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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.

by Jitesh Goel

19 Sep 2023

Blogs

10608

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.

by Jitesh Goel

12 Sep 2023

Blogs

6580

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.

by Jitesh Goel

27 Jun 2023

Blogs

5973

Source Project Quality Management can be defined as the process of maintaining and managing quality throughout a project. While in other scenarios, ‘quality’ might be synonymous with perfection, in this case, it is primarily focused on ensuring the consistency of quality throughout the project. With that being said, it is equally important to realise that the meaning of quality will differ on a per-project basis according to the needs and demands of the customers and stakeholders.  The ultimate goal of project quality management is that the project meets the needs it initially created to meet without exceeding or receding the expectations. This brings us to the Cost of Quality concept.  Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. This article will discuss the cost of quality, its type, and how to measure it. So, keep reading to explore all about COQ! What is the Cost Of Quality? Cost of Quality (COQ) refers to the combined costs incurred when establishing high-quality deliverables and the costs stemming from quality issues. One of the most common misconceptions about COQ, especially in project quality management, is that it only refers to the cost of implementing high-grade materials. However, that is not at all true. It is a cumulation of costs linked with quality and other related issues.  One simple example to provide you with a better understanding would be if a steel watch is devoid of any deformities, then its quality of conformance will be just as high as that of a diamond-studded gold watch (free of any defect). Although the former item will not be as expensive or fancy as the latter, both will be defect-free.  Quality costs are not just limited to the stage of manufacturing. It encompasses all the stages of a product lifecycle, from initial research and development until it reaches the customers.  Cost of Conformance vs Cost of Non-Conformance There are two main categories in Cost of Quality:  Cost of Conformance Cost of Non-Conformance Both represent the interdependency between investing in quality during project management and the future costs that might be incurred from not doing so.  Cost Of Conformance Cost of Conformance refers to the number of resources utilised to meet a project’s quality requirements and targets. The underlying rationale is spending money to prevent defective products from falling into consumers’ hands. Cost of Conformance comprises two components, namely, Prevention Costs Appraisal Costs Prevention Costs As the name suggests, the main objective of prevention costs is to prevent producing poor quality products right from its initial stage. It includes all the costs implemented to reduce the number of defects. After all, it is always less expensive to prevent an error from occurring than to find the error and rectify it. Some examples of prevention costs include- Proper staffing of projects Training  Documentation Equipment Creating pilots to explore different approaches and selecting the right one Appraisal Costs Appraisal costs, also known as inspection costs, refer to the number of resources spent on identifying defects before they reach the customers. These include financial and non-financial costs that are incurred to assess and measure the quality of the deliverables. Some of the various types of appraisal costs include, Inspection or quality check Destructive testing / Crash tests External Quality Audits One crucial point to keep in mind is that performing the aforementioned types of appraisal activities in no way guarantees the prevention of deformities from occurring. An alternative and better approach would be to hold employees accountable for their own quality control and create designs of the different effective ways of manufacturing a defect-free product. In this way, quality can be built into the product instead of relying on a team of inspectors for identification. Cost of Non-Conformance Cost of Non-Conformance refers to the number of resources spent on defective products despite efforts by an organisation to prevent them. It is commonly referred to as costs of poor quality in a project quality management plan. Therefore, the higher the quality, the lower the cost of non-conformance. It comprises two components, Internal Failure Costs External Failure Costs Internal Failure Cost In a project quality plan, internal failure cost refers to the number of resources spent on identifying defects within the project or organisation. It includes all the costs incurred to remedy the defects before they are shipped to the customers. Some examples include, Waste – Errors, poor organisation or miscommunication, which leads to the performance of unnecessary work or holding up stocks. Scrap – Products which are defective and cannot be sold or repaired. Rectification – Taking necessary actions to rectify or correct quality issues. Failure Analysis – Taking necessary steps to identify the cause of the internal product or service failure. External Failure Cost Last but not least, external failure cost refers to the costs incurred due to the shipment of a defective product to a consumer. External failure costs are usually hard to measure and even harder to predict. They can result in severe consequences, such as an organisation losing its valuable customers for delivering defective products. Therefore the best way to tackle this problem is by ensuring that no defective product reaches the consumers in any way. Some of the most common types of external failure cost in project quality management plans include, Warranty work Liabilities Repairs and Servicing Returns Lost sales How To Calculate COQ In Projects? As stated earlier, the prediction of the components of Cost of Quality can be pretty hard to predict or assess. Nonetheless, the formula to calculate COQ itself is pretty straightforward.  Cost of Quality= Cost of Conformance + Cost of Non-Conformance Here, the Cost of Conformance refers to the sum of prevention and appraisal costs. The cost of Non-conformance is the total of internal and external failure costs. 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 Why Should You Measure COQ? Measuring the Cost of Quality is crucial to surviving in this dynamic business environment. It helps industries gain a competitive edge and lets businesses maintain a healthy and profitable bottom line. The following points highlight some of the main objectives of COQ and why it is so important.  Helps organisations to separate wrong and poor-quality output. Helps in problem-solving. Generates a single-point evaluation of quality performance. Evaluates and analyse the costs of failures and appraise them accordingly. One small example to portray the importance of COQ might include the tragedy that occurred with the explosion of batteries of the Samsung Note 7 smartphone. The brand had to initiate a recall, which cost them $5.3 billion to collect all the devices and set up testing facilities accordingly. Apart from the monetary loss, the company also had to bear quite a heavy impact on its reputation. 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 Conclusion A proper understanding of the different components of COQ enables project managers to take well-informed decisions on conformance activities, thus reducing the impact of non-conformance. Every industry or business needs to employ efficient resources for quality metrics to gain the upper hand in the market. Additionally, you can also try out various project management courses that are available online to become a part of this dynamic industry. One such might include upGrad’s Post Graduate Certificate in Product Management course, brought to you by Duke Corporate Education.  The 6-10.5 month course is designed specifically for project managers, technical managers, and marketing professionals to upskill and enhance their product management skills with in-demand tools. With enrollment, candidates can enjoy multiple benefits ranging from Duke CE certification, 30+ live sessions, 1:1 mentorship calls, and networking with industry professionals, among various other benefits. Enrol now and kickstart your journey towards success with upGrad! 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] You can also check out our free courses offered by upGrad in Management, Data Science, Machine Learning, Digital Marketing, and Technology. All of these courses have top-notch learning resources, weekly live lectures, industry assignments, and a certificate of course completion – all free of cost!

by Jitesh Goel

23 Feb 2023

Blogs

18806

How does an online book retailer become a behemoth dominating the global e-commerce industry? The 28-year-old history of Amazon’s growth is a masterclass in building a successful business strategy that has revolutionised the retail experience forever! The company has achieved eponymous status with a global presence and diversified business. No wonder its sales are expected to reach an astounding USD 746.22 billion with a valuation of USD 2 trillion in 2024! From being an online bookseller headquartered in a garage to becoming the second most valuable brand in the world, the saga of this global brand is a case study in all the leading business schools.   So what is the secret behind the explosive success of Amazon? This article provides a comprehensive case study of Amazon and its winning business strategy.  Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Glimpsing Back: A Brief History of Amazon With a small team, the budding company made headway in the book-selling market by offering a wide virtual selection of books compared to brick-and-mortar stores with doorstep delivery. With a user-friendly interface, easy-to-search engine, and focus on creating a ‘virtual community,’ the business grew by leaps and bounds. The emphasis on customer choice, experience, and convenience serves the company well even today.  The name was aspirational with a nod to the largest river in the world- Bezos’ Amazon sought to be the largest e-commerce bookseller in the world. By July 1995, Amazon was marketing itself as the “Earth’s Biggest Bookstore,” selling over one million titles to all 50 states in the US and across 45 countries. It provided stiff competition to brick-and-mortar giants like Barnes and Noble and Borders.  The company went public with its IPO in 1997; since then, there has been no looking back. Since its listing, the company has significantly diversified its offering by including music, electronics, toys, kitchen utensils, clothes, and more on its e-commerce site. From the Earth’s Biggest Bookstore, Amazon shifted its tagline to “Books, Music and More.” The company expanded to Germany and the United Kingdom by purchasing online bookstores, thus increasing its revenue. At its core, the company established a dynamic, efficient, and successful distribution and logistical model that helped capture a global market. The year 1999 marked two critical moments for Amazon. First, the company patents the “1-Click” technology allowing users to purchase a product with one click. Second, it launches the 3rd party seller marketplace to allow third-party sellers to sell their produce through Amazon. These measures exponentially increased the sales on the platform. The company’s success put Bezos on the map as he received the prestigious accolade of the “Time’s Person of the Year” in 1999 at 35 years of age.  The company survived the dot-com bubble burst and got only stronger. In 2003, the company took a momentous step by launching Amazon Web Services, a web-hosting business, that marked its arrival into the tech business. It provides cloud computing services to individual developers, companies, and governments through the platform’s IT infrastructure. The strategic shift from an e-commerce platform to a tech company was instrumental in Amazon’s diversification strategy and revenue generation.  The company took further measures to develop brand loyalty through its Amazon Prime program in 2005. Prime membership has since expanded its services significantly and is one of the most valuable assets for the company today. It reshaped consumer expectations and experiences of shopping across the world.  Amazon has been on a path of extensive acquisition and alliance. From the online shoe retailer Zappos to the robotics company Kiva Systems and the grocery delivery service Whole Foods- each acquisition captured pre-existing markets and distribution networks of the acquired assets. With every move, the company strategically entered new markets, removed competitive businesses by acquiring them, made distribution and logistics more efficient, and improved consumer experience. These moves catapulted the company to a 1 trillion dollar valuation in 2018. The company’s profits surged during the pandemic as Bezos’ hourly wealth increased by USD 11.7 million. The following year, Bezos stepped down as the CEO and found his replacement in Andy Jassy, the CEO of Amazon Web Services. Now that we know the history of Amazon, its business strategy becomes easier to decipher. Before we unravel its key business strategies, let’s look at its many businesses.  Amazon and its Diversified Business Model A case study of Amazon is incomplete without an understanding of the many businesses that it has a foot in. Here are the diverse businesses that help Amazon generate revenues from multiple streams and have made it a leader in the global market.  Online retail store Amazon began as an online seller of books, and it continues its operations as an e-commerce site. Today the site offers a variety of products for the best prices to the consumer’s doorsteps. With an easy-to-use interface, easy return policy, “1-Click” buying, customer reviews, and suggestions, the e-commerce site knits an unrivalled retail experience.  Amazon Marketplace Amazon opened its platform to third-party sellers who could leverage its large customer base to sell products. It brings a diversity of products to the retailer without holding inventory. Amazon would, in turn, charge the sellers a percentage of their revenue as a commission fee. It is estimated that third-party sellers generate a gross merchandise value (GMV) of USD 300 billion for the platform. Amazon Web Services (AWS) Amazon’s cloud platform offers individual developers, start-ups, established businesses, and governments a range of cloud computing services through its IT infrastructure. It is the fastest-growing business segment for the brand clocking a global net revenue of USD 80.1 billion in 2022.  Amazon Prime Amazon’s member subscription service offers numerous membership benefits ranging from access to digital video and music streaming, audiobook and ebook platforms, free delivery, exclusive deals, Prime Day access, and much more. The company’s global net revenue from its subscription services stood at USD 35.22 billion in 2022.  Amazon Ads Amazon revealed in 2022 that the advertising wing of the company had generated a revenue of USD 31.2 billion the preceding year. The company offers custom advertising solutions to customers and campaign placements across multiple channels like Fire TV placements, Amazon physical stores, the brand’s homepage, and customised destination pages. Physical stores Amazon made an entry into the brick-and-mortar business with the establishment of a physical bookstore in Seattle in 2015. The company has since expanded its physical presence with Amazon Go, Amazon Fresh, Amazon Go Grocery, Whole Foods Market, and Amazon Style. It has sought to transform the real-world shopping experience with its “Just Walk Out Shopping’ experience.  Breaking Down Amazon’s Business Strategy Amazon’s business strategy has been innovative and forward-thinking from the get-go. Its path-breaking business model has inspired many but retains its uniqueness in execution. At its core, the company has maintained its customer-centric ethos, where its customers comprise three sets: retail customers, seller customers, and developer customers.    For a comprehensive case study of Amazon, let’s take a closer look at the secret recipe behind its success. Customer Obsession The company proudly proclaims that it aims to be the “Earth’s most customer-centric company.” Since its inception, Amazon has won over the trust and loyalty of its customers by perfecting its marketing mix by offering “a comprehensive selection of products, low prices, fast and free delivery, easy-to-use functionality, and timely customer service.”  As Amazon’s customer base and usage expands exponentially, the company has worked towards optimising user experience through continuous assessment and feedback mechanisms. Diversification Amazon has kept up with the emerging demands of the market with growth potential in the long term. Its future-oriented vision has helped the company grow by leaps and bounds by venturing into new businesses that have added to its revenue streams. From cloud computing services to OTT services and subscription-based benefits, Amazon has reinvented what a diversified business looks like.  Expansion through partnerships and acquisitions Amazon has continually acquired and partnered with businesses to expand its customer base, enter new markets, diversify its product offerings, eliminate competition, and gain distribution and logistical networks. From IMDB and The Washington Post to Twitch and Pillpack, Amazon has bought companies across multiple categories to gain a foothold in their markets and operations. It has helped the company scale up its functions rapidly across the globe. Technologically-driven innovations Initially, Amazon was written off as it was started by “computer guys” who knew nothing about selling books. However, it was a focus on innovative technology that the company grew into a tech giant dominating the e-commerce space. Whether it is the 1-Click technology, SEO, user interface, cloud computing services, Just Walk Out technology, or its e-devices, the company has optimised customer experience by leveraging technology. Data-based metrics Amazon has consistently relied on metrics to assess, strategise, and grow its business. Data is an invaluable currency left behind with every click by the customer. The company has effectively and efficiently amassed these data into actionable insights to improve user experience, build and improve products and services, and develop successful marketing strategies.  Marketing strategy A comprehensive marketing strategy has been central to Amazon’s brand-building exercise. With the right marketing mix, the brand has become a household name. Its name and logo are recognisable anywhere in the world. A continual push to diversify its portfolio, competitive pricing policy, expanding its operations, and consistent promotions through multiple channels have been integral to achieving this global status.  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 Conclusion Amazon, the second-most valuable company in the world, has been almost three decades in the making. Every step and misstep has been strategic and guided by the principles of: “customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking.” This case study of Amazon has sought to highlight its history, business model, and business strategies that have gone into the making of the behemoth. Ultimately, the company is a product of the management of Jeff Bezos and Amazon’s leadership.  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 Do you want to learn the tricks of the trade that makes the brightest management minds tick? Leap into the sphere of management with upGrad! The Advanced General Management Program by upGrad will guide you in the right direction in your management journey. Learn from the world-class faculty from one of India’s premier B-schools- Institute of Management Technology (IMT), Ghaziabad. The program offers a comprehensive syllabus covering subjects like Business Growth Strategies, Leadership, Structured Thinking and Problem Solving, and Project Management skills. The 11-month course offers 1:1 mentoring and placement assistance, too.  Enrol now to unleash your potential! 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] You can also check out our free courses offered by upGrad in Management, Data Science, Machine Learning, Digital Marketing, and Technology. All of these courses have top-notch learning resources, weekly live lectures, industry assignments, and a certificate of course completion – all free of cost!

by Jitesh Goel

22 Feb 2023

Blogs

5310

For businesses and other organisations, project managers put together teams of individuals to complete a specified task or project. Project management can be a good fit if you’re organised, fascinated by people, and prepared to take on a more significant role in your career.  As the industry is ready to employ nearly 88 million skilled professionals in project management roles by 2027, it is time to comprehend the intricacies of this profession and jumpstart your journey to learn all about IT project management.  Study Product Management Courses online from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Let’s start by learning more about IT project manager roles and responsibilities! Who is an IT Project Manager? An IT project manager is in charge of managing complicated initiatives involving an organisation’s IT infrastructure. They are frequently responsible for creating plans, distributing resources, and organising the teams. They may also be in charge of hiring and educating IT personnel in specific circumstances. What is the work of an IT Project Manager? Here is a list of tasks that an IT project manager is responsible for planning, organising, allocating, and executing –  Software development Network upgrade Installation of Hardware Creating IT risk management strategies Cloud Computing Projects related to data management Overseeing project progress and creating reports Why is IT Project Management important? It is impossible to exaggerate the value of project management in organisations. If done properly, It improves the effectiveness of every part of the company. Besides being distracted by out-of-control projects or unmanageable finances, your team can focus on crucial tasks. Additionally, it enables your staff to understand how their efforts support the strategic objectives of the business. Here is how IT Project Management can help your company grow –  Helps you make better decisions, Improves communication skills within the organisation. Helps you save time and money.  Helps you grow your business and success rate. Helps bridge the gap between the technical team and stakeholders. Course of Action Here are the steps an IT project manager follows to accomplish the tasks mentioned above – Initiate – Create or identify a project.  Plan – It’s assumed that IT project plans would require frequent revisions. Hence it’s commonly accepted that planning will occur in cycles. Executing the project – Under the project manager’s direction, the entire team works on the activities outlined in the project plan during execution with the ultimate objective of producing the project’s deliverables. Monitor – The project manager for IT monitors and controls the work for the project, including the cost, time invested, quality of the work delivered, and the risks involved.  Closing the project – This happens after every phase and project. It guarantees that all work has been finished and approved and that control has been transferred to the client.  How to become an IT Project Manager? If you are looking for an opportunity to become an IT project manager, here’s how you can navigate your way through! Develop Required Skills You can have a better chance of getting hired for IT project manager roles if you combine project management and technical IT abilities. Here are the categories of skills you must possess –  Technical skills A thorough knowledge of IT tech skills will be helpful as IT project managers are meant to accomplish significant initiatives related to technological innovations. Depending on your industry and career, you may wish to focus on developing a specific set of technical abilities.  Some of these skills are Agile scheduling skills Understanding of IT Architecture and Standards Proficiency in Project Management Software Data centre management Infrastructure management Cloud Migration Database management The project management process A project must go through all four of the project lifecycle stages—Initiating, Planning, Executing, and Closing—to be successful. You’ll need to understand how to make plans, assign tasks, budget, evaluate risk, conduct meetings, and more to become a successful IT project manager.  Methodologies You should be knowledgeable about the different project management methodologies. Since the IT sector can be dynamic, expertise in strategies and techniques that can adapt to changes is frequently required. How to get started? A project manager’s job demands a specific amount of experience in the following roles. Here’s how you can get started on your IT project management journey! Inherit Experience IT project managers can start doing practical IT work and work their way up to project management. Work on your management and leadership abilities if you’re in an IT role and want to go along this path. Approach your manager and express your passion for project management. Soft skills are equally valuable as technical abilities; hence work on improving both.  Get Certified Owning the right certifications is the key to getting noticed through your resume. Job descriptions frequently call for the Project Management Professional (PMP) and Scrum Master credentials. Therefore, apply for relevant certifications that offer you an edge over other candidates. Top education platforms like upGrad have many such courses to help you strengthen your skills and improve your chances of getting hired. Support Role in IT projects If you don’t have any technical experience, working in a support role as a project or programme associate for an IT team can help you break into the industry. Proficiency in both management and IT is required for the role; therefore, seek opportunities that satisfy both criteria.  Apply for your Dream Job Your project management and IT experience should be significantly weighted in your resume. What assignment was given to you, and what result did it generate? What knowledge and abilities do you have in terms of technological concepts? Why should the company hire you in comparison to other candidates? Mention all your skills and experience required for the role you are applying for.    Skills IT Project Managers Should Have Besides honing technical skills, the role of an IT project manager demands soft skills. Understanding the relevant skills for the position might help you advance your professional capabilities if you’re considering a career as an IT project manager. Let’s take a look at some of them. Communication skills An IT project manager needs to be proficient in written and vocal communication. This enables you to express yourself effectively in ways that non-technical colleagues and other members of the IT team can follow. Leadership skills An IT project manager can benefit from having leadership qualities. With the help of these abilities, you may evaluate the performance of team members and determine the best way to support their growth.  Organisational skills A project manager for an IT company can benefit from having both physical and digital organising abilities. Organisational skills are the capacity to keep things in order. Practice organisational skills in your daily life to further incorporate them into your professional life for better work habits.  Planning skills  You can plan projects for yourself and other members of the IT team with the use of strong planning abilities. By ensuring that everyone involved in an IT project is aware of expectations and requirements at all times, effective planning can increase the efficiency of project execution. Time Management skills A large firm may require you to manage several projects simultaneously as an IT expert. You can plan your work to deliver high-quality performance across several projects while meeting crucial deadlines if you have strong time management skills. Software Development skills An IT professional’s profession frequently entails the installation, maintenance, and support of computer software as well as training software developers within the firm. Understanding computer software in general and any software utilised within a business can assist you as an IT project manager in adapting to new options. Problem-Solving Skills The team is frequently required to evaluate an issue and pinpoint a potential solution as part of an IT project. Your capacity to weigh multiple possibilities and identify the opportunity with the highest probability of success is reflected in your problem-solving abilities. 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 Future of IT Project Management Following the growing demand and significance of this role, the average base salary for IT project managers in India is INR 14,24,188, which can even grow to reach INR 29 Lakhs with evolved skillset and experience. According to Project Management Institute (PMI), through the period of 2017 to 2027, India will require 7 Lakhs additional project managers, projecting the growing demand for this role.  The PMI report further states that internationally, project manager employment is expected to expand by 33%, creating 2.2 crore new jobs by 2027. These statistics claim a bright future for IT project management aspirants.  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 IT Project Manager Salary Here are the basic salary packages for the different IT project manager roles to help you walk a lucrative career! Roles Average Salary (per annum) Senior IT Project Manager – INR 20,60,000 Technical IT Project Manager INR 20,00,000 IT Project consultant  INR 7,20,000 IT Project Engineer INR 394,676 Project Manager Software Development INR 1,632,870 Conclusion IT project management emerges as the assimilation of two crucial roles within any organisation- IT professional and project manager. Juggling the two at the same time requires great proficiency in each of the demanded skills. We hope this blog will guide you to navigate a successful career in IT project management.  In order to further strengthen your IT project management dream, upGrad brings you an Advanced General Management Program taught under the expert guidance of IMT Ghaziabad. Whether you are a fresher or a working professional, this program will guide you through various management skills required to become an efficient IT project manager.  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]

by Jitesh Goel

21 Feb 2023