Product Management.
For most companies and businesses, there’s a product that is being created to solve a certain /specific problem. These created products are being discovered, planned, and developed by the PRODUCT MANAGERS. Specifically, product management focuses on a specific business product, created out of what the customers want and studying the operational and technical aspects.
Introduction To Product Management.
Product Management is a strategic organizational function that primarily aims at a business product and its market. This is the process of making thorough plans for creating, launching, managing, and optimizing the product. Additionally, product managers lead the team responsible for the development of the product from the pre-development stage to the development and launch stage.
Training Type And Duration In Product Management.
The training type for this field could either be Online or Offline (Hybrid). However, the average learning duration for each certification in product management is a 4 years bachelor’s degree in any related field to Product management.
Product Management career guide.
Secondary School Department To Become A Product Manager?
The secondary school to be to pursue your career in product management is the Sciences department.
Tertiary Field For Product Management.
These are the related tertiary field you could be to pursue your dream of becoming a product manager by profession.
- Engineering.
- Computer Science.
- Business Administration.
Nonetheless, there are other related fields also.
Common Career Path In Product Management.
No matter which path you take to become a product manager, skill development and understanding of product management duties, knowledge of the essentials in the field, and how to complete them is an essential parts of the process. Also, A career in product management requires a bachelor’s degree and vital experience in the field. However, a training course in the field is important, as some good companies may require a product management certificate as an added criterion aside from your bachelor’s degree.
Product Management guide.
What Are The Professional Levels In This Field?
We have some professional levels in this field, which include;
Junior/Associate Product management– Junior product management is the first step you will take in your career path. Therefore, all you need at this level is the fundamentals of product management, taking responsibility for smaller-scale products by contributing to the strategy of a product led by mid-level or senior product managers.
Mid-level Product Management– To become a mid-level product manager, you must have gathered some professional experience in the field. You must be able to demonstrate your communication, collaboration, and prioritization skills. Also, you are going to be responsible for the entire life cycle of a product, and create a product initiative that supports the company’s strategy.
Senior Product Management– At this level, you must be fully equipped with direct product management experience and working years. Hence, You must be able to work on deep product and market knowledge to overcome stressful situations.
Director of Product Management– Directors of products are professionals in the field who are often in the position of mentors for the rest of the product management team. However, they are responsible for bringing the necessary strengths to their product team to leverage for the benefit of the company or project.
VP of Product Management– The VP of products is responsible for budgeting for the product organization and ensuring strategic product decisions that go with the team’s objectives. Hence, they’re not involved with the physical activities related to product development.
Chief Product Officer – This level is also known as the Chief innovation officer. Here, you are responsible for all activities and generally oversee the product-related affairs in a company. Also, this individual directly reports to the CEO of the company.
What Are The Average Salaries Of The Professional Levels In Product Management?
The average salaries of each level in the Product management field in the US are thus;
- Junior/Associate Product Management – $57, 773 a year.
- Mid-level Product Management – $111,438 a year.
- Senior Product Management – $131,902 a year.
- Director Of Product Management – $147,117 a year.
- VP Of Product Management – $160,208 a year.
- Chief Product Officer – $214,750 a year.
The Work Shift And Average Work Hours In This Field.
In product management, you can work flexibly. You can work remotely or in an office. However, In the product management field, you are likely to work for 50, 60, or 70 hours per Week. This is because product managers often work overnight and even on weekends to beat deadlines and complete tasks.
What Are The Common Risks In Product Management?
There are two product risks in product management that every product manager must know. These risks include;
- Strategic risk.
- Executional risk.
Strategic risk– This is a risk that can be avoided by making sure you are building and creating the right product for your target audience.
Executional risk – This could be avoided by drafting possible and strategic ways to execute the product potential and the operational aspects of the product.
Suitable Talents For Project Management Field.
- Communication skills.
- Technical expertise.
- Business skills.
- Research skills.
- Analytical skills.
- Interpersonal skills.
- Marketing skills.
- Delegation skills.
What Is The Average Retirement Age For Product Management?
The average retirement for product managers is typical 65 – 70 years of age.
Popular Professionals In Product Management.
- Dan Olsen.
- Nir Eyal.
- Roman Pichler.
Is Product Management Relevant In Other Countries?
Product management in other countries is as important and relevant as the rapid change in technology, innovation, and evolution. In the present world where innovative leaders are brimming with ideas that solve the world’s problems, product managers are key. Product managers help companies, businesses, and firms regularly interact with customers by understanding their pain points and coming up with the best product for the solution.
What Are The Fields Related To Product Management?
- Project management.
https://hustlewiki.com/project-management/
- Software Development.
https://hustlewiki.com/software-engineering-career-path/
- Marketing.
- User Experience(UX) design.
Branches Of Product Management.
- Technical Product Manager (TPM)
- Digital Product Managers (DPM)
- Software Product Managers (SPM)
- Product Operations Manager
- Data Product Manager.
- Product Marketing Manager (PMM)
- Growth Product Manager.
