Product Manager Job Description: Salary, Top Companies, and Future

In today’s emerging market, product management plays a crucial role in driving product success. A recent report by Foundit states that the demand for product management skills has risen, portraying a 40% increase in enrollments in product management courses. 

Product management has emerged as a rewarding field in recent years with excellent career opportunities. Furthermore, with India’s digital transformations, powered by AI, IoT, big data, cloud computing, data analytics, and other emerging fields, the way businesses manage products has changed. This has enhanced the prospects of product manager careers in India. 

The blog further talks about the product manager job description and how this career can help you grab the best salaries in top companies for a bright future.

What is the Job Description of a Product Manager? 

A product manager oversees the development and lifecycle of a product, starting from the product idea to the final launch and beyond. They perform various responsibilities across the different stages of product management, which require them to possess a range of skills. To acquire these skills, candidates aspiring to become product managers must pursue a management course and certification like the Post Graduate Certificate in Product Management from Duke CE.

Here are some key product manager job description, the duties and responsibilities performed by a product manager:

1. Performing Market Survey

Product managers use technical and soft skills to research the success of a product. They collect information about competitors, customers, and current market trends. This responsibility involves certain steps as mentioned below: 

• Researching the objective of the product
• Study the audience 
• Collect data using research methods
• Analyze data 
• Review how to manage the product
• Discover potential challenges 
• Monitor product progress in each step

2. Designing Strategies for Product Management

The product managers are responsible for ensuring that the products meet the company's standards, which is done across all the stages of product development. The key duties include:

• Plan strategies for product success 
• Explore ways to align products with the organization’s vision
• Analyze current market trends
• Do demographic and other research
• Find ways to improve the efficiency of product management

3. Promoting Products

Product managers are responsible for developing plans to market a product by promoting its best features through different methods. Key functions played in this responsibility include:

• Develop strategic marketing campaigns to boost product launch success and sales
• Plan how to promote key product features across various channels
• Analyze potential risks during product launch and find ways to reduce them
• Communicate with customers to gather feedback
• Evaluate the effectiveness of product marketing strategies based on feedback

4. Collaborating with Stakeholders

Product managers use strong communication skills to share ideas with teams, clients, and leadership. They also lead by resolving conflicts and motivating their team to meet goals on time. Key functions in this role are:

• Communicate insights with team members and other stakeholders
• Use communication skills to convey ideas and strategies effectively
• Manage and resolve workplace conflicts as a leader
• Motivate team members to complete projects on time
• Ensure project goals are met through effective leadership

5. Managing Product Launches

As product managers, professionals are responsible for planning and managing different elements to ensure the success of the product launch for optimum results. Key responsibilities performed are:

• Strategize and coordinate all aspects of a successful product launch
• Ensure a strong market entry of the product and that the product meets business goals
• Collaborate with marketing teams to create campaigns and promotional materials
• Implement go-to-market strategies for effective product positioning
• Support sales teams with training, product knowledge, and sales tools

Also Read: What does a Product Manager Do? Day to Day Activities

Essential Skills and Qualifications 

To effectively lead product development and strategy, a product manager must possess a mix of technical knowledge, business acumen, and interpersonal skills. 

Educational Qualifications of Product Managers

• A bachelor’s degree in finance, economics, marketing, computer science, BBA, BBM, or a related program is the basic educational requirement for product manager jobs.
• Many candidates prefer to complete a master’s degree, like an MBA in product management or an MBA in Business Management, after completing their bachelor’s. 
• Having experience in product management is an additional advantage that boosts your chances of getting better opportunities and salaries in this field. Experience in the areas below can help product managers in their careers:

1. Leadership roles

2. Customer service

3. Marketing

4. Product Development

• Candidates can also pursue certifications to acquire a better understanding of product management. Some relevant certifications include:   

1. Certified Product Manager (CPM)

2. Certified Innovation Leader (CIL)

3. Agile-Certified product manager

4. Product Management Certificate (PMC)

Skills Required to Become a Product Manager

Here are some key skills for product managers to acquire:

1. Strong Communication Skills

Good communication is key in product management. It helps Product Managers work well with different teams and lead the entire product process smoothly. To boost communication skills, product managers can focus on improving their speaking and listening skills, presentation skills, and compassion. 

2. Market Analysis Skill

Product Managers can make smart decisions with their market analysis skills to improve products in a competitive market. Market analysis involves research, analyzing competitor products, among others. It also helps them understand the market requirements and plan new product strategies.

3. Analytical Skills

Analytical skills help Product Managers understand the value of data and use it to make better decisions. These skills allow them to research the market, study customer feedback, and make smart financial choices. They also help in planning and running successful product campaigns while staying within budget.

4. Technical Skills

Understanding the technical side of product management can help you grow in your career. The technical skills needed may vary depending on the industry, so it’s a good idea to research your field of interest. Learning basic computer science concepts can be useful. You can also use tools for customer surveys, research, and presentations. Basic knowledge of programming, data analysis, DevOps, and user experience (UX) design also helps product managers. 

What are the Various Role Levels of Product Managers?

Product management roles are planned across various levels, each with increasing responsibility and strategic influence, each step brings more responsibility and a bigger role in shaping the product’s direction.

1. Associate Product Manager

This is an entry-level position for product management aspirants in the field, where you will work under the guidance of product managers to complete various small tasks. 

Key duties: 

• Assist product managers in developing and executing product strategies.
• Gather and analyze customer feedback.
• Coordinate with teams across departments.

Average Salary: ₹15.6 Lakhs per annum

2. Product Manager

Product managers are responsible for the entire product management life cycle as they hold the key position in product management. 

Key duties:

• Work for the continual improvement of products. 
• They drive products through development till they are launched.
• They coordinate with all the stakeholders of a product and earn their trust to manage things efficiently. 

Average Salary: ₹21.8 Lakhs per annum

3. Lead Product Manager (Product Lead)

This role is offered to Product Managers with years of experience who are capable of handling important products. However, they don’t manage a team; rather, they focus on product work. These professionals prefer to stay hands-on rather than take on people management.

Key duties:

• Provide direction, coaching, and support to PMs.
• Act as the central point between teams to ensure smooth and timely product delivery.
• Execute product vision across product lines.

Average Salary: ₹21.4 Lakhs per annum

4. Senior Product Manager

A Senior Product Manager takes on more responsibility and is more experienced in guiding their team. They may be working on hands-on product work and managing Product Managers.

Key duties:

• Mentor subordinates like APMs and PMs.
• Handle complex product initiatives.
• Align the goals of companies or business strategy with product goals. 

Average Salary: ₹35.2 Lakhs per annum

5. Chief Product Officer

A Chief Product Officer (CPO) is the top product leader in a company. They manage multiple product teams and represent the product function at the highest level of the company. Their main job is to set the overall product strategy and make sure it aligns with the company’s goals and other departments.

Key duties:

• He is the chief most senior product person in the company.
• Aligns product goals with long-term company growth.
• Ensure customer needs and market trends are reflected in the product roadmap.

Salary: ₹40 Lakhs per annum

Salary Source: AmbitionBox

Also Read: Do you know different Types of Product Managers?

Salary Expectations of Product Managers 

Take a look at the product manager salaries based on experience, industry, and locations in India.

Experience-Wise Salaries of Product Managers:

Source: AmbitionBox

Industry-Wise Salaries of Product Managers:

Source: AmbitionBox

City-Wise Salaries of Product Managers:

Source: AmbitionBox

Best Practices to Follow for a Successful Product Manager Career.

Below are some best practices to consider for a successful career in Product Management:

• Product managers must align product strategy and vision with business objectives.
• Product managers must ensure that the team is aligned with the comprehensive goal that they are striving to fulfill. 
• They must develop a distinct strategy using a mix of elements to make the product stand out.
• Collecting and using feedback is another best practice for product managers to know customer needs better.
• Another best practice that product managers can follow is the effective sharing of customer data gathered by sales and marketing teams to gain insights from them.
• Honing their leadership skills is another critical practice for product managers to follow, as these professionals are responsible for guiding teams.
• For effective product management, product discovery is an important practice to follow. These individuals are always on for new product discoveries and must keep updated with each stage of product development and lifecycle.  
• Being open to continuous learning is another essential practice that every product manager must follow.        

Also Read: How To Become a Product Manager? Simple Steps to Follow in 2025

Future Challenges and Opportunities of Advancement in Product Management

The product manager job description is such that they face multiple challenges across different phases of the product management life cycle and thrive through these fast-paced product workflows. Product managers guide teams in the research, development, and execution of the phase-by-phase product management process.  

With the emergence of advanced technologies like AI and automation, the role of product managers is evolving, making it challenging yet exciting at the same time. Product managers must integrate these technologies to enhance user experience while maintaining data privacy and ethical means. 

Further, with remote and hybrid work becoming increasingly popular, product managers are required to develop virtual team collaboration skills to manage cross-functional and distributed teams. Additionally, evolving market demands and shorter product life cycles are other situations for product managers to cater to. 

Staying future-ready and competitive requires product managers to keep learning continuously. Upskilling through certifications in emerging technologies is the key to success in product management, which helps these professionals thrive and lead in the future.

How can upGrad help you?

Product management is a sought-after career opportunity as it plays a crucial role in the digital landscape to bring innovative new products to market. Product managers, with their ability to solve complex problems, have a strong influence on businesses. Due to the evolving market, product managers are required to stay abreast of the latest technology by continually upskilling themselves. 

Hence, they use several online learning platforms like upGrad to pursue online courses and specialized certifications in Product Management to excel in the product management industry.

Here are some of the most popular courses offered by upGrad to suit a Product Manager job description:

• Master of Design in User Experience
• Post Graduate Certificate in Product Management from Duke CE
• eCornell’s Product Manager Certification Online
• Masters in International Accounting and Finance by JGU (Accredited by ACCA, UK)  
• Management Essentials Online Program

Our experts would be happy to help you with a personalized career counseling session or visit an upGrad center near you for more details.

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