April 08, 2022
Product managers are in charge of bringing a useful product to market that aims at meeting a need and assists the company to succeed as a business. They steer such projects in the right direction right from the word GO i.e. from thinking of an idea to analysis and from product development to marketing. They manage products in various stages of the lifecycle with a prime focus on customers. Let’s delve deep into the role and responsibilities of a product manager and how to be best equipped.
Master Product Management
Role & Responsibilities of a Product Manager
Become a Well-equipped Product Manager
It is important to have a thorough understanding of the competitive landscape. A product manager needs to assist in defining the organisation's purpose, and have a clear vision of the product, and practical goals. Following trends necessitates good forecasting skills, rational and reasonable thinking, inductive reasoning skills, decision-making skills, and the ability to establish clear objectives and stick to them or modify them as needed.
Therefore, being informed about the market trends is necessary for developing an all-inclusive product plan. In addition, you should estimate the length of each stage in the product life cycle. When you enrol in a product management professional certification, you can expect to learn all the required skills and market trends needed to excel.
A product strategy serves as a blueprint for developing a new product or service. It outlines all the activities that your team must complete to achieve its goal. It is a high-level vision that outlines what a company hopes to accomplish through its product or how it intends to do so. Additionally, product planning explains how the product will benefit the business. It describes the exact problem that the service/product will address and its impact on the client and the company.
It must also specify what you want to accomplish through the strategies or defined plan. The product plan then operates as a yardstick to assess the progress. Creating a product plan and strategy is a difficult task. It comprises a deeper study of your concept or brand and making appropriate changes to your development process to help define the product's design direction.
The best-equipped product manager must know effective product strategy development. A product management professional certificate offers a comprehensive idea of product strategies and how to devise them.
Consumers are the target audience of any product development. Now because each product is unique, it's tough to provide generalised direction but if you follow the below-listed factors concerning your consumers, it will help you reach your goals effectively.
The primary goal of every business is to increase production and sales. To do that, any company or corporation must gain the trust of its clients by learning about their tastes, likes, and preferences. Advanced product management certification course helps candidates to learn the behaviour of the end clients. This is imperative to become a well-equipped product manager.
For example, for any product to succeed, its pricing must be as per the target consumer’s buying capacity and mindset. Only then one can expect to increase sales. So, the product must be excellent, the price must be reasonable, and the location distribution must be extensive and appropriate. The products need to aim at customers' tastes and preferences and then be placed in the market strategically.
Sales management entails more than just keeping track of the orders received or offering support to your sales force. It begins with developing appropriate items, pricing, and distribution and extends with marketing content, customer service, and other sales initiatives. The sales funnel is as important as the people who implement it, and hiring, training, and managing sales staff is an essential aspect of every sales management programme.
Further, sales statistics not only tell the product manager what's being sold and how much it's selling, but they also reveal where the sales are coming from, thanks to the modern marketing and distribution systems. A sales management programme gives complete knowledge of sales and distribution techniques and how to make the most of them. A product manager must be proficient with all this.
While pursuing a professional course from a reputable institute like IIM Kozhikode, the people you will meet have the positions you dream of, and the knowledge they will impart will be vital for your career advancement. You will get exposure to various key aspects of the industry that will prove excellent in shaping you into becoming an adept product manager. This will make you the first choice of the employers leaving others behind. During the course, you would meet people who had taken the same journey and arrived at the same destination.
IIM Kozhikode’s Advanced Product Management (APM) focuses on advanced concepts and skills that will help aspiring Product Managers to improve their career trajectories. They learn about product mindset, customers' needs, product strategies, value creation, product launching and more.
Apart from knowledge of key functional aspects, the IIM Kozhikode’s APM will help sharpen various essential skills like conceptual, analytical, and decision-making skills along with knowledge of industry best practices. So, sign up for the best product management course from IIM Kozhikode, in collaboration with Times TSW and master key skills and competencies.