Are you the one who is looking for the job description product manager. Below a detailed research full article will help you a lot. Read well.
Who is a product manager?
Answer: The product manager is the individual who takes care of the development and the formation of new products in the company or any business organization. Product managers set the standards on the formation of new products after the proper market analysis. Further, ensure their quality and the standards as well. The product manager considers the formation of products in numerous factors such as market demand, other products with similar nature, product quality, competitors, pricing, and profit and loss. Below is the job description product manager.
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The product life cycle also falls under the arms of the product manager. Further, it is also important to look after how the product behaves in the market. The product life cycle is the life of the product starting from the day when the product hits the markets to the date when the product is removed from the market. The life cycle of the product consists of the four stages Product introduction stage, growth stage, product maturity stage, and the product decline stage.
For a product manager, it is important to know the exact life cycle of the product for when the product will be at its high growth stage and further how will it perform in the market and how the product demand will decline in the market.
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Job Description Product Manager
- Look after the day to day production in the production plant of the organization. Further, handle the production and overcome the problems if any exist in the production units.
- Creation of a proper budget that requires the production of the product. Similarly, present the detailed report in the management.
- Develop the plans, policies, and strategies for the growth and development of the production.
- Help and assist the human resource department is hiring and firing the staff. Further, prepare the space for the training and the development of the staff.
- Proper evaluation of productivity. Further, check the amount and the quantity of normal and abnormal losses. There should be a proper check and balance to reduce such losses.
- Maintain the proper records raw material consumed and further make the cost sheet to find the total cost of production which will be helpful in maintaining and fixing the sales price of the product.
- Analyze the proper product cycle of a product in the market from each stage of the introductory stage of the product, growth stage, maturity stage, and the declining stages.
- Check and analyze the product production process further to help the sales team in the product launching as well.
- Check the quality of the product that is produced by each unit. It is the main role of the product manager to assure the quality product are produced as per the government and the health guidelines.
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Product Manager Qualifications and Experience
- Should have a bachelor’s degree in the management or Masters in business administration, chartered accountant, or any individual who has an undergraduate or postgraduate degree in the management and commerce field.
- Should have at least 4 years of experience as a product manager or an auditor of a manufacturing company.
- The candidate should be able to maintain the proper stock of the raw material and the closing stock of finished goods.
- Should handle the losses in the production further maintain the plan to reduce the production losses.
- Proficient in the preparation of cost sheets by keeping each item of the cost in mind. The cost sheet should be perfect. He/she must make sure that not cost is excluded from the list.
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Product Manager Skills
- Must have good leadership skills with excellent communication and listening skills.
- Can handle the entire production department.
- Must be able to manage normal and abnormal losses. Further, make a plan to reduce those losses.
- Should be able to handle the conflict in the workplace
Product Manager Pay Scale
The product manager is a high-level managerial position in any of the manufacturing industry. Further, If you are planning to boost your career as a product manager then you will surely get a high pay scale as compared to other mid-level and the entry-level positions. But it is also of the great fact that your pay scale may vary and can be different from industry to industry. Some of the be manufacturers out there in the market might pay you more. But some of them can even have the average pay as well.
The starting salary of the product manager who has the least experience or who is the fresher is 60,000 USD (Sixty Thousand US Dollars). In addition to this, the experienced or the senior product manager earns around 120,000 USD (One hundred Twenty Thousand US Dollars). The average salary of the product manager will be around 90,000 USD ( Ninety thousand US dollars).
The starting bonus pay of the product manager who has the least experience or who is the fresher is 1,500 USD ( One Thousand Five hundred US Dollars). In addition to this, the experienced or the senior product manager earns a bonus of around 15,000 USD (Fifteen Thousand US Dollars). The average bonus pay of the product manager will be around 8,250 USD ( Eight thousand Two hundred fifty US dollars).
Further to this, we cannot miss the yearly profit bonus of the company as well. The starting Profit bonus pay of the product manager who has the least experience or who is the fresher is 500 USD ( Five hundred US Dollars). In addition to this, the experienced or the senior product manager earns a bonus of around 15,000 USD (Fifteen Thousand US Dollars). The average bonus pay of the senior product manager will be around 7,750 USD ( Seven thousand seven hundred fifty US dollars).
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Summing it up,
These above-mentioned points were the best job description product manager. That will help you to some extent the nature of work that you will have to perform during the position as a product manager.
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