- Who Is A Product Manager?
- Product Manager Roles And Responsibilities
- Product Manager Salary in India & US
- 10 Best Companies for Product Managers
- What Is The Eligibility Criteria To Become A Project Manager?
Who is a product manager? What does product management mean? What are the best companies to work for as a product manager? Also, do product managers even get paid well?
Product management is an organizational activity that deals with a new product, from its inception to its overall success. Furthermore, it involves effective communication and collaboration with external and internal stakeholders, understanding user needs, branding, advertising, launching, and marketing of the product.
This informational blog will answer all your doubts about product manager roles and responsibilities, product manager salary, and the best companies to work for in India.
While you’re at it, learn Product Management skills that make you job-ready and build a rewarding career.
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Who Is A Product Manager?
A product manager uses a perfect blend of business strategies, tech & design expertise, and user requirements to build a relevant, feasible, and valuable product. Product managers optimize a product to achieve business goals and meet user expectations.
Also, did you know that a competent product manager could increase company profits by 34.2%?
Martin Eriksson, a product leader, explains product management with the help of a Venn diagram. Accordingly, the project manager sits at the intersection of technology (engineers, developers, designers), business (sales & marketing, legal, etc.), and user experience.
Before delving deeper into the best companies to work for as a product manager, let us first throw some light on the job profile.
Product Manager Roles And Responsibilities
Making sure that the product meets the overall business goals is an integral part of the Product Manager’s job. They are in charge of introducing a new product and understanding if it will be a profitable business prospect. A product manager is responsible for managing the product through its entire lifecycle. Of course, they have numerous professionals to help them streamline the process– developers, designers, research analysts, QA professionals, sales & marketing, supply chain experts, and more.
With so many product manager jobs in the industry, you could have the next one. Therefore, to solidify your chances of getting hired, we have compiled what the product manager roles and responsibilities may look like:
- Understanding the needs and requirements of a user.
- Gathering data, conducting market research, and competitive analysis.
- Establishing business goals and product requirements.
- Defining product vision, strategy, and implementation plan.
- Creating prototypes, wireframes, and user journeys.
- Communicating & collaborating with developers, designers, sales & marketing experts, etc.
- Assigning stakeholders that align with the product requirements.
- Managing the product from its inception to the end.
We hope that now you have an idea about what the product management job description may look like. Of course, product manager has a lot of product management tools at their disposal that makes their life easier. The next most curious thing to know is the product manager salary. You have to ensure if it’s even worth it to get into this career path.
Also Read: Common mistakes a product manager should avoid
Product Manager Salary in India & US
The product manager salary we have listed down is for beginners (less than 1 year of experience), intermediate (1-4 years of experience), and experienced (5-9 years of experience).
Product Manager Salary based on experience
|Beginner (<1 yr)||8.28 LPA||$74,701|
|Intermediate (1-4 yrs)||9.6 LPA||$82,612|
|Experienced (5-9 yrs)||10.2 LPA||$92,961|
Learn more about Project Manager Salary Trends here.
10 Best Companies To Work For As Product Managers
So, you want to be a product manager and are looking for the best companies to look for. We have got your back during your job search. From Amazon to Google, let’s look at the 10 best companies for product managers.
Amazon is a business founded on the principle of providing the greatest products there is and is most certainly one of the best product management companies out there. Product-related positions at Amazon are one of the top ones. As a result, the Amazon product manager position is not only in high demand, but it is also well-paying.
Therefore, Amazon product managers must be great at planning with the relevant skills for creating long-term strategies. They also collaborate with other teams across departments to develop smart objectives. After then, they ensure that those objectives are met by keeping everybody’s tasks streamlined.
Average India Salary: ₹29,19,897/yr
Average US Salary: $1,26,397/yr
2. Facebook (Meta)
Facebook is a unique firm in that its products are one-of-a-kind, necessitating a unique strategy for product management. Consequently, product managers must do more than just oversee product development, implementation, and strategy.
Facebook product managers must use understanding their users to build unique products. Nevertheless, they must also adhere to the company’s product specifications. Facebook product managers must develop unanimity whenever a new product design is introduced.
They have to regularly collaborate with software engineers, designers, researchers, and marketing professionals to produce products. They also hire employees to fill important positions to develop and meet the product requirement efficiently.
Average India Salary: ₹22,22,175 – ₹62,60,820/yr
Average US Salary: $2,00,000/yr
Google, in general, is known to be one of the best companies to work for as a product manager. A typical day at Google as a product manager would include interacting with stakeholders and ideating with them. Once the ideas are finalized, the next step is to jot down the product strategy, vision, requirements, etc. To thrive at a workplace like Google, one must be an excellent communicator and a team player.
The product manager is also responsible for testing the prototype and the final product before launching. The PM also collects input, evaluates patterns, and uses that information to enhance its products. Google also regularly collects
Average India Salary: ₹20,87,338/yr
Average US Salary: $1,65,250/yr
Uber has already changed the way we commute from one place to another. While the company’s B2C side is supremely popular and might be a compelling reason to join, the company’s move to B2B is where the true appeal rests. At Uber, Product Managers that think imaginatively about transportation solutions are likely to be rewarded by the organization.
However, you will need at least 3 years of prior experience in the related field to join Uber, the world’s largest ridesharing company. It seeks project managers with computer science, program management, business, and data backgrounds.
Average India Salary: ₹37,71,681/yr
Average US Salary: $1,62,116/yr
Microsoft product managers offer advice and assistance on all aspects of Microsoft’s products. They are integral in building different SaaS products for different consumers and sectors because the corporation is so enormous.
Because of the large number of Microsoft products, they may be assigned to multiple SaaS products or concentrate on just one at a time, depending on the requirement. Overall, they will be responsible for market research, product strategy and roadmap development, communication and collaboration, management, and post-development activities.
Average India Salary: ₹31,53,974/yr
Average US Salary: $1,31,580/yr
As a product manager, you’ll be in charge of brainstorming, ideating, and directing teams across all functions and stages of development. PayPal became one of the leading fintech companies in a matter of years. Also, excellent communication is the key to a Product Manager job at PayPal.
Even though PayPal is a tech company, technical experience isn’t necessary. They want someone adaptable, has previously worked as a competent Product Manager, and can interact successfully with teammates and collaborate with other divisions.
Average India Salary: ₹24,37,940/yr
Average US Salary: $1,42,450/yr
Product managers at Ola are responsible for driving innovative strategies to come up with new products ideas. Their job is to learn how users engage with the product, gather insights, conduct usability testing, and then enhance according to the analysis.
The product manager has to understand Ola’s money mission and strategies and its overall mission and vision. To sum up, the entire product lifecycle, product roadmap, and user needs are taken care of by them.
Ola comes amongst the best companies to work for as a product manager in India. So, the career options look bright with infinite growth opportunities.
Average India Salary: ₹29,12,785/yr
Average US Salary: $76,743 – $82,958/yr
Flipkart’s Product Manager is in charge of determining what technologies will be developed that will meet its users’ needs. Interacting with the sales & marketing, operations, customer service departments, and doing user research are all ways to accomplish this.
Also, they have to manage the product through its lifecycle, from inception to the end, including strategy development, understanding customer needs, and analyzing business prospects.
They also collaborate with other business professionals to identify and execute key aspects of the customer experience for each category. In the end, they run user tests and evaluate if all the needs are met.
Average India Salary: ₹26,11,669/yr
Myntra, founded in 2007 for selling personalized gifts, is undoubtedly India’s leading online fashion e-commerce platform today. Employees applaud the great work culture that this fashion and lifestyle company offers. It is one of the best companies for product managers who also happen to be fashion enthusiasts.
You will be responsible for describing and reinforcing the product vision and strategy. Additionally, you will draw insights, run hypotheses, and work alongside a team of engineers, designers, data scientists to bring your ideas to life. Also, you should have extensive communication skills to coordinate with various departments.
Average India Salary: ₹29,20,000/yr
Apple was the first corporation to attain a market capitalization of a trillion dollars. This American multinational technology company is always looking to hire the right talent and is also known to be one of the best companies to work for out there.
So, as a product manager at Apple, you will have to build business strategies, roadmap & user journeys and set the direction for the development platform. Subsequently, this allows for the quicker and more convenient development of personalized apps to answer any business challenge.
Average India Salary: ₹23,02,920 – ₹25,04,160/yr
Average US Salary: $1,47,645/yr
What Is The Eligibility Criteria To Become A Project Manager?
- A bachelor’s degree in business administration is sufficient to begin a career in product management. Marketing, operations management, and finance are just a few of the skills you’ll learn as a result of this.
- You’ll be an excellent contender for a senior product management position if you have a master’s degree. It gives you more communication skills when working with stakeholders, as well as the qualifications that will get you credibility. Interested to further your learning & land a job in one of the best product management companies? Sign up now in the PG Program in Product Management and Analytics to get premium access to a world-class education.
- In addition to formal education, individuals can also enroll themselves in product management certification courses and more. A basic Product Management Certification will help you kick-start your career as a product manager. So, start the learning-filled journey now!
In A Nutshell…
Eventually, the ideal company for you to work for as a Product Manager will be based on your personal preferences. Also, if a job search is on your to-do list, you should start with a company hunt to determine which product culture and work environment will best suit your personality and goals. In general, the best companies to work for as a Product Manager that we featured here are those you just won’t want to miss out on.
0 Source: GreatLearning Blog