Companies function to serve their customers either through their services or products. A product manager holds a supreme position in an organization as every activity revolves around his efforts in formulating an offering. A product manager is the one who is responsible for all the elements related to the product.
What does a product manager do?
A product manager is in charge of all the activities taking place concerning the product. This specific position holds accountability for activities ranging from when, why, and what product has to be manufactured.
A product manager takes the following decisions:
- Planning the product
- Planning the whole product range
- Forecasting the future trends of the product in the market
- Deciding about the promotional activities
Many other decisions like pricing, designing, sampling, etc. may be done by specific departments but all the decisions are taken after considering the opinions of the product manager.
Why is a product manager required in a company?
The following points highlight the role of a product manager in a company.
- Synchronized Functioning
In any organization, whether big or small, coordination among employees is a key feature that aids the successful implementation of working policies. In the presence of a product manager, all the departments of the company can come together and function under the leadership of the product manager. All the employees associated with the development of that particular product would be aware of the person they are accountable to.
This escalates positivity and provides a streamlined way of functioning towards achieving a goal.
- Immediate Action
The saying, 'too many cooks spoil the broth' can be justified if a lot of people get involved in product planning and product management. Coordination among all the product managers may become a challenge. Selecting through all the ideas provided by different product managers may consume a lot of time.
Having a single mind on something can turn out to be the best and quickest way of doing something.
- Easy Management with the Board
It is comparatively more convenient and easy to manage with the board of directors by a single person who has proper knowledge about the whereabouts of the product. If every departmental head provides the regular status of his department to the board, receiving so many details from different people may become chaotic and hard to manage.
In case of any changes made by the board in the product, it can easily be communicated to the product manager who can further disseminate the information as it deems fit to him.
- Simultaneous Multi-Functioning
If a single person is made responsible for a particular product, the development of more than one product can become easy and convenient. To quote it as an example, five different product managers can deal with five different products at the same time using the same resources in the company. This can rule out the confusion and duplication of work as every product manager will just focus on getting his work done efficiently.
- Problem Analysis
When only a single person is involved with a product, it becomes easy to find out the problems in case they arise. Every action related to the product passes through the product manager and in case there are any loopholes in the processes, necessary improvements by the product manager can help to eradicate the issues. This way a timely action can be taken to solve any problem. The product manager can undergo product management training for a detailed insight into the position.
Along with that, graduates aspiring to work as product managers in renowned companies can take up a product manager course being offered by Imarticus learning.
Check out all the courses and amazing deals by Imarticus on their official website.