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Product Management

Summary

  • The product managers set the vision for the product and integrate their knowledge of technologies, various marketing techniques to enhance user experience, and thus maximizes the bussiness value of the product. Their main focus is on healthy functioning of three vehicles namely, the technology, designing and the users.

Career Opportunities in Product Management

  • Business-to-Business
    In B2B setup a product manager plays a technical role. They are responsible for leading the design and development of a company's products and execute product strategies in coordination with other departments like IT, R&D, marketing and sales.
  • Business-to-Customer
    The role of product managers in B2C setup is to develop, manage and strengthen the product brand. They look to maximize the user experience by understanding the consumer's mindset and incorporating customer expectations into the product/ service.

How to Pursue a Career in Product Management

Stream Graduation After Graduation After Post Graduation
path 1
Clear Class XII in any Stream Pursue Graduation in Any Discipline for 3-4 years Pursue M.B.A in Marketing for 2 years-
path 2
Clear Class XII in any Stream Pursue Graduation in Any Discipline for 3-4 years Pursue Certificate Course for 1 year in Product Management-

Important Facts

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Leading Institutes

Top Institutes in India to Pursue Product Management
College Location Website
Indian Institute of Management - Ahmedabad Ahmedabad www.iimahd.ernet.in/
Indian School of Business -Hyderabad Hyderabad www.isb.edu
Indian Institute of Management - Bengaluru Bengaluru www.iimb.ac.in/
Indian Institute of Management - Kolkata Kolkata www.iimcal.ac.in/
Indian Institute of Management - Lucknow Lucknow www.iiml.ac.in/
Xavier Labour Research Institute (XLRI) Jamshedpur www.xlri.ac.in/
Faculty of Management Studies - Delhi Delhi www.fms.edu/
S.P. Jain Institute of Management and Research (SPJIMR) Mumbai www.spjimr.org/
Indian Institute of Management - Indore Indore www.iimidr.ac.in
Indian Institute of Management - Kozhikode Kozhikode www.iimk.ac.in
TISS - Tata Institute of Social Sciences - Mumbai Mumbai www.admissions.tiss.edu/
Management Development Institute, Gurgaon (MDI) Gurgaon www.mdi.ac.in
MICA - Mudra Institute of Communications Studies - Mumbai Ahmedabad www.mica.ac.in/
Apeejay School of Management, Delhi (ASM) Delhi www.apeejay.edu/asm/
WLC College India, Bangalore Bangalore, Karnataka www.wlcibusiness.in/
Narsee Monjee Institute of Management Studies - (NGA - SCE) Mumbai, Maharashtra www.distance.nmims.edu/
Top Institutes in the World to Pursue Product Management
Institution Location Website
Northwest University USA www.northwestu.edu/home/
Harvard Business School USA www.hbs.edu/about/Pages/default.aspx
The Wharton School Pennsylvania www.wharton.upenn.edu/
INSEAD Singapore www.insead.edu/
Stanford University USA www.stanford.edu/admission/
London Business School UK www.london.edu/

Important Entrance Exams

Postgraduate
Institution Tentative Date Important Elements Website
CAT Aug-Sept Quantitative Aptitude; Verbal & Reading comprehension; Data Interpretation & Logical Reasoning www.iimcat.ac.in/per/g01/pub/756/ASM/WebPortal/1/index.html?756@@1@@1
GMAT/GRE – Anytime over the year Jan Verbal Reasoning, Quantitative Reasoning and Analytical Writing www.isb.edu/pgp/admissions/admission-calendar
XAT Aug-Nov Verbal and Logical Ability; Decision Making; Quantitative Ability & Data Interpretation; General Knowledge.  Also includes Essay Writing as a part of the test. www.xatonline.net.in/
SPJET Oct-Dec Quantitative Aptitude; Verbal & Reading comprehension; Data Interpretation & Logical Reasoning www.spjain.org/programs/undergraduate/entrance-test
TISS-NET Dec General Awareness, English Proficiency, Logical Reasoning www.admissions.tiss.edu/admissions/ma/programmes/
MICAT I MICAT II End of Sep– Nov (for MICAT I) Jan (for MICAT II) MICAT – Psychometric, Verbal Ability, Quantitative Ability, General Awareness, Divergent-convergent Reasoning, Descriptive test www.mica.ac.in/postgraduate-programme/selection-process-and-timelines
AICET Aug– Dec Quantitative Ability, Communication Ability, Analytical Ability, General knowledge & Current affairs www.admissions.wlci.in/aicet-2016.html
NMAT July– Oct Language skills, Quantitative skills, Logical reasoning www.nmat.org.in/test-takers/dates-and-fees/

Work Description

  • Have a deep understanding of customer experience and identify and fill product gaps
  • Generate new ideas for the product to grow market share
  • Create new products or strategies based on market and consumer research
  • Determining a product's pricing based on exhaustive reach of competition and target customers
  • Convert product strategy into detailed requirements and prototypes for development
  • Work closely with multiple stakeholders like management team, engineering team and marketing team
  • Evaluate promotional plans to ensure that they are in-line with product strategy
  • Be Responsible for the creative, innovative side of business as well the analysis and strategy end sides
  • Lead product launches by coordinating with public relations team, analysts, executives and other marketing team members.

Pros & Cons of a Career in Product Management

Pros
  • Get to explore various fields such as technology, designing, marketing, etc.
  • Remunneration is good
Cons
  • They are the stratergy leader, therefore if a product doesn’t do well, they are accountable for that.
  • Should be good at influencing, in order to align work to others.
  • Have to come up with new ideas, which can be tedious.
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