Then you are serious about making a high move in the management stream; a career in Product Management results in a better choice. The business and management cadre students are likely to make the Product Manager roles more fruitful. The eligibility to dive into this line demands the below criteria: Minimum graduates in a Business related discipline; master’s degree in management preferred. Desirable work experience of 2-3 years in product management and coordination. Skillset: mostly lie in management and business acumen. Qualities: Leadership, Analytical, Strategic Thinking, Quantitative, Negotiating, Time Management, Operational Management. Product Management Certification at upGrad You will find upGrad, the ed-tech company, a provider institution for many courses in technology and management lines. They also offer a six-month certification course in Product Management. This course prepares aspirants of management professionals’ expertise to build a product roadmap and various strategies. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] The strategy models on need analysis and the principle of product management function in a product launch. The course also conducts the walk-through and prototyping for the scenario of the product launch in the market. Students also receive practically shared expertise in case studies and mentoring from industry leaders. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Skills and Qualities of a Successful Product Manager A profession in product management calls for a certain mix of abilities and traits that contribute to a product’s success and the company’s overall expansion. By acting as a link between diverse teams, product managers ensure alignment and efficient communication. The following are crucial abilities and traits that a successful product manager should have: Strong Communication Skills: Product managers must have the ability to communicate clearly with stakeholders, cross-functional teams, and customers. They must communicate their thoughts, engage in active listening, and promote intergroup cooperation. Product managers need to be adept at addressing problems, from deciding which features to prioritise to settling disputes. They can come up with creative solutions and make wise selections because of their strong problem-solving abilities. Strategic Thinking: Successful product managers think beyond short-term goals and focus on long-term product vision and company objectives. They align product strategies with the organization’s goals. Customer-Centric Approach: Understanding customer needs, pain points, and behaviours is crucial. A customer-centric approach helps in developing products that truly address user needs. Data-Driven Decision-Making: Data analysis allows product managers to make informed decisions based on metrics and user feedback. This skill is essential for optimizing product features and measuring success. Leadership Skills: Product managers frequently lead without having direct power. They establish a healthy and effective work environment by inspiring and motivating teams to strive towards a common goal. Flexibility: Because the tech sector is dynamic, goods must change swiftly. Product managers should be flexible and open to change, modifying their plans in response to changes in the market and new trends. User Experience Understanding: To design products that are intuitive, user-friendly, and fun to use, one must have a firm knowledge of user experience (UX) principles. Market awareness: It’s critical to stay current on market dynamics, industry developments, and rivals. This aids decision-making and keeps product managers one step ahead of their rivals. Challenges and Opportunities in Product Management Although product management presents a stimulating and fulfilling professional path, it is not without its difficulties and chances. Aspiring product managers can get ready for the path ahead by comprehending these elements. Challenges Balancing Priorities: Product managers often juggle multiple priorities, from customer needs to technical constraints. Finding the right balance is challenging but crucial. Managing Stakeholder Expectations: Different stakeholders may have conflicting expectations for a product. Product managers must navigate these expectations and find solutions that align with the overall strategy. Uncertainty and Rapid Changes: The tech industry is characterized by rapid changes and uncertainties. Product managers need to adapt quickly to shifting market conditions and emerging technologies. Decision-Making Under Constraints: Limited resources, time, and budget can pose challenges when making decisions about product features, improvements, and timelines. Opportunities Innovation: Product managers have the opportunity to drive innovation by identifying gaps in the market and creating solutions that address customer needs in unique ways. Ownership and Impact: Product managers often have a high degree of ownership over their products. They can see the direct impact of their decisions on product success and company growth. Cross-Functional Collaboration: Participating in multiple teams offers chances to learn from and work with specialists in a variety of fields, fostering both professional and personal development. Continuous Learning: Product managers are continually learning about emerging technologies, patterns, and user behaviours because of the IT sector’s rapid evolution. Conclusion We see the high end developments in emerging technologies like AI, ML, IoT, Cloud, and Big data, all set to a revolution in our daily lives and balance with parity products and product-based services. The development is ever-going and challenging. So it’s likely to raise the need for Product Management. This will undoubtedly lead to increased product management demand in the industry. Post Graduate Certificate in Product Management is set to cope with the demand. They are necessary for the fulfilment of workforce needs through a constant learning mission. The short-term certification in a product management program can help professionals gain new opportunities.

Wondering what is the range of Project Manager Salary in India? Every company wants to have a well-skilled project manager to handle and manage their project development process. Companies usually have multiple programs running simultaneously, and a project manager usually is in charge of more than one project. Because of this reason, companies are not shying away from offering increased project manager salary in India. Thus, if you have the required skillset and are ready to keep yourself updated, your career as a project manager is expected to keep growing onwards and upwards. This line stands true especially when we consider that a project manager salary in India is directly or indirectly dependent on how upskilled and updated they are. Hence, the skills to manage a project and multiple teams are a core skill required. The salary received by the manager will depend on the type, scale, and the number of projects managed. Your Pace- Your Place- Thats why we are here Let’s know in detail about the Project Manager salary in India. Check out our management courses to upskill yourself. What is Project Management? The process that involves managing a project from idea to completion is project management. It could be something as simple as automating an operational process at a department level, or it could involve a new project in collaboration with clients, vendors, and other stakeholders. The main processes are ideation, creation, execution, and closure. It will include planning, team management, procurement, integration, controlling, and risk assessment.  Depending on the product to be delivered, a project has a specified time frame within which it is initiated and completed. In contrast to a product that evolves with customer needs, a project carries a clear definition of what needs to be delivered. Because of the demand, project manager salary in India is one of the highest. In other words, project management is the process of using tools, skills, information, and techniques in the project operations to obtain the project’s objectives. The five major categories of project management processes are as below. Initiating Planning Executing Observing and regulating Closing You can increase your chances of a decent entry level project manager salary if you are well-versed in the aforementioned project management processes. Who is a Project Manager? The person who leads the project and is responsible for ensuring each phase meets its objective is the project manager. They are involved in defining the main objectives, purpose and scope of the project, creating an integrated plan for development, leading the team during the execution stage, monitoring each and every aspect of a project to the final closing and review of the project. And in the end, the project manager is the person held responsible for the success or failure of a project.  If you are here, then either you are an existing Project Manager, or you are looking to pursue this field for your future. Either way, let’s take a look at the salaries you can expect. Project managers are responsible for overseeing and managing product development to ensure successful product delivery within a fixed scope, budget, and deadline. Balancing cost, time, and quality to maintain the scope of the project is the biggest challenge a project manager faces. Their roles include:  Timely identification and mitigation of potential risks  Setting deadlines, budgets and appointing employees Managing the scope of the project, tasks, infrastructure, materials, and reports Learn more about the roles and responsibilities of product managers. Project management involves the achievement of the goals of a specific project by implementing methods, processes, knowledge, and experience. Project managers require technical expertise in particular disciplines and have sector-relevant backgrounds. Projects have pre-defined targets, and managers should be competent to meet the goals. Also, project managers are expected to have an efficient and systematic approach to scheduling and managing the project. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Project managers are always in demand and therefore, project management is one of the greatest sought-after careers in India. They are offered competitive salaries but finding a company that can pay the best PM salary based on your skills can be challenging. upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4 There are various classifications of a project manager, and your salary will change accordingly. The topmost classifications are: Project Manager Portfolio Manager Product Manager One of the key responsibilities of a project manager is to manage one or multiple projects within an organization. They are tasked with using project management strategies like blockchain and Lean Six Sigma. These strategies help them to plan, monitor, report, and prepare a budget for the project. Occasionally, they may be tasked to present the project’s concept and supervise its execution. The CAPM salary in India is high, considering the multiple challenging responsibilities the project managers handle. Another primary role includes working as a liaison between the individuals tasked with project completion and the higher management. They should ascertain that the project works hassle-free and timely. Moreover, they should frequently report the project’s progress to senior management.  Handling these responsibilities needs great skills, and so, the CAPM salary in India is high. Some more roles and responsibilities of a project manager: Developing the project idea Developing and managing different project groups Set a deadline and track the project’s progress Determine any issues and fix them Overseeing your finances Guarantee stakeholder satisfaction Project’s performance evaluation Need for Project Managers: Several projects are running concurrently in almost all companies. This is where the project managers work in charge of various projects. Their exceptional project management skills encourage many companies to provide admirable salaries in India and other nations. The career graph and salary figure accelerate for the project managers with demanding skills. This is because their salary in India and other countries primarily depends on how skilled and updated the project managers are. The PM salary in India depends on various factors, including the scale, type, certifications, and the number of projects they handle. What are companies looking for when hiring a project manager? Answering this question helps you to acquire the required skills and get the dream job with a decent PM salary in India. Companies usually look for the following aspects when hiring a project manager: Able to create an outstanding customer experience every time Invent new ideas and effectively express them to others. Planning, communicating and handling project progress to ensure project milestones are met. Risk identification and mitigation. Deriving solutions for complex projects Manage scope, deadline, quality, resources, scope, budget, and customer satisfaction throughout the project. Supervise remote resources and offshore employees Thoroughly understand internal processes and adhere to them. Streamline the sales process.   Deliver a broad assortment of services wherein project management demands a detailed examination of different variables. Project Manager Salary in India India is working for the tag of a superpower in the world. It needs to establish itself as a safe haven for different industries. MNCs coming here are convinced that India has the talent to lead its projects. Hence, many are now setting up warehouses, production units and call centers in the country.  Today, existing project managers are busy improving their current skill sets and freshers are looking to learn and grow.  Read: Product Management vs Project Management India is one of the great hubs of several industries from different sectors. This country owns talented individuals who can handle various projects. Therefore, India has several production units, warehouses, and other set-ups. It indicates that the project manager’s salary is rising in the country. The four key factors that influence the project manager’s salary in India are the company and sector, the project manager’s experience, the location of the company, and the project manager’s skills. You can evaluate these factors to have a clear perspective on the MBA in project management salary. The Growing Demand for Project Managers in India According to economic times, the project management profession is likely to outperform the total global job growth over the coming years, creating a lot of new job opportunities with highly-competitive pay for the position. According to the Project Management Institute’s (PMI) report, India will need almost 7,000,000 new project managers in the next 10 years to look after the growing industry needs in the nation. Sectors like construction and manufacturing, information technology and finance and insurance require skilled project managers.  The demand for these managers is always high. The list is endless. That’s the primary reason project manager salary in India is quite high. The ever increasing demand. Going by the reports, by 2027, India will be the second-largest producer of project management-oriented jobs in the world, second only to China. At a global level, 22 million new project management job openings are expected by 2027. First, let us look at the opportunities open to project managers in India. A simple LinkedIn search can land you on more than 7000 job opportunities for a Project Manager in India, and that too from reputed firms like IBM and Kotak Mahindra Bank. Source Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses On Naukri.com, there is more than 70000 project manager related job openings from different firms in India. Out of these, almost 15000 are from the capital region of Delhi/NCR region, followed by 12000 each from Mumbai and Bangalore. The pane shows about 50600 results. There are ample opportunities for people with the right skill sets and experience. So, there are opportunities galore for project manager, and the indispensable nature of their jobs ensures that project manager salary in India is quite elevated.  Source Project Management has turned out to be a critical aspect of businesses to the level that the demand for project managers will never cease. Project managers are demanding in nearly all sectors, specifically in today’s advanced and methodical business environment. Typically, these industries have an identical need for innovation and productivity. But, the professionals’ roles and responsibilities vary.  There are ample job opportunities for project managers in industries like finance, construction, engineering, information services and technology, healthcare, insurance, advertising, etc. The related job roles offer decent PM salary in India based on skills, experience, location, and other factors. Various facets should be considered to effectively plan and implement a project. Owing to the skill gap that businesses face today, the demand for skilled project managers is more, but their availability is limited. Most project managers can’t be so efficient even after undergoing formal training from the traditional courses. Companies sought after those candidates with a blend of theoretical knowledge and practical work experience. The rising demand for project managers has increased the demand for pursuing a suitable project management professional course. The reliable project management courses help candidates to master the art of planning and implementing projects. Plenty of businesses are adopting project management for their business processes.  It is gradually becoming an integral part of businesses regardless of their industries. They are ready to offer admirable PM salary in India to deserving candidates. Another key trend in the context of demand for project managers is project management for small projects. For a few decades, project management was a marginal subject and was perceived as an added cost for small projects. However, today companies are realizing the significance of project management for small projects. Therefore, it unlocks doors for individuals willing to learn project management while simultaneously working on the relevant job role for small projects. Therefore, it generates plenty of project manager jobs that must be filled up by skilled candidates. Let us look at the most important aspect – the Project Manager Salary in India. How much can you earn if you enter this field? The Median Project Manager Salary in India According to Glassdoor, the average project manager salary in India is around Rs 14,00,000. For comparison, the average salary for a software developer in India is only around Rs 5,00,000. So, being a project manager could you fetch almost three times more income than your software developer counterparts! Source Factors Affecting Project Manager Salary in India The four main factors affecting the Project Manager Salary in India are: Sector & Company– In most job profiles, the company you choose to work for affects the final salary. For a project manager, the sector they choose to work for will also have a bigger impact on the final salary. Also, the bigger the brand or company, the higher is the salary you can expect.  Experience – Managers with more experience will earn a higher salary when compared to persons who are managing their first projects.  Location – Location has a high impact on the salary of a project manager. A job in a city known for its information technology infrastructure will pay a higher salary in comparison to a job in a smaller city. Skills – The important skills you have, the better is the ability to understand. Location is all set to play a vital role in deciding project manager salary in India. Technical skills are too the influencing factors. For instance, if the job is associated with construction project management then having planning tools knowledge or drawing skills will add extra value to your resume. Also, it will increase your chances of obtaining a decent entry level project manager salary.Few other factors affecting the project manager’s salary in India: Education:One of the overlooked factors is education. Organizations with varied domains have their unique need for project managers. For example, a construction-based organization will hire candidates with civil engineering or equivalent degree. Similarly, financial firms will hire candidates with a financial degree. An oil and Gas sector company will hire project managers from a chemical engineering background. Talented candidates from IT backgrounds can have a well-paying IT project manager salary in India. Vacancy:The organization’s urgency to fill in the vacancy can present a decent opportunity to obtain a decent salary range. Employers are hunting for the right fit and are ready to pay a higher salary than their expectations.The urgency for a vacancy in an organization is outside the applicant’s control. But what an applicant can best do is to incorporate the value-adding factors on their resume/profile. They can stand out from the crowd through their exceptional skills, domain expertise, sound academic background, and certification. All these factors can bring you close to filling up the vacancy for project managers in leading organizations. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Project Manager Salary in India: Based On Sector & Company Earnings of a project manager depend upon the domain. For example, according to PayScale, the average salary for a construction Project manager is near Rs. 1,00,000. Source IT Project Managers handling complex software projects for big IT firms can earn close to Rs 15,00,000 per year which is an excellent salary. This IT project manager salary is more for experienced candidates. Source Your salary will also depend on the company you are working in. Normally, tech giants Amazon, Microsoft, Google, and Goldman Sachs pay more than average. But getting into these can be quite challenging as they generally have a rigorous recruitment process and tend to require higher aptitude and problem-solving skills than average.  List of top recruiters based on their pay: Source Capgemini, Cognizant & Accenture offers about Rs. 2,000,000 per annum as salary. It is followed by HCL, Infosys & Wipro at Rs. 1,000,000 per annum. Project Manager Salary in India: Based On Location Also, the amount in your paycheck may also depend on your location. Location plays a vital role in determining project manager salary in India. For example, the salary for an IT project manager in India can be more than Rs 20,00,000 per annum. The image below shows that most of the bigger cities in India offer a salary higher than the national average.  Source The image below shows that a person in the IT hub Bangalore can earn about Rs 2,100,000 per annum.  Source It is around Rs 14,50,000 in both Hyderabad and Delhi for the same role. Hyderabad Source Delhi Source Project Manager Salary in India: Based On Experience The more experience you have the higher your pay package will be. So, if you are a beginner and have only recently entered the industry, you will have to moderate your hopes accordingly. So, let us break down Project Manager salary in India, depending on how many years of experience you have in your bag – Let’s see how a project manager’s salary in India varies based on experience. Entry-Level Project Manager Salary in India The average entry-level project manager salary in India is ₹490,819 Mid-Level Project Manager Salary in India The average mid-level project manager salary in India is ₹1,201,384 Experienced Project Manager Salary in India The average experienced project manager salary in India is ₹1,659,957 Experience plays a major role in the project management field, or any field for that matter. Project managers with an experience of around 1-4 years can earn around Rs 6,20,000. A project manager with 10-19 years of experience can earn an astounding Rs 20,00,000 per annum on an average. Source So the more time you spend in the industry, the better fruits it will yield for you. Project Manager Salary in India: Based on Skillset A project manager is responsible for planning, organizing, and directing the completion of certain projects within pre-defined timelines and budgets. Different skills impact the project manager’s salary in different project manager jobs. The following list shows some of the sought-after skills for project managers. HTML Software Architecture Technical Analysis Product Management Consulting Management Computational Fluid Dynamics Machine Learning Embedded/Real-time/RTOS IT Security and Infrastructure The key soft skills for the relevant job roles are analytical thinking, effective communication, time management, and leadership. The hard skills depend on the company and industry they work in. But the common ones are: Designing project plans Risk management Budget management Project Lifecycle Management Performance tracking Understanding various project management methods (Agile, Waterfall, Scrum, Lean, and PRINCE2) Understanding of project management tools (Trello, JIRA, Asana, and Monday) Companies prioritize these soft and hard skills; accordingly, they determine the appropriate project manager salary Bangalore and other cities. Project management and agile software development skills are getting more responses for the important skills which can take your salary higher. Source Project Manager Salary on Other Countries Project Managers salary in The US: $88,545 Source Project Managers salary is The UK: £38,225 Source What are the companies looking for? The broad scope of the requirements are listed below Passionately customer-focused and is relentless about providing an excellent customer experience every time Have an ability to ideate and communicate the requirement. Plan, communicate and manage the progress of projects, maintaining project momentum, and achieving project milestones. Identify and effectively mitigate risks Facilitate resolution of issues and roadblocks, escalate when appropriate Management of scope, budget, timeline, resources, quality and customer satisfaction throughout the project Manage remote resources in a matrix environment, including offshore resources Deliver a diverse scope of services where project management requires an analysis of numerous factors Maintain up-to-date knowledge of and compliance with internal processes and procedures Support the Sales cycle Source What do you need? A graduate degree in the chosen field is most important. Good technical skills in the field, for example – IT, construction, or healthcare. In addition to these, you have to develop and sharpen critical thinking, communication, and leadership qualities. You can develop these through education programs, practice, and experience. Why should you become a Project Manager? It is but natural to be attracted to the high salary that a project manager can earn. But, to succeed, you need to have a passion for driving a project from inception to closure. As is mentioned above, you can develop the skills but you should be clear on why you want to pursue the field.  Let us understand why you can pursue this field:  Project managers are high in demand and the demand is set to increase. It means a good project manager can pick and choose projects that suit them.  A variety of fields requires project managers, so you will have a chance to work in a field that is of interest to you. Some of the sectors that you can explore are Infrastructure, IT, Healthcare, Manufacturing, Telecom, Oil, and gas, etc. The learning curve allows for constant professional growth. You will interact with different perspectives across cultures and sensibilities. It will also help with personal growth.  You build your risk assessment and management skills. These are the skills that are essential for leadership roles. Most CEOs are experienced and applauded project managers. To make your career to grow as a product manager and earn the highest possible project manager salary in India, you need to have update yourself required skills. Learn more: Product Manager Interview Questions & Answers Other Related Job Profiles As per PayScale, there are some related jobs to a Project manager, so let’s see how they stand with respect to our discussion so far by looking at the salary.  Team Leader, IT can earn between Rs 5,86,000 to Rs 20,00,000 per annum.  IT Consultants can earn between Rs 3,89,000 to Rs 20,00,000 per annum.  Operations Manager can earn between Rs 3,00,000 to Rs 20,00,000 per annum.  Associate Software Engineer can earn between Rs 2,36,000 to Rs 10,00,000 per annum.  Source Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. How to become a Project Manager? It demands time and experience to become a project manager. But the following factors can help you in this journey. 1. Earn a degree: Usually, a bachelor’s degree is required for becoming a project manager. But some candidates begin their career with simply a high school diploma degree or an associate’s degree with related work experience. The standard degree for becoming a project manager is Business Management. After gaining some experience in the relevant profession, they can focus on marketing or engineering to get a project management certification. For example, a candidate aspiring to work as a project manager in IT project management can first obtain a degree in computer science and get some work experience. This approach can increase the odds of obtaining a good IT project manager salary. 2. Gain related work experience: Work experience is required to escalate the career graph as a project manager. For example, marketing managers can use their experience in running marketing campaigns to embark on a successful career in project management. 3. Earn a certification: Project managers who get a certification from a renowned institute can demonstrate that they own the required soft skills and hard skills. These skills help them to easily obtain a professional project manager job role. Earning a certification in the IT domain can provide easy access to mid and senior-level project management employment and with decent IT project manager salary in India.  4. Apply to job positions: After fulfilling the educational prerequisites, gaining relevant work experience, and earning a certification, the next step is to apply for job positions. Project managers must submit applications for positions in those industries they are experienced or knowledgeable. They must update their CV with the relevant experience and demanding skills. 5. Pursue project management courses: The demand for skilled project managers is increasing because businesses want to accomplish challenging projects in challenging situations. Consequently, enterprises are at peril due to a skill shortage. So, it is evident that project management presents ample job prospects for candidates with exceptional abilities. There is also an increasing demand for practitioners who possess technical, leadership, and business judgment skills.  You can easily learn these skills by enrolling in a project management course. MBA graduates who have completed one of such courses can get an admirable MBA in project management salary. A few of the online project management courses are: Certificate Programme in Project Management Advanced Programme in Supply Chain Management Executive Programme in Project Management Strategies to earn higher as a project manager: Regardless of the project manager jobs, the following strategies may help you to earn more. Pursue industry-specific education Practice project management skills Stay abreast with recent trends in your industry Enhance your soft skills for effective project handling Switch to a higher-paying industry Learn from your project peers to hone your project management skills High-paying project management jobs in 2022: You can wisely choose your career domain if you are familiar with some of the high-paying project management jobs. They are described below. Marketing Project Manager: They are tasked with overseeing projects related to marketing and advertising. They also need to fulfill common duties like planning marketing campaigns, assessing conversation analytics, working with the marketing director for budget preparation, and discerning ways to improve ROI and optimize campaigns, etc. Efficiently handling all these duties can increase your chances of obtaining a higher project manager salary.    2.Construction Project Manager: Most construction projects entail functions like logistics, budgeting, labor management, vendor management, team building, etc. The construction project managers are tasked with efficiently managing all these functions.   3.  Project Management Consultant: They are equipped with resources and knowledge to efficiently handle planning, organizing, delegating, budgeting, encouraging team members, and more.  4. PMO Manager: They supervise the project managers who work with the clients on behalf of the organization. 5.IT Project Manager: Their common duties involve communicating to clients and stakeholders to understand project objectives, understanding the project roadmap, creating a project team, supervising the project progress, and more. Their ability to handle these versatile job duties guarantees them an admirable project manager salary.    6. Engineering Project Manager: Their key responsibility is to supervise an organization’s engineering projects. Project Manager Roles and Responsibilities Project managers play a pivotal role in the successful execution of projects across various industries. Their responsibilities encompass a wide range of tasks that ensure the project’s objectives are met efficiently and within the allocated resources. Throughout different project phases, project managers are involved in crucial activities that demand strong leadership, communication, and problem-solving skills. Project managers collaborate extensively with stakeholders to determine the project scope, goals, and objectives at the beginning phase. They perform feasibility studies, assess hazards, and develop a complete project plan that includes the timeframe, budget, and available resources. As the project enters the planning phase, project managers work with their team members to assign tasks and responsibilities, ensuring that each team member understands their position. During the execution phase, project managers monitor project progress, deal with any unexpected obstacles, and keep open lines of communication with stakeholders. To keep the project on schedule, they must make choices in real-time. Effective communication skills are required to keep everyone up to date on project developments, prospective concerns, and necessary changes. Throughout the project’s life cycle, project managers continuously assess risks and devise mitigation strategies to avoid any major setbacks. They need to remain adaptable, as projects often encounter unexpected changes that require immediate solutions. In the closing phase, project managers conduct a thorough evaluation of the project’s performance, ensuring that all deliverables are met and the objectives are achieved. They also prepare project reports and document lessons learned to improve future project outcomes. Overall, project managers are the driving force behind the effective completion of projects. Their ability to effectively lead, communicate, and solve problems ensures that projects are finished on time, on budget, and to the satisfaction of all stakeholders. Career Growth and Advancement for Project Managers For project managers in India, career growth opportunities are vast and rewarding. As they gain experience and expertise, various career paths open up, allowing them to climb the corporate ladder and expand their horizons within the field of project management. One common trajectory is moving into senior project management roles. As project managers demonstrate their ability to handle larger and more complex projects successfully, they may be entrusted with more significant responsibilities and larger teams. This advancement often comes with increased remuneration and recognition for their leadership skills. Another promising avenue is program management. Project managers who excel in coordinating multiple projects with interdependencies may transition into program management roles. Here, they oversee a portfolio of related projects, ensuring alignment with organizational goals and strategic objectives. Additionally, some project managers may aspire to become executives within organizations. The experience gained from leading successful projects equips them with a strategic mindset, and their ability to deliver results makes them valuable candidates for higher management positions. Continuous professional development is crucial for project managers looking to advance their careers. Pursuing certifications like PMP or Agile can significantly enhance their credibility and open doors to more challenging and rewarding opportunities. Networking within the industry and staying updated on the latest project management trends also play a vital role in career growth. Conclusion Project Management is a firmly established field that shows no sign of diminishing in demand or popularity. With every company coming up with new ideas every day, handling and managing those ideas would require some great minds. Turning an idea into a reality successfully lies in the hands of a Project Manager, and we hope you are ready to do it! We hope you liked our article on Project manager salary in India. These numbers above are not set in stone. The real influencer of your salary is the skills you have,  the mastery you have attained over them, and how quickly you grow and make the company grow as well. We hope that you found our collection of management project topics useful. If you want to work on management projects under the guidance of an instructor and learn crucial management skills, then we recommend taking our Post Graduate Certificate in Product Management Course.

The concept of modern Product Management first took shape at Procter & Gamble in 1931. The company wanted to become a brand-centric organisation, which called for more collaboration, transparency, and accountability in the workplace.  Neil H. McElroy—the man behind the idea—also worked as an advisor for the founders of Hewlett Packard. Product Managers at HP became the voice of the customer internally. They brought decision making closer to the consumers, contributing to sustained business growth. The Japanese philosophy of Kaizen, or continuous improvement, also added a new perspective to product management tasks. Here, the emphasis was on involving all employees, improving productivity, and making processes more efficient. Today, the product manager job description includes a touch of all these aspects. The following section includes the responsibilities and requirements to help you understand the role better. To know what is product manager job description you can use the information to fine-tune your job preparation strategy and identify the areas you need to upskill. Check out our management courses to upskill yourself. Product Manager Job Description 1. Role Summary Product managers function as mini-entrepreneurs in the organization, taking responsibility for a product, managing IT and non-IT operations, and building brands from the ground up. They use their practical know-how to provide vision and direction to cross-functional teams and roll out products aligned with the company strategy.  Moreover, this role involves executing several product lifecycle processes, such as product and market research, competitive analysis, product planning, and positioning, roadmap development, requirements management and communication, and product launch. 2. Responsibilities Investigate and develop a deep understanding of customer experience. Generate new ideas to fill gaps in products, improve customer satisfaction, and grow market share. Create buy-in for the product vision with internal and external stakeholders instead of pushing ideas and causing resistance. Prepare a comprehensive product strategy, including a roadmap and strategy for pricing and positioning. Translate the chosen strategies into detailed requirements and prototypes for testing.  Analyze the scope of activities and prioritize tasks based on business and customer impact. Propose overall budget to accomplish goals, given the resources and timelines.  Set pricing to meet the revenue and profitability targets and present regular revenue forecasts. Work collaboratively with engineering and other functional teams to deliver the product. Achieve a quick time-to-market with optimal resources.  Prepare sales tools and collateral; brief and train sales staff to get the desired results. Supervise product launches alongside top executives, Public Relations (PR) teams, and product management team members. Evaluate consistency of promotional plans with product line strategy. Ensure that the intended branding messages are conveyed effectively to the target audience. Act as a product evangelist, increasing awareness about the product and its features. Visit customers and clients to solicit feedback on the product and services. Represent the company at client meetings, product demonstrations, launch events, conferences, etc. Learn Digital Marketing Course online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses 3. Educational Qualifications  A Bachelor’s degree in Computer Science, Engineering, or related fields. A postgraduate or equivalent qualification in Product Design, Engineering, Product Management (Preferred). 4. Desired Experience  Overseeing elements of the entire product development lifecycle. Managing cross-functional teams effectively in a matrix organization.  Delivering superior product marketing strategies and sales training. Working as a product developer, online advertiser, SEM specialist, or a non-managerial product role. Applying technical knowledge in software development and web technology careers. Documenting business cases, technical requirements, high-level use cases, revenue, ROI etc. Solving complex, practical product problems and getting the job done.  5. Required Skills Domain Knowledge Functional Skills Industry Knowledge Communication Skills Innovation Orientation Business Acumen Self Confidence Networking Customer Orientation Data Analysis Product Design Multitasking and Time Management With this, we have given you a summary of a what is product manager job description. Let us look at the current prospects for this role in India. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4 Scope of Product Manager Careers in India Product managers establish a mission, vision, and strategy for a product. And their work doesn’t stop there. They are closely involved in bringing the product to life. This way, they guide a product from conception through design and into its market release. Whether it is an IT firm or a non-IT company, product managers guarantee the success of product lines and services. They are the wind beneath the wings of any offer a business puts out for the customers.  Additionally, product managers continually strive for improvement in products. They work closely with other teams and departments, including Research & Development, Engineering, Manufacturing, Marketing and Sales, and Customer Support. Such a focus is essential to meet customer expectations in today’s highly competitive market environment.  It is, therefore, not surprising that a 2019 survey listed Product Management Courses as one of the most promising jobs of the year. The demand for the position has only gone up since.  The Indian IT industry, especially in B2B software products, is witnessing a consistent demand for product leadership roles.  Rising digital adoption across business sectors, prompted by the pandemic, further accelerates product management career paths. Emerging technologies like Big Data, Cloud, AI, and IoT are opening new avenues for product managers in the Industrial Revolution 4.0. It is clear from the above points what is product manager job description will not be obsolete anytime soon. They will be earning much more than engineers soon. According to Payscale, the average product manager salary is ₹17,41,318 per year. Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Here are the estimated pay grades according to the number of years of experience: Less than one year (Entry-level): ₹9,00,000 per year 1-4 years (Early career): ₹13,00,000 per year 5-9 years (Mid-career): ₹17,00,000 per year 10-19 years (Experienced): ₹21,00,000 per year More than 20 years (Late career): 29,00,000 per year Key Tools and Technologies for Product Management 1. Product Roadmap Software Product roadmap software is essential for product managers to plan and visualize the strategic direction of their products. These tools help outline the product’s features, prioritize tasks, and set timelines for development and release.  2. Agile Project Management Tools: Agile methodologies are widely used in product management to foster flexibility and adaptability. Agile project management tools, such as Jira, Trello, and Asana, assist product managers in creating and managing tasks, tracking progress, and collaborating with development teams. 3. Customer Feedback and Survey Platforms Customer feedback is crucial for product managers to understand user needs and preferences. Tools like SurveyMonkey, Qualtrics, and UserVoice enable product managers to create surveys, collect user feedback, and gain insights for product improvements. 4. User Analytics and Data Tools Data-driven decision-making is a core aspect of product management. Tools like Google Analytics, Mixpanel, and Amplitude provide valuable insights into user behavior, engagement, and retention, helping product managers identify areas for optimization and measure product success. 5. Wireframing and Prototyping Software Wireframing and prototyping tools help product managers create mockups and interactive prototypes of their products. Tools like Sketch, Adobe XD, and InVision enable product managers to visualize and validate design concepts before development. 6. Product Analytics and A/B Testing Platforms To evaluate the effectiveness of product changes and enhancements, product managers use analytics and A/B testing tools. Optimizely, Google Optimize, and VWO allow product managers to run experiments, measure results, and make data-driven decisions. 7. Collaboration and Communication Tools Effective communication and collaboration among product teams are vital for successful product development. Tools like Slack, Microsoft Teams, and Basecamp facilitate real-time communication, file sharing, and team collaboration. 8. Product Lifecycle Management (PLM) Software Product lifecycle management tools help product managers oversee the entire product lifecycle, from ideation to retirement. These tools, such as Arena PLM and Siemens Teamcenter, streamline workflows, manage product data, and enhance cross-functional collaboration. Challenges Faced by Product Managers and How to Overcome Them 1. Ambiguous Requirements Product managers often face unclear or constantly changing requirements from stakeholders. To overcome this challenge, they should invest time in thorough requirement gathering and ensure regular communication with stakeholders to clarify expectations. 2. Competing Priorities Product managers deal with multiple priorities and projects simultaneously. To address this, they should prioritize tasks based on business impact, collaborate with cross-functional teams to align goals and utilize project management tools for better organization. 3. Resource Constraints Limited budgets and resources can hinder product development. Product managers should optimize resource allocation, focus on high-impact tasks, and negotiate for additional resources when necessary. 4. Market Volatility Rapidly changing market trends and customer preferences can disrupt product plans. Product managers should conduct frequent market research, stay updated on industry trends, and be ready to pivot their strategies accordingly. 5. Team Communication Effective communication within cross-functional teams is crucial for successful product development. Product managers should foster open communication channels, conduct regular meetings, and encourage feedback to ensure everyone is on the same page. Upskill for Continued Career Growth Suppose you want to kickstart your project management career and what to know what is product manager job description, gain a promotion, or advance to a high-paying job, upGrad’s Post Gradute Certificate in Product Management can help. This online course has global recognition from Duke Corporate Education and provides personalised mentorship from industry experts. The curriculum includes everything from product roadmaps and user research to prototype development and product analytics. Hands-on exposure to digital tools (for example, Excel, SQL, Google Analytics), industry projects, and dedicated placement support are other distinguishing features of the program. You can also specialize in an area like Growth Product Management, Data Science, and Digital Transformation.  Depending on your profile, you can go on to occupy the following designations in an organization: Associate Product Manager Technical Product Manager Product Marketing Manager Senior Product Manager Director of Product Product Owner Chief Product Officer Now that you have studied all the constituents of what is product manager job description, you can pursue these career tracks with clarity and focus!

Organisations initiate projects to fulfill strategic demands and attain adequate profit margins within a limited period. Each project is planned under a budget while focusing on the target factors. Projects are also conceived to prevent recurring issues like declining revenue, upcoming profit opportunities or consumer dissatisfaction.  Project management includes creating strategies to define the business goals and sharpen internal operations to generate prominent outcomes. You can understand what is a project in project management by looking for tutorial campaigns on informative sites.  What Does a Project Mean? Every project starts from scratch with a distinctive mission of fulfilling specific requirements. A defined project involves several varieties of non-human and human resources working together.  Characteristics of a project Projects are made of well-defined activities that can create a unique outcome and serve the target factors. Every project has a few fundamental characteristics, as stated below: Projects are time bound with a fixed starting and ending date.  Every project has a life cycle with a dedicated beginning, followed by a progression towards attaining the goals.  Each project is unique and can be stated as a single entity.  Managing a project requires collaboration within various departments. What are the 3M’s of a project? There are numerous ways to manage a project where you must embrace rapid actions using incremental and iterative operations. The stages of a project are always centred around methodology, mindset and metrics. To generate deeper insights into what is project management, you must acknowledge the 3M’s of a project.  The 3M’s of project management includes ‘measure’, ‘manage to measure’, and ‘make it easy’.   Measure: The steps in addressing a project must be measured to meet the requirements. Every project management phase must be calculated using a crafted method that can measure the gradual progress towards your target.  Manage to Measure: Efficient influence of the management teams can guide a project towards its best outcomes. It involves critical thinking, requiring you to visualise the dimensions of a project and solve the complexities. A project can generate higher success rates under accurate initiatives and suitable collaborations.  Make it Easy: Using metric sets can simplify the project execution, make it comprehensive, and reduce assessment time. You can use metrics to evaluate productivity, customer feedback, schedule variance, investment returns, employee performance, and so on.  Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Life Cycle of a Project Projects can be mapped by a life cycle portraying a step-by-step progression structure of every management operation. You can attain higher chances of profitable outcomes by evaluating project life cycles. It enables you to understand what is project scope and how to implement project modifications.  Studying a project’s life cycle is also helpful in managing various operative changes. Life cycles provide an organised plan to innovate, conduct, and complete a project. It consists of 5 phases, namely: Initiation: This marks the beginning of a project. It assures determination in achieving the goals, resources and scope.  Planning: The planning phase creates time frames, analyses budgets, distributes tasks, and gathers resources. It also depicts milestones, forecasts risks and generates operative principles.  Execution: It involves the implementation of the planned changes. This phase evaluates the progress, maintains desirable standards, reduces risk factors, and manages the defined budget.  Monitoring and Controlling: Projects are monitored by maintaining protocols and guided by data. This phase entails analysing the processes to accomplish your project’s goals.  Closing: This is the last stage of project management’s life cycle. It presents the ultimate product or service for the final evaluation. The closing stage wraps up the project activities and recognises your efforts.  Project Types The accurate approach in project management is denoted by the project type based on its service, market, and several other features.  Project types can be categorised as per the distinction parameters. The major categories of project types are listed below.  Based on the Funding Source Industrial Funding: These projects are funded by industrial sponsors who play an intrinsic role in the finance management market.  Public Financing: Regional projects, municipal models, public welfare and other administrative projects are executed by public sponsorship.  Contractual Transactions: The projects sponsored by contractors and operating business units come under this type.  Investors and Sponsors: The ROI or return on investment projects are financed by investors who aim for future profits through capital investment.  Based on Project Content  Communication: These projects specialise in building communication between communities, demographic sections, professions, etc. and enhance social relations.  Management: It includes projects on task assignment, stakeholder protocols, maintenance, etc.  Construction: These are majorly civil and architectural projects.  IT: The IT projects include database management, web development, network configuration, software development, etc.  Business: Commercial and marketing models are the prevalent business projects.  Production: It includes manufacturing, delivery services and numerous other projects.  Based on the Implementation Time  Normal Projects: These projects have adequate implementation time.  Crash Projects: Refers to projects with additional capital investment.  Disaster Projects: These projects have high capital costs and are most likely to fail.  Types of Project Management Methodologies Agile Kanban Scrum Waterfall Hybrid Critical Chain Project Management (CCPM) Critical Path Method (CPM) Six Sigma Lean Project Management Event Chain Methodology (ECM) DSDM (Dynamic Systems Development) FDD (Feature Driven Development) Adaptive Software Development Crystal XP (Extreme Programming) PRINCE2 (Projects IN Controlled Environments) RUP (Rational Unified Process) Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Courses Financial Analysis Courses FinTech Courses Online 2 HR Analytics Courses Online Communication Courses Online Effective Communication Courses 3 Research Methodology Courses Mastering Sales Courses Business Communication Courses 4 Fundamentals of Journalism Courses Economics Masterclass Online Courses Phases of Project Management There are different phases in project management based on the processes and operations. You can check out the upGrad certificate programme on Job-linked Advanced General Management from IMT Ghaziabad if you are interested in learning more about management methods and wish to explore the domain.  The basic five phases in project management operations are: Project Initiation Phase Project Planning Phase Project Execution Phase  Monitoring and Controlling Phase  Closing Phase  Check out our free courses to get an edge over the competition Difference Between Projects & Operations Although projects and operations are included in a product life cycle, they have different functionalities. The basic distinctions are: Category Projects  Operations  Key Factors  Temporary with unique endeavours.  Execution activities, usually ongoing and repetitive.  Duration  Have a specified time frame. It ceases to exist after the final product is achieved.  It is a permanent procedure that sustains after production for further utilities.  Budget Fixed budget  No defined budget  Risk Involves the risk of failure. Lower risk rates  Management  Managing projects is known as project management  Managing operations is noted as business process management.  Importance of Project Management Project management builds communication between the team and the clients, leading to successful execution. The vital importance of project management is listed below: Project management ensures the business opportunity value of delivery and the strategic alignment of your business goals.  It implements progression through directed leadership and maps the processes within a project.  Managing a project assigns well-defined focus and objectives for the team.  It establishes realistic expectations with achievable deadlines and budgets. Project management is important in quality control as it maintains a consistent record of the delivered products.  Using project management software can be instrumental in better management if you choose the right programme.  Implementing a Project Working on a project and executing it involves several steps and strategies. You need to plan the protocols before initiating and managing the ongoing activities to implement a project successfully.   Planning a project Before planning a project, you must understand what is project planning and how to improve your planning strategies. There are certain parameters and aspects to consider while working on project models.  The critical factors that you should follow while planning are: Conduct a thorough analysis of the created business case.  Communicate with the stakeholders for assistance and approval of the case. Establish a comprehensive definition of the project scope. Set distinctive project objectives and goals.  Analyse and determine the project deliverables.  Create the milestones and schedules of the project.  Monitor the task assignments, plan the resources and evaluate your team’s strengths.  Calculate the risk assessment. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Factors that make a project successful Profitable projects usually pilot a prototype before real-time investments. You can gain further knowledge on what is pilot project by joining certified courses on project management.  Satisfactory results in the delivery of a project are equally important to its completion. The predominant factors that indicate a successful project are as follows: Time of Delivery: Prosperous projects are generally completed on schedule or before the anticipated time, reflecting dedicated efforts and teamwork.  Budget Management: Attaining the project goals and scope within the financial limitations implies a project’s success. It also denotes an obstacle-free budgeting journey.  Achieving the Objectives: A project gains purpose when its initial objectives are accomplished and intended goals are concluded.  Customer Feedback: Creating reliable contacts, receiving positive client feedback, and ensuring consumer satisfaction marks the success of a project.  Profit Margins: Successful projects have a profitable aftermath and pay back the invested revenue. Common Project Boundaries Project boundaries can be defined by the critical limitations you must consider while managing a project. The common boundaries of a project include:  Location: The demographics of a project’s location and its geographical reach can be a primary statement in project boundaries.  Equipment: The project boundaries determine the limitations in equipment and notify the members of the accessibility of specific tools.  Departments: Dissimilar distribution of tasks and profit benefits across the different departments of an organisation is another crucial project boundary. Project professionals tend to prioritise the familiar teams and sections.  Expertise: Project managers define the tasks within a project. An organisation lacking relevant professional support can be a project boundary.  Timeline: Project boundaries can detect the frequency of work and maintain updates. It also refers to a limited period and models a boundary statement.  Examples of Successful Projects Some of the renowned projects that have successfully achieved their missions are: American Airlines Siemens Healthineers  Amazon Triumph Group Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] What Next? Projects are initiated to enhance the achievements of a business or an organisation. It builds an opportunity to improve profitability and productivity through vivid policies and operations. Project managing is a crucial profession and significant in business management.  You can acquire further details on what does a project manager do and build a promising career in management by joining a relevant programme like upGrad’s PG Certificate in Product Management from DUKE. Amplify your career prospects in management with this course today!  Frequently Asked Questions

Introduction In the competitive world of business, every product has a lifespan. It goes through a series of stages known as the Product Life Cycle (PLC). Understanding the Product Life Cycle theory is crucial for product managers, start-up founders, and business owners, as it provides valuable insights into the product trajectory and its potential success. Analyzing the different stages administers businesses to make marketing strategies, pricing, packaging, and more informed decisions about the product.  Read this extensive guide to understand the product life cycle concept, its various stages, product life cycle examples, and product cycle theory implications for businesses. What Is the Product Life Cycle? The Product Life Cycle theory refers to the progression of a product through various stages from its introduction to the market to its eventual decline. It is a framework that helps businesses understand the dynamics and challenges associated with different phases of a product’s lifespan.  The PLC is divided into four stages: market introduction and development, market growth, market maturity, and market decline. Each international product life cycle theory stage has different opportunities and challenges businesses must navigate to ensure the success of their products. Market Introduction and Development The first stage is the market introduction and development phase. It is where a product is introduced to the market. In this product cycle theory stage, a company invests in market research, product development, and creating a launch strategy. The goal is to refine the product concept, gather feedback, and develop prototypes or product sketches to showcase to potential investors and customers. Market introduction and development is a lengthy process, especially for new products, as there is a need to pioneer a concept or idea. Businesses often face high costs and limited revenue during this stage. However, it is a critical phase for gathering market insights and establishing a foundation for future growth. Market Growth Once a product has successfully passed the introduction stage, it enters the market growth phase. It is when the product gains traction and sales and revenue start to increase. During this stage, companies focus on expanding their customer base, increasing market share, and solidifying their brand identity. Marketing campaigns in the product life cycle theory of the international trade growth stage are crucial for maintaining momentum and staying ahead of competitors. Companies invest in promotional activities, advertising campaigns, and customer engagement strategies. Also, product enhancements, improved customer support, and the exploration of new distribution channels play a crucial role in sustaining growth. Market Maturity After the market growth stage, a product enters the market maturity phase. It is the longest stage in the Product Life Cycle. In the maturity stage, sales and revenue reach their peak and the market becomes saturated with competitors offering similar products. During market maturity, the focus shifts from customer acquisition to customer retention. Companies aim to maintain their market position by emphasizing product differentiation, brand loyalty, and customer satisfaction. Marketing drives focus on highlighting the unique features and benefits of the product to attract and retain customers. Market Decline The final stage of the Product Life Cycle is the market decline phase. In this stage, a product experiences a decline in sales and revenue as customer interest wanes or shifts to newer and more innovative alternatives. The market decline occurs due to increased competition, outdated technology, loss of customer interest, or a damaged brand image. During the decline stage, businesses face the challenge of managing the product’s decline while minimizing losses. Strategies for managing decline include fostering nostalgia around the product, discontinuing the product, innovating the product, or even selling the company. Businesses need to adapt and explore new opportunities to stay relevant in the market. Check out our free courses to get an edge over the competition. How the Product Life Cycle Works? The Product Life Cycle theory is a dynamic process and involves the progression of a product through its different stages.  Introduction Stage The introduction stage is the starting point of the Product Life Cycle. During this stage, a product is launched in the market, and the primary focus is to create awareness and provoke interest among consumers. Companies invest heavily in marketing and promotional activities to attract potential customers. The goal is to establish a strong market presence and gain a competitive edge. Growth Stage Once a product gains traction in the market, it enters the growth stage. Sales and revenue start to increase rapidly during this phase. Companies focus on expanding their customer base, increasing market share, and solidifying their brand identity. Marketing endeavors aim to establish the product as a market leader and capture a larger market share. Maturity Stage In the maturity product cycle theory stage, sales and revenue reach their peak but the growth rate slows down. The market becomes saturated with competitors offering similar products. Companies shift their focus from customer acquisition to customer retention. Marketing efforts aim to maintain market position by emphasizing product differentiation, brand loyalty, and customer satisfaction. Decline Stage The decline stage is the final phase of the Product Life Cycle. Sales and revenue start to decline as customer interest wanes or shifts to newer alternatives. Companies face the challenge of managing the decline while minimizing losses. The product life cycle examples strategies for managing decline include fostering recollections, discontinuing the product, innovating the product, or even selling the company. Advantages of Using the Product Life Cycle Strategic Planning The Product Life Cycle provides a structured framework for strategic planning. It helps businesses anticipate and prepare for each stage of a product’s lifespan and make the right decisions for innovation, marketing, pricing, and resource allocation. Market Insights By analyzing the different stages of the Product Life Cycle, businesses gain valuable market insights. They can identify trends, understand customer behavior and make data-driven decisions to stay ahead of competitors. Resource Allocation The Product Life Cycle assists businesses in allocating resources effectively. It helps them determine when and where to invest resources based on the specific needs of each stage and optimal utilization of resources and reduces wastage. Product Differentiation Understanding the Product Life Cycle allows businesses to differentiate their products from competitors. They can identify unique selling points and develop strategies to highlight the advantages of their products during each stage. Competitive Advantage By closely monitoring the Product Life Cycle, businesses can gain a competitive advantage. They can identify gaps in the market, spot emerging trends, and adapt their strategies accordingly to outperform competitors. New Product Development The Product Life Cycle provides insights into the development of new products. Businesses can identify opportunities to innovate and create new offerings to meet changing customer needs and preferences. Marketing Strategy The Product Life Cycle guides the development of effective marketing strategies. It helps businesses tailor their marketing efforts to each stage, ensuring that the right message reaches the right audience at the right time. Forecasting  By understanding the Product Life Cycle theory, businesses can forecast future sales and revenue trends. It allows businesses to plan for potential challenges, allocate resources and make financial decisions. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Limitations of Using the Product Life Cycle Variation Across Industries The length and characteristics of each stage in the Product Life Cycle vary significantly across industries. Some products may have shorter lifespans due to rapid technological advancements, while others may have longer lifespans due to slower market saturation. Uncertainty and Complexity The Product Life Cycle is subject to uncertainty and complexity. Market dynamics, consumer preferences, and competitive landscapes can change rapidly, making it challenging to predict the duration and outcomes of each stage. Lack of Flexibility The rigidity of the Product Life Cycle framework can limit businesses’ ability to adapt quickly to changing market conditions. It may overlook the potential for product rejuvenation or extension to prolong the lifespan of a product. Limited Scope The Product Life Cycle focuses primarily on the market dynamics of a single product. It may not account for the broader strategic considerations of a business or the impact of external factors such as economic conditions or regulatory changes. Lack of Customer Perspective The Product Life Cycle framework may not fully capture the evolving customers’ needs and preferences. It is important to gather customer feedback and conduct market research to complement the insights provided by the PLC. Our Top Management Programs & Articles Product Management Certification Program from Duke CE Leadership and Management in New-Age Business from Wharton Online Top 4 Functions of Management Process Explained Leadership and Management in New-Age Business from Wharton PG Program in Management from IMT 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? 8 Crucial Business Management Skills Every Manager Should Have Why Should You Consider Product Management as a Career Option? Top 7 Career Options in Management To Choose [For Freshers & Experienced]  Product Life Cycle vs. BCG Matrix The Product Life Cycle theory and the BCG Matrix are two widely used frameworks in strategic management. While both tools provide valuable insights, they have different focuses and applications. The Product Life Cycle focuses on the lifecycle of a single product, analyzing its progression through different stages. It helps businesses understand the dynamics and challenges associated with each stage and make acquainted conclusions regarding marketing strategies, pricing, and resource allocation. On the other hand, the BCG Matrix (or Boston Consulting Group Matrix) focuses on a portfolio of products or business units. It categorizes products into four quadrants based on their market growth rate and market share. The BCG Matrix helps businesses analyze their product portfolio, allocate resources and make strategic decisions regarding investment, divestment, or growth. Both frameworks offer valuable insights into strategic management, but they differ in their scope and level of analysis. Here’s a basic difference between Product Life Cycle vs. BCG Matrix. Product Life Cycle BCG Matrix Focuses on a single product’s journey Focuses on a company’s portfolio of products Describes the stages a product goes through Evaluates products based on their market growth rate and market share Helps companies make decisions about individual products Assists in allocating resources among different products Considers the product’s life span Considers the product’s position in the market Provides insights into marketing strategies for each stage Helps companies identify and manage product categories Product Life Cycle Strategy and Management Continuous Market Research Market research is crucial at every stage of the Product Life Cycle. It helps businesses understand customer needs, preferences, and market trends. By gathering insights from market research, businesses make informed decisions regarding product development, marketing strategies, and customer engagement. Product Differentiation Product differentiation is critical for maintaining a competitive edge throughout the Product Life Cycle. Businesses should identify unique selling points and develop strategies to highlight the advantages of their products over competitors. It can be achieved through innovation, quality improvements, superior customer service, or strategic partnerships. Pricing Strategy Pricing plays a crucial role in each stage of the Product Life Cycle. Businesses should consider factors such as production costs, market demand, competitor pricing, and customer perceptions when determining the optimal pricing strategy. These adjustments are necessary to attract customers during the introduction stage, gain market share during the growth stage, or maintain profitability during the maturity stage. Marketing and Promotional Activities Marketing and promotional activities are essential for creating awareness, generating demand, and maintaining customer loyalty. Businesses should tailor their marketing strategies to each stage of the Product Life Cycle. It involves traditional advertising, digital marketing, social media campaigns, public relations, and customer engagement initiatives. Continuous Product Improvement Continuous product improvement is crucial for sustainable growth and competitiveness. Businesses should actively seek customer feedback, monitor market trends, and invest in research and development to enhance product features, quality, and performance. Regular product updates and innovations extend the product’s lifespan and meet evolving customer needs. Portfolio Management In addition to managing individual product life cycles, businesses should also consider portfolio management. It involves evaluating the performance of different products or business units and making strategic decisions regarding investment, divestment, or growth. By analyzing the overall product portfolio, businesses allocate resources effectively, prioritize investments and optimize business performance. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Product Life Cycle Stages Examples Product life cycles vary across industries and product categories. Here are the 4 stages of the product life cycle examples: Smartphones product life cycle examples Introduction: The introduction of smartphones revolutionized the telecommunications industry. Companies like Apple and Samsung introduced smartphones with touchscreen interfaces and advanced features, creating a new market segment. Growth: Smartphones gained widespread adoption as consumers recognized their convenience and functionality. Companies invest in marketing campaigns, app development, and ecosystem integration to attract customers. Maturity: The smartphone market reached maturity as nearly everyone owned a smartphone. Companies focused on product differentiation, camera improvements, and software updates to maintain market share. Decline: As smartphone technology became standardized, newer technologies like wearable devices and foldable phones emerged. The decline stage for smartphones is yet to come as innovations continue to transform the market. DVD Player’s product life cycle stages examples: Introduction: DVD players were introduced as a replacement for VHS players, offering superior video and audio quality. Consumers quickly adopted DVD players due to their compact size and enhanced features. Growth: DVD players experienced rapid growth as prices became more affordable and DVD movie titles became widely available. Companies invested in marketing campaigns and expanded distribution channels. Maturity: The DVD player market reached maturity as most households owned a DVD player. Prices declined and the focus shifted to improving performance and adding new features like Blu-ray compatibility. Decline: The decline of DVD players began with the rise of streaming services and digital downloads. As consumers shifted to online streaming, the demand for physical DVD players decreased. Digital Cameras product life cycle examples: Introduction: Digital cameras emerged as a revolutionary alternative to traditional film cameras. Companies like Nikon and Canon introduced digital cameras with higher resolution and instant image previews. Growth: Digital cameras gained popularity as consumers embraced the convenience of digital photography. Companies invested in marketing campaigns, improved image quality, and introduced features like video recording. Maturity: The digital camera market reached maturity as most consumers owned a digital camera. Companies focused on product differentiation, advanced image processing, and connectivity features. Decline: The decline of digital cameras began with the proliferation of smartphone cameras. As smartphone cameras improved in quality and convenience, the demand for standalone digital cameras decreased. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Programs Financial Analysis Programs FinTech Programs Online 2 HR Analytics Programs Online Communication Programs Online Effective Communication Programs 3 Research Methodology Programs Mastering Sales Programs Business Communication Programs 4 Fundamentals of Journalism Programs Economics Masterclass Online Programs Conclusion The Product Life Cycle Theory is a valuable framework for businesses to understand the dynamics and challenges associated with different stages of a product’s lifespan. Effectively managing the Product Life Cycle and implementing strategies for continuous improvement maximize the product’s success in the market. Become a product manager by enrolling in upGrad for PG Certificate in Product Management from DUKE. Frequently Asked Questions

Introduction In the realm of product management, the position of an Associate Product Manager (APM) has grown significantly. An APM is essential to the creation and success of a product because it serves as a link between the technical and business components of a project. We will examine the pay, duties, and job tasks related to becoming an Associate Product Manager in this blog. An APM often holds an entry-level job on the product management team of a business. They collaborate closely with senior product managers, engineers, designers, and other stakeholders to ensure that new products are successfully developed, launched, or improved. To guide product strategy and execution, their main focus is on understanding consumer wants, market trends, and corporate goals. What Does an Associate Product Manager Do? If you want to work in production as a leader, being an associate product manager is the right career pathway for you. The role of an Associate Product Manager involves a combination of learning and contributing to the product team. APMs work with product managers and other team members to gain hands-on experience in product management. They assist in market research, competitive analysis, product documentation, and project coordination. APMs also play a crucial role in gathering customer feedback and translating it into actionable insights for product improvements. They comprehend customer needs and communicate effectively with cross-functional teams for product success.  Read this detailed guide to understand the associate product manager role, career opportunities, associate product manager salary, and more. The Importance of an Associate Product Manager Position  The Associate Product Manager position holds significant value within a product team. The APM’s enthusiasm and willingness to learn contribute to the overall growth and success of the team.  New perspectives: APMs bring new ideas and insights to the product team, helping to foster innovation. Learning opportunity: APMs have the chance to learn from experienced product managers, gaining invaluable knowledge and skills. Cross-functional collaboration: APMs facilitate communication and collaboration between different departments, ensuring alignment and smooth execution. Supporting senior product managers: By taking on tasks and responsibilities, APMs free up senior product managers to focus on strategic initiatives. Driving product success: APMs contribute to the success of a product by gathering customer feedback, conducting market research, and assisting with product improvements. Check out our free courses to get an edge over the competition. Preparing for the Associate Product Manager Role Before embarking on a career as an Associate Product Manager, developing these skills and qualities is essential to contribute to success in the role. Communication Skills  Effective communication is crucial for an Associate Product Manager. They must clearly articulate ideas, collaborate with team members and convey product vision to stakeholders. Strong verbal and written communication skills are essential for building relationships and ensuring alignment within the team.  Analytical Skills  Associate Product Managers must have strong analytical skills to understand market trends, customer needs, and product performance. They should learn to gather and analyze data, identify opportunities, and make informed decisions based on insights.  Time Management  Managing multiple tasks and priorities is a common challenge for Associate Product Managers. Effective time management skills are essential to meet deadlines, prioritize tasks, and ensure efficient use of resources.  Decisiveness  Associate Product Managers often face situations where quick decisions need to be made. They must possess the ability to evaluate options, weigh pros and cons, and make decisive choices that align with the product strategy.  Adaptability The ability to adapt to changing circumstances and embrace new technologies and methodologies is crucial for Associate Product Managers. They should be open to learning and evolving in a fast-paced and ever-changing industry. How Does the Associate Product Manager Role Fit Into The Product Manager Career Trajectory? The Associate Product Manager role serves as a stepping stone in the career trajectory of a product manager. It provides a valuable opportunity to gain hands-on experience, learn from experienced product managers and contribute to the product’s success. An APM devises a deep understanding of the product management field and refines the skills. The Associate Product Manager role serves as a starting point for individuals new to product management. It provides a solid foundation to build a successful career in product management. By excelling in the APM role and demonstrating your abilities, you can progress to more senior roles within the product management field. As you gain experience and expertise, you can move up the career ladder, transitioning from an Associate Product Manager to a Product Manager, Senior Product Manager, Product Leader, Director of Product, Vice-President of Product, and even Chief Product Officer. The APM role is a launchpad for your product management career, providing growth and advancement opportunities. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. What Are the Vital Responsibilities of an Associate Product Manager? Market Research: Conduct market research to recognize customer preferences, market trends, and changing competitive landscape. Customer Feedback: Gather customer feedback and insights to understand pain points, preferences, and areas for improvement. Product Documentation: Create and maintain product documentation, including user stories, product requirements, and specifications. Project Coordination: Collaborate with cross-functional teams, such as engineering, design, and marketing, to ensure successful product development and launch. Product Roadmap: Assist in developing and maintaining the product roadmap, aligning it with business goals and customer needs. Competitive Analysis: Analyze competitors’ products and strategies to identify opportunities for differentiation and improvement. Feature Prioritization: Work with stakeholders to determine product attributes based on consumer wants, business objectives, and technological feasibility. Product Launch: Assist in the planning and execution of product launches, including coordinating marketing efforts, customer communication, and monitoring product performance.  How Does an APM Fit Into the Product Team? An Associate Product Manage plays an integral role within the product team. Here’s how the associate manager fits into the product team: Supporting Product Managers: APMs assist product managers in various tasks, such as market research, competitive analysis, and product documentation. They support product managers and help drive the success of the product. Collaborating with Cross-Functional Teams: APMs work closely with cross-functional teams, such as engineering, design, and marketing. You act as a bridge between different departments, facilitating effective communication and collaboration. Gathering Customer Insights: APMs gather customer feedback and insights. Understanding customer needs and preferences contribute to the development of customer-centric products. Contributing to Product Improvements: APMs actively participate in product discussions, offering insights and ideas for product improvements. The unique perspective and enthusiasm contribute to the overall growth and success of the product. Our Top Management Programs & Articles Product Management Certification Program from Duke CE Leadership and Management in New-Age Business from Wharton Online Top 4 Functions of Management Process Explained Leadership and Management in New-Age Business from Wharton PG Program in Management from IMT 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? 8 Crucial Business Management Skills Every Manager Should Have Why Should You Consider Product Management as a Career Option? Top 7 Career Options in Management To Choose [For Freshers & Experienced] What Does Career Growth Look Like for an Associate Product Manager? Career growth in product management is promising for Associate Product Managers. With the right skills, experience, and continuous learning, there are various opportunities for advancement.  Let’s explore the career growth trajectory for an Associate Product Manager: Level 1: Associate Product Manager (APM) At the entry level, Associate Product Managers gain foundational knowledge and experience in product management. They work closely with Product Managers and assist in various product-related tasks. An associate product manager’s salary is between $82,000 and $1,00,000 annually. Level 2: Product Manager As Associate Product Manager gains expertise and demonstrates their capabilities, they can progress to the Product Manager role. In this role, they take on more responsibility and ownership of product strategy and execution. The average salary for a Product Manager ranges from $90,000 to $130,000 per year. Level 3: Senior Product Manager With significant experience and proven success as a Product Manager, individuals can advance to the role of Senior Product Manager. They lead more extensive product initiatives, manage teams, and drive strategic decision-making. The salary ranges from $120,000 to $150,000 annually. Level 4: Product Leaders  Product Leaders, such as Directors of Products, oversee multiple product teams and are responsible for setting the overall product vision, strategy, and roadmap. They provide guidance and mentorship to Product Managers at various levels. The salary for Product Leaders can range from $150,000 to $200,000 per year. Level 5: Director of Product The director of a product has a broader organizational impact. They contribute to high-level strategic planning, collaborate with executive teams, and drive the overall product direction for the company. The salary for a Director of Product range from $170,000 to $250,000 annually. Level 6: Vice-President of Product Vice-Presidents of Products hold senior leadership positions within the organization. They have a significant influence on the company’s product strategy, vision, and overall business success. The salary for Vice-Presidents of a Product is around $200,000 to $300,000 per year. Level 7: Chief Product Officer Chief Product Officers are the highest-ranking product executives in an organization. They are responsible for aligning product strategy with business goals, driving innovation, and leading the product organization. The salary for Chief Product Officers ranges from $230,000 to $500,000 annually. Explore our Popular Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Courses Salary Outlook for Associate Product Managers Based on Different Factors Associate Product Manager Salary Based on Experience Years of Experience Average Salary 0-2 years $70,000 – $90,000 2-5 years $80,000 – $100,000 5-8 years $90,000 – $120,000   Associate Product Manager Salary Based on Location Location Average Salary Silicon Valley $94,795 New York City $99,788  Seattle $92,000 Paris $63,415 Sydney $79,784 Bangalore ₹13,95,888   Associate Product Manager Salary Based on Companies Company Average Salary Google APM salary  $1,10,062 Amazon $1,29,125 Microsoft $1,15,125 Facebook $146,081 Yelp $131,139   Stages to Become an Associate Product Manager Becoming an Associate Product Manager involves: Education and Skill Development: Have an educational background in a relevant field such as business, engineering, or computer science. Acquire essential communication, analytical thinking, and problem-solving skills. Internships and associate product manager jobs for freshers: Gain practical experience through internships or entry-level roles in product management or related fields. It provides an opportunity to learn and understand the industry. Google APM program and other Associate Product Manager Programs: Consider participating in the Google APM program and Associate Product Manager programs offered by companies or organizations. These Google associate product manager programs provide structured training, mentorship, and hands-on experience in product management. Networking and Building Relationships: Build a professional network, attend industry events, join relevant communities, and connect with experienced professionals in the field. Networking leads to valuable opportunities and mentorship. Continuous Learning and Growth: Stay updated on industry trends, best practices, and emerging technologies. Persistently seek learning opportunities through workshops, the google associate product manager program, courses and certifications to enhance your knowledge and skills. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Programs Financial Analysis Programs FinTech Programs Online 2 HR Analytics Programs Online Communication Programs Online Effective Communication Programs 3 Research Methodology Programs Mastering Sales Programs Business Communication Programs 4 Fundamentals of Journalism Programs Economics Masterclass Online Programs Essential Associate Product Manager Interview Questions  Preparing for an Associate Product Manager interview is essential to land the role. Here are the important questions you may encounter during the interview process: How do you prioritize product features when faced with limited resources? Tell us about a challenging product decision you made and the outcome. How do you gather customer feedback and incorporate it into the product development process? Describe a situation where you had to manage conflicting stakeholder expectations. How do you approach competitive analysis and stay informed about industry trends? What metrics do you track to measure product success? Tell us about an incident when you had to handle a project with tight deadlines. How did you manage it? How do you ensure cross-functional teams communicate and collaborate effectively? Describe your experience with user testing and how it influenced product decisions. How do you stay organized  when managing multiple projects at once? To excel in your interview, consider the following tips: Research the company and its products extensively. Highlight your relevant experience and achievements. Prepare case studies to exemplify your problem-solving and decision-making abilities. Show enthusiasm and passion for the product management field. Ask thoughtful questions to demonstrate your interest and engagement. Conclusion The role of an Associate Product Manager is dynamic and challenging and offers immense potential for growth within the product management field. An Associate Product Manager contributes to the success of products, collaborate with cross-functional teams, and gains valuable experience for future career advancement. With the necessary skills, getting relevant experience from associate product manager jobs for freshers, building relationships, and continuous learning, you can embark on a rewarding journey as an Associate Product Manager and pave the way for a successful career in product management. If you want to pursue a degree in Product Management, enroll in upGrad for PG Certificate in Product Management from DUKE to strengthen your expertise as a product manager. Frequently Asked Questions

Once a product has been designed or manufactured, the next step is product management in ecommerce. Although it is a multifaceted subject and depends on organization to organization, it depends on their objective as per their products. The one thing which they demand in common is customers. Know more about product management process. No matter your strategy or product, the basic aim that everyone needs to meet is to get loyal consumers to your company. Along with many difficult obstacles and challenges in this field, the competition is quite tough too. Let’s dive deep into the topic and get started. Check out our management programs to upskill yourself. Product Management in E-Commerce: What Is It? Product management is concerned with recurrent activities like finding, testing, onboarding, promoting, and timely delivery of products. E-commerce also involves a customer’s complete internet experience in addition to the actual products. Technology, a strong business strategy, and customer experience all come together to make up product management in eCommerce.  Overview of an E-Commerce Product Manager By satisfying client needs, addressing criticism, and ensuring multi-channel inventory management, e-commerce product managers guarantee the efficient operation of e-commerce websites. Such a professional serves the purpose of a mediator between the stakeholders, business development experts, and the product development team. The Need for Product Management in eCommerce Product management in a wider aspect can be defined as an organizational role that includes designing, preparing, creating, evaluating, releasing, and delivering goods and services to the consumers. The need of the hour is product management in ecommerce as it covers a variety of topics, which are vital for business success. Completely optimized product management techniques can increase the profits by 34.2%, which shows the real necessity of product management in an ecommerce firm. The first and most significant step towards a profitable product is knowing your consumer. Knowing your consumer helps you know the right target audience and helps you shortlist the ways to reach them. Also read: Scope for Product management career and jobs This would give you a better hint of what the customers are interested in buying. It is important that you understand your competitors and their products well; you need to refine and build a business plan which is better than them so you can flourish efficiently in the market.  Once you have established and implemented the above, you need to know time is valuable and establish time management for optimum results. Defining a good product quality is a thing of utmost necessity to keep your customers loyal to your brand and refer it to others. The next important step is making the interface user-friendly and captivating as it takes only 0.05 seconds for someone to judge your site and make opinions about it. That makes creating an attractive interface a necessity. Explore our Popular Management Programs Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Management Programs Read: Product Management in Banking Industry The Skills You Require! Without the right skillset, the business will become a challenge for you. The skillset helps you know when and how to use the right technique to maximize the profit when it comes to product management in ecommerce firms. Below are some techniques which are discussed according to the needs of the job: You should have great organizational skills – Being a product manager, it’s your duty to make sure there are no missing files, SKU’s, or images. A healthy mindset – You should have a mindset that is inspired by growth marketing. You cannot just create a product and then figure out you should have everything planned and in place. Versatility – Your thinking and skills should leave you free and open to trying new ideas to know the industry better. Trust – You should be honest and trustworthy as a product manager. Your team lacking faith in your vision can be a great hurdle when introducing new products and promoting new ideas. Communication skills – You should have a good one-to-one bond with your customers for them to be linked with your organization, which in itself is a tedious task. Top Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Programs Financial Analysis Programs FinTech Programs Online 2 HR Analytics Programs Online Communication Programs Online Effective Communication Programs 3 Research Methodology Programs Mastering Sales Programs Business Communication Programs 4 Fundamentals of Journalism Programs Economics Masterclass Online Programs Your Role as a Product Manager in an E-Commerce Firm The skillset and the techniques required by a product manager are different as they are according to the job’s needs and vary from product to product. However, the major requirement of the skillset has already been mentioned above. Here we would be discussing a product manager’s major chores in an organization where product management in e-commerce is required. By observing the major outlines of the skills the job demands, we have concluded that they should have analytic skills to keep track of the growth of the product and try new ways to maximize the profit. The person should have great testing skills so that before promoting a product on a large scale, it can be predicted and tested on a small scale to better analyze the consumers’ response to minimize loss. The product manager should be aware of the market condition and the target audience to get the most out of the product. They should have prioritized the product they have launched and the good sense of investment return.  upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   Challenges You Will Face The challenges people usually face in these fields are common in product management in ecommerce as every organization faces them now and then. Although we’re not going as far as to suggest that it’s simple for other brands, it’s better to promote brand loyalty because it needs more effort from the consumer. To promote this, you need to have a better one-to-one bond with the customers and assure them that their business with you would benefit from such transactions. With more and more e-commerce firms coming up, a product manager’s need is greater than before. No matter what buyers are looking for, they will search it online and deliver it within a golden period. Not just that, some powerhouses have a massive business hegemony. Combined with the benefit of being big names, free delivery, and loyalty programs, the rivalry is very fierce. It seems there are plenty of good e-commerce firms; however, everyone’s fighting in the same small space for room to survive. Must Read: Highest Paying Cities For Product Managers Tips To Become a Successful Ecommerce Product Manager Becoming proficient in product management in eCommerce is not something one can achieve in a month or two. To become a successful eCommerce product manager in no time, follow these tips and advices:  Get a Certification Online:  Online certifications have, in numerous sectors, not only caught up to formal degrees and trade diplomas over the past ten years but have even surpassed them. Earn your certification by taking a few current and relevant online courses on product management in the eCommerce industry.  User Experience:  As a great deal of recurrent buying choices is dependent on the user’s initial ‘come across’ with a product, user experience has become a crucial area of emphasis for contemporary product managers. To maintain a consistent flow of business, put as much emphasis as possible on high-quality UX development with every product and any added capabilities.  Know The User:  User stories can be what differentiates a product that succeeds and one that falls short or is surpassed by rival offers. User narratives can be developed, analyzed, and used to your advantage. Take steps to perform efficient user interviews and gain as much knowledge as possible about the expectations and requirements of the user.  Be Efficient In Project & Inventory Management:  When it comes to creating and launching eCommerce products, you’ll have to proficient in both project and eCommerce inventory management. To be usually more efficient at completing larger and more significant jobs, either enroll in a course on contemporary project management in an agile setting or concentrate on the area (both inventory and other large operations) while working.  Understand Ecommerce Business Plan:  As a product manager, you shall be in charge of developing the company’s main product strategy. Ensure that you are capable of developing such approaches with the long-term objectives of the organization in mind and that you are aware of what the task implies.  Build Communication Skills:  The best product manager must possess outstanding communication skills because they will be the point of contact for the whole product management team and the focal point for development and launching. This will enable them to comprehend the client, their own potential for development, and corporate objectives more fully.  It’s critical to keep in mind that product managers are ultimately products, and they must upgrade their skills with the appropriate information at the appropriate moment to both have a successful career and become a valued full-time job for the eCommerce company.  Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Conclusion  In this head-to-head competition era, we need to know the right path with the right action plan to succeed with your goal. Especially when it comes to product management in ecommerce, the competition increases, and the scope of success decreases. Following the routine mentioned above might take time but would ultimately lead you to success. Patience and versatility are two of the most necessary qualities that a person is pursuing this position needs.   The demand for Product Managers has risen by leaps and bounds in recent years. Paying attention to the needs of the customers as well as the company is necessary. Like most other careers, Product Managers need to acquire certain skills to increase their value. To acquire these skills, they require proper training. upGrad offers Post Graduate Certificate in Product Management to help you build a career in Product Management.

Source The market has grown customer-centric like never before, and this has also intensified the dependency on product managers. Product Managers are the people who hear and understand the customers’ voices and customize the product to their requirements. Their customer-centric approach enables the product team to develop and deliver better-designed and higher-performing products. At every phase of a product’s life cycle, from development, positioning, and pricing to customer delivery, a product manager’s role is crucial as the customers’ advocate. If you are into the role of product management, you understand that one of the key facilitators that let you do your job more efficiently is a product management software. For creating tailored products/solutions for the customers, you need to hear all sides of a story. Before arriving at a clear decision, you need to synthesis and assess different perspectives. Read: Product management jobs and their career prospects. In the process, you require taking up different roles like a subject expert, a growth hacker, a retention strategist, and a solution seeker. To do all of it correctly, you require being handy with the best product management tools within the esteemed time frame. Source  Prospering in the Field of Product Management  The promising career path from Product Manager to Chief Product Officer and beyond starts with the ability to formulate and ask the right kinds of questions that identify the customer issues and eventual market opportunities. The final goal of product management is to present a product that emphasizes users. To be an efficient product manager, you need to master skills like market research, user design, analytics, engagement & growth, product development, and planning. Along with all these skills, you need a comprehensive product management software to assist you in handling the different responsibilities that this role entails. If you are already into the career of product management, then here is a list of five product management tools that you must check out to increase your work efficiency. Explore our Popular Business Management Courses Leadership and Management in New-Age Business Post Graduate Certificate in Product Management Executive Post-Graduate Programme in Human Resource Management Professional Certificate Programme in HR Management and Analytics Executive Post-Graduate Programme in Healthcare Management Executive Management Programme in Strategic Innovation Digital Marketing and Business Analytics Certificate Programme in Finance for Non Finance Executives Certificate Programme in Operations Management and Analytics Global Master Certificate in Integrated Supply Chain Management upGrad's Job Linked Advanced General Management Program from IMT Ghaziabad Global Professional Certificate in Effective Leadership & Management Advanced General Management Program Strategic Human Resources Leadership Cornell Certificate Program Digital Transformation Cornell Certificate Program Executive Leadership Cornell Certificate Program Management Essentials Business Management Courses 5 Product Management Tools that you Should Include in your Product Stack 1. Productboard Everything related to product management can be handled using this ProductBoard. The software makers claim that it can help you get the right products to the market faster. The software is instrumental in helping you understand the users’ needs, prioritize what to build next, share your roadmap, monitor progress, and engage with the customer community. It facilitates all these with its features like insights repository board, scoreboards, user impact scoreboard, user segmentation, competitive analysis, status monitoring, data visualization customizable boards, app integration, etc. You can check out the product through its free trial, available on their website. 2. GoodDay GoodDay is much more than just a product management software; it is a comprehensive work management one-stop platform with amalgamated tools for managing different. These jobs include planning, task organization, product or project execution & management, track, and ing progress KPI, productivity growth, and results. The interface of the software is highly user friendly. It provides you around 20 ‘at-a-glance view’ layouts like Task List, Gantt Chart, Workload, Pastdue, etc. These layouts are related to task management, planning & resource management, events & milestones, management views, etc. These layouts let you quickly view what’s going on, get an overview of your overall workload, comprehend current priorities, streamline the work pipeline. Top Essential Management Skills to Learn SL. No Top Management Skills to Learn 1 Consumer Behaviour Online Certification Financial Analysis Certification FinTech Certification Online 2 HR Analytics Certification Online Communication Courses Online Effective Communication Certification 3 Research Methodology Certification Mastering Sales Certification Business Communication Certification 4 Fundamentals of Journalism Certification Economics Masterclass Online Certification 3. Aha! Aha is a product management software that is popular for building product road maps. You can opt for a free trial on their website. This software has prebuilt strategy templates for SWOT analysis, creating business models, articulating value prepositions, etc. Using these templates, you can create a vivid picture of your vision, set the goals and initiatives. You can customize the templates by prioritizing the right features. Data visualization is made easy with user story maps, custom feature scorecard, backlog board, etc. 4. Backlog The backlog is another popular product management software. Its highlight is that it brings project and code management together. The software is an all-in-one solution for project management, task management, issue & bug tracking, team collaboration, remote work, and others. The interface is simple enough to be quickly adopted by anyone. It is a powerful collaboration platform for product managers to connect with remote developers, clients, and other teams. Assessing and tracking progress is comfortable with at-a-glance visuals like boards, Gantt charts, Git graphs, and burndown charts. Check out: Product Manager Salary in India Our Top Management Articles Top 7 Career Options in Management To Choose [For Freshers & Experienced] Online Product Management Courses to Kickstart your Career Top 10 Career Options in Business Management in India 8 Crucial Business Management Skills Every Manager Should Have Future Scope of Management: Scope, Salary, Career Opportunities Career Options After MBA – Highest Paying Management Jobs 5 Key Skills Required for Successful Management Career & How To Achieve Those Skills? What is The Nature and Scope of Management? Importance of Management in Every Organisation – [A Complete Guide] upGrad’s Exclusive Product Management Webinar for you – How to craft GTM Strategy for a Product? document.createElement('video'); https://cdn.upgrad.com/blog/panel-discussion-on-crafting-gtm-strategy-for-a-product.mp4   5. Pendo It is a user tracking and analysis tool that can be an invaluable source of intelligence and insight throughout your product journey. It is an end-to-end product management software that lets you live-communicate with customers and spot risks related to customer retention through product engagement, surveys, and feedback. It also lets you increase the product’s efficiency by optimizing trial conversions and user onboarding in-product. The website’s interface is quite visually representative, so it is easy to understand. You can better understand the product by taking up visual product-tour available on Pendo’s website. Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. What You Should Look for in Product Management Software? As businesses strive to stay ahead in a rapidly evolving market, harnessing the power of product management tools has become essential for success. Product management software has evolved as an essential tool for excellent product managers wanting to optimize operations, improve collaboration, and produce amazing products.  Let’s look at the features and benefits of product management tools and how it is changing how things are conceptualized, created, and delivered. Improving Communication and Collaboration Product management software improves communication and cooperation significantly by offering a centralized platform for product managers, designers, developers, and stakeholders to engage and collaborate towards a single goal. These software solutions improve communication among cross-functional teams, providing a collaborative atmosphere where ideas can be shared, comments can be received, and everyone can work together to make the product successful.  Efficient Task and Project Management Product data management software automates task and project management, allowing product managers to manage activities and projects from inception to completion. These software solutions include sophisticated functionality for task creation, assignment, and tracking, allowing product managers to distribute resources effectively and keep projects on schedule. Product management software boosts productivity and supports on-time product delivery by streamlining tasks and project management. Roadmap and Strategy Simplified Product management tools give product managers the tools to develop strategic roadmaps and link their product vision with business goals. Product managers can make educated judgments, respond to changing market dynamics, and ensure their products are aligned with customer expectations if they can prioritize features, track dependencies, and manage resource allocation. Scalability and integration Product management software is frequently integrated with other critical tools, including project management platforms, problem-tracking systems, and communication channels. This interface enables smooth data flow, reducing duplication of work and ensuring information is up to date across several platforms. Furthermore, when organizations develop, and product portfolios evolve, product management software expands, allowing new features and functions to suit changing demands. Customer-Centric Product Development Understanding and addressing client demands is fundamental to effective product management. Product management software includes capabilities that make obtaining consumer feedback, user research, and data analysis easier. Product managers may make data-driven choices, verify concepts, and tweak their products to provide better user experiences by incorporating consumer insights into product development. Product managers may also utilize these technologies to track user acceptance, assess feature usage, and gather feedback to iterate and continually improve their offers. Prospering in the Field of Product Management  These software solutions optimize the whole product management process by providing a centralized platform for task and project administration, supporting strategic road mapping, empowering customer-centric development, and delivering integration and scalability. Harnessing the potential of product management software has become critical for success as organizations struggle to remain ahead in a continually developing market. Conclusion The tools mentioned above and their powerful features clarify the relevance and importance of product management software to efficiently handle the entire product cycle. Knowledge and competency in these tools are beneficial for those who are already into product management or aim to build a career.  Product management is one of the fastest-growing careers as customer-centricity has become the driving factor in product and service-based industries. Freshers and working professionals who wish to leap into this career can check out the upGrad Post Graduate Certificate in Product Management of 6 months. This program is relevant to marketing professionals, sales professionals, project leads, project managers, software developers, technical managers, UI-UX design, analysts, consultants, entrepreneurs, and business development managers. If you’re eager to learn about Product Management and interested to become a great product manager, you need to demonstrate qualities of leadership, check out the Post Graduate Certificate in Product Management for it is you who’ll guide your team towards the path of success