Online Manipal Editorial Team | October 27, 2022
- Product management is an organizational function that oversees all stages of a product’s lifecycle, from development through positioning and price.
- Product management is an upcoming field and one of the most dynamic courses that candidates take up.
- Hiring managers look for product managers who are specialized in MBA.
- The best MBA specialization can help you make the best decision for your future.
Product management is an organizational function that directs each phase of the lifespan of a product, from development to positioning and pricing, by placing the customer and the product first. Product managers represent customers’ interests within the company and ensure that the voice of the market is hard to create the greatest product possible. The best MBA specialization for product management can enhance your skills to become a product manager.
Product teams consistently deliver better-designed and higher-performing products due to this customer-centric emphasis. A deep understanding of clients and the capacity to develop solutions specifically for them are more important than ever in the digital industry, where newer and better alternatives swiftly replace firmly established items.
Considering the nature of the job, one can’t help but wonder how to become a product manager.
What is product management?
Product management can be defined as providing strategic direction in the creation, introduction to the market, ongoing maintenance and enhancement of a company’s product. The roles of a project manager cover a wide range of responsibilities. These responsibilities are allotted to different members of the team. It may include –
- Conducting research, learning about the market, user personas, and trials of the organization.
- Creating a high-level strategic plan for their product that includes goals and objectives, a general description of the product, and a rough schedule using the knowledge they have gained about the industry.
- Presenting a tactical roadmap to internal reviewers such as executives, long term investors are of vital importance.
Why a career in product management?
What makes product management such a viable option for the youth today? Is product management a good career? This is a question that we get most of the time.
Simply put, becoming a product manager is an excellent job if you like generous wages, good benefits, rewarding work, and the strong demand for the position.
Due to their specializations in technical and soft skills, product managers are in high demand for a high salary. With time, the needs of each company have changed, and as a result, most hiring managers look for abilities such as team management and leadership.
According to PayScale, the average annual income for product managers in India is INR 9 Lakhs. It can go as high as 30 lakhs annually.
The job allows for working from home. Product managers work with their teams online using a variety of software solutions, both locally and remotely. Slack, Zoom, Google Hangouts, Microsoft Teams, task management, requirements tracking, or job planning software are the most often used ones.
Will an MBA help a product management career?
How does- MBA help product managers? After receiving your MBA in Product Management, you will be expected to handle marketing, sales, and advertising, as well as strategy and positioning. You will also be asked to gather insights from customer feedback, respond to complaints about the product, and enhance user experience.
An MBA in product management offers a program focused on everything from product ideation to brand design. After earning your MBA, your role as a product manager is multifaceted. It involves –
- Talking to customers
- Creating the next feature to delight customers
- Analyzing analytics
- Increasing revenue through conversion optimization
- Giving engineers specifications
- Coming up with ideas to keep users engaged
- Working with all divisions of the company to try and bring technology to life
MBA electives/specializations that– suit for a product management career
Which MBA specialization is in demand for product managers? There are many MBA specializations to choose from to become a product manager. Due to the vast number of MBA courses available, you must know the best MBA specializations for your goals.
Given below are some of the best MBA programs available –
|MBA product management|
|MBA marketing management|
|MBA operations management|
|MBA information technology|
|MBA data science|
- MBA Product Management
Several B-Schools offer an MBA in product management as a degree program with a focus or specialization in the field. As a result, the curriculum for an MBA in product management is created in a way that helps students get familiar with the different functions that play in the life cycle of a product.
After receiving your MBA in Product Management, you will be expected to handle marketing, sales, and advertising, as well as strategy and positioning. You will also be asked to gather insights from customer feedback, respond to complaints about the product, and enhance user experience.
- MBA Marketing Management
In India, an MBA in marketing management is a two-year postgraduate program. In the realm of marketing, it is one of the most popular course specialities. The students are taught the most complex ideas in marketing, such as advertising, customer behavior, and digital marketing.
A bachelor’s degree from an accredited university and a strong interest in the industry are prerequisites for enrolling in the course. It is one of the specializations available with an MBA.
- MBA Operations Management
In all industrial and service businesses, marketing and operations are two functional areas that are intimately tied together. In-depth MBAs with experience in both fields are in high demand in the business world, which is why this cross-functional major was created. Graduates of this major are better equipped to handle issues in their future careers that lie at the nexus of these two disciplines.
- MBA Information Technology
This is a 2-year MBA specialization for candidates who want to learn about business and information systems and combine business strategies with contemporary ideas of information security, project management, and telecommunications. An MBA in IT combines the common business knowledge of an MBA with specialist courses in information security, telecommunications, and IT project management, to mention a few. This degree will provide you with the necessary abilities to manage IT systems and personnel.
- MBA Data Science
The MBA in data science is a specialized program that trains professionals to address complicated business problems in the future that call for integrating data-driven decision-making modules into IT, contemporary software, and mobile apps. Courses in communication, statistics, human behavioral and cognitive models, functional domains, information technology, and analytical tools are included in the program bucket.
The pedagogy used for this program is defined by the combination of theoretical principles, case-based learning, project-based learning, simulation, and hands-on practical sessions.
How can I enter the product management domain?
Product managers come from several disciplines across India. All of these individuals share the ability to master several hard skills, such as customer research, the capacity to recognize market opportunities, product modeling, and road mapping, as well as the crucial soft skills a Product Manager requires, such as strategic thinking, leadership, communication and collaboration skills, and especially empathy.
Some of the common skills and qualifications one can achieve to become a product manager are given below:
- Life cycle understanding
To work as a product manager, you must comprehend how technology, business, and user experience are intertwined. The entire lifecycle of a product, from conception to launch and beyond, can fall on the shoulders of a product manager, making it a position of immense responsibility. Because of this, it is also a job that necessitates expertise in various areas, both social and technological.
- Problem-solving ability
You must be skilled at seeing problems that merit tackling, both in the larger market and in the product they are developing, to become a product manager. They must learn to ideate and test a minimum viable product (MVP) to ensure a product idea will satisfy customers’ wants. They also need to determine which products their target customers will purchase.
- Creation skills
A product manager must possess more than just product creation skills. Every product must fill a market niche, and to identify that niche, you must first have a thorough understanding of your target market.
- Design skills
A Product Manager can benefit greatly from having experience in various technological fields. A background in development, UI or UX design, sales and marketing, data, or even business can be useful in the function of a product manager because it touches on areas relating to business, technology, and customer experience and attempts to identify the best way for those areas to intersect.
- Soft skills
Once you have mastered the fundamental abilities needed to complete the entire product development cycle, you may start putting together your practice projects to hone your abilities further and get additional experience. Many of these soft skills may already be present in you due to your experience working in other industries; now is your chance to put those skills to use in your new position.
- Portfolio management
There is no standard format for creating a portfolio for product managers because their work differs widely based on the kinds of products and businesses they have worked on. Stick to these two guidelines instead: First, use your portfolio to showcase your abilities as a product manager rather than attempting to include everything.
ALSO READ: Steps to get into a product-based company
Being a product manager is a job sought after by many people considering the perks that come with it. An MBA is useful for those who wish to become product managers. It is a degree that enables one to have some of the best holistic skills in the market. It not only makes you versatile but an asset to the company. Through MAHE’s MBA degree, one attains the skills and knowledge as opposed to other forms of learning, which require significantly more time.
At Online Manipal, you are given the opportunity to learn and interact with professionals in the field at an affordable price. It is an opportunity you do not want to miss out on! Register now!
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