What does a Product Manager do?
A product manager in a company leads the development team to turn a concept into a product ready for the market. Product managers provide the expertise needed when a company is making strategic decisions on products to develop. They also research their target consumer market and competitors' products in order to develop a unique product vision that gives value to customers.
Working as a Product Manager
For a concept to be turned into a marketable product, the product manager has to:
- Interpret internal and external data collected in order to advise the company on the economic viability of the products set to be developed.
- Conduct market research to understand customer needs, and assess how competitors' products are performing and being publicly perceived.
- Communicate to the product team the business value of the potential product, the needs it meets and how it helps the company achieve its strategic goals.
- Develop a plan for when the product will be complete, coordinate the production and launch processes and oversee activities needed for the product to be delivered to the market.
- Closely collaborate with the engineering team to ensure all product's technical specifications are met before the product is delivered to the market.
- Listen to customers' and critics' feedback to ensure in the next product release their specifications are incorporated and technical flaws are addressed.
How much does a Product Manager make in the United States?
Average base salary
The average salary for a product manager is $106,866 per year in the United States and $8,000 cash bonus per year.
Most common benefits
Frequently asked questions
What industries hire product managers?
There are a number of industries that hire product managers to develop and execute new ideas, including:
What other positions are similar to a product manager?
Positions similar to a product manager include:
- Strategic planner: These professionals come up with long-term business goals for the company and instruct their employees on how to actualize them.
- Designers: In big technology companies, designers also conceptualize ideas and assume product management roles to oversee complete development.
- Engineers: These professionals are tasked with developing products from ideas by product managers. Engineers can develop products from their ideas and experience and develop them to be market worthy, or form their own companies.