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What do I need to study to become a Product Manager?

Ducere Global Business School
<p>Delivered by Ducere Global Business School in partnership with the Torrens University Australia, the Bachelor of Applied Business (Marketing) connects marketing creativity with the innovation skills of the 21st century. If you want to harness your creative skills towards professional success, then this is the degree for you!</p>

What is a Product Manager?

A Product Manager holds overall responsibility for conceiving, researching and developing new merchandise, software and other goods aimed at increasing a company’s profits and market presence. They are typically thought of as the intersection between technology, business and user experience; creating strategies, determining the value and defining the purpose of a product.

Product Managers evaluate market trends, identify intended demographics and monitor competition. Considering factors such as the company’s business model and consumer opinion, the Product Manager determines what features are needed to ensure that the final product meets the needs of the end-user.

Once they have created a blueprint and strategy, the Product Manager must communicate their product vision and value to everyone from executives and senior management to the development and marketing teams. They ensure cohesion across all aspects of product strategy and execution, from research and engineering to sales and marketing.

What do Product Managers do?

  • Conceptualising and developing new products in order to improve market share and maximise profits.
  • Defining the purpose, value and target market of new merchandise, software and other goods.
  • Outlining and maintaining product development strategies, timelines and budgets.
  • Monitoring and researching market trends to identify customer needs.
  • Assessing and comparing competitor products in order to create differentiation.
  • Conducting market research to determine competitive pricing and promotional plans.
  • Supervising recruitment and training of product management staff.
  • Liaising with other departments such as engineering, sales and marketing to ensure a cohesive product vision.
  • Generating and presenting reports, sales forecasts and market analyses for management and executives.

Career snapshot for Product Manager

  • The average age of working Product Managers is 43.
  • 61.10% of Product Managers are male.
  • 90.70% of Product Managers work full-time and on average they work around 42.3 hours per week.
  • With A Bachelor Degree or higher, Product Managers get paid $1,669 per week Before Tax.
  • Unemployment levels are below average.
  • In 2015 records showed 12,600 employed Product Managers.
  • The projected growth of the profession is estimated to be very strong with employment numbers around 14,800 by 2020.