Do you see yourself as a decision maker? Do you have what it takes to lead a team from the beginning stages of product planning to implementation? Do you think this is a career you would excel in? If so, then product management is for you.

The role of a Product Manager is to oversee the planning and development of marketing strategies for either a single product or group of products. It is the goal of the Product Manager to manage, develop and implement product marketing activities to maximize sales of an assigned product line. Because their decisions affect the success of a company, Product Managers are excited about the opportunities to manage and strengthen a company’s brand. Most Product Managers work within various company departments, including market research, sales, advertising, public relations and product development. Product managers can be found in almost every industry, including computers and data processing services, publishing, retail and manufacturing.

Typical Responsibilities

• Assesses market competition by comparing the company's product to competitors' products.
• Gathers product market insights by conducting primary research with customers and analyzing sales call results.
• Launches new products to market by analyzing proposed product requirements and product development programs; preparing return-on-investment analyses; establishing time schedules with engineering and manufacturing.
• Completes operational requirements by scheduling and assigning employees; and follows up on work results.
• Determines product pricing by utilizing market research data; reviewing production and sales costs; anticipating volume; costing special and customized orders.
• Facilitates inventory turnover and product availability by reviewing and adjusting inventory levels and production schedules.
• Introduces and markets new products by developing time-integrated plans with sales, advertising and production.
• Maintains product management staff by recruiting, selecting, orienting, and training employees.
• Maintains product management staff job results by counseling and disciplining employees; planning, monitoring, and appraising job results.
• Manages product lifecycle from conception to end-of-life for product or product family.
• Obtains product market share by working with sales director to develop product sales strategies.
• Provides information for management by preparing short-term and long-term product sales forecasts and special reports and analyses; answering questions and requests.
• Provides source data for product line communications by defining product marketing communication objectives.
• Recommends new product roadmaps, product definitions, and drives product development based on technical analysis, market needs, and business goals.
• Recommends the nature and scope of present and future product lines by reviewing product specifications and requirements; appraising new product ideas and/or product or packaging changes.
• Works with customers to determine market needs and interfaces with engineering and program management to determine technical capabilities.

Typical Requirements

• BS/BA in Related Field Required
• MBA or Related Advanced Degree Preferred
• Previous Experience Developing and Managing Product Lines Required
• Previous Product Management Experience Required

Employment Outlook

Employment outlook for Product Manger is difficult to assess at this time because it varies by industries and there is a lack of national and local data.

Figure 1: 2008 Salary for Product Manager in Minneapolis, MN
Product/Brand Manager
Benefit Median Amount % of Total Base Salary $95,583 67.90% Bonuses $8,325 5.90% Social Security $7,949 5.60% 401k / 403b $3,741 2.70% Disability $1,039 0.70% Healthcare $5,722 4.10% Pension $4,780 3.40% Time Off $13,588 9.70% Total $140,727 100.00%
Source: Salary.com – HR Reported data as of December 2008

When applying for a Product Manager position, it is important to highlight the skills you have that can be applied to this position. Here are a few skills you should mention:

• Decision Making
• Interpersonal Skills
• Leadership
• Microsoft Office Skills
• Multi-tasking
• Organizational Skills
• People Management
• Presentation Skills
• Problem Solving
• Product Development
• Product Management
• Strategic Planning
• Teamwork
• Verbal/Written Communication