What does a Product Manager do?
Product managers are responsible for the strategy and blueprint of a product or product line. They're tasked with finding the why, what, and when of a product, and they communicate its business value to a product team in a clear, concise way to ensure the team understands the purpose behind the new product or release. They lead the product team and all aspects from the conception of the product to its launch.
Product managers oversee the development and improvement of products and understand the customer experience to create product prices and determine potential future requirements. They present market forecasts and implement the project’s profit and loss estimates. Often, they serve at the intersection between business technology and user experience. They examine the markets and customer demands alongside the competition to influence a product’s vision. They execute strategic and tactical roles within a company and pivot between different functions. They look after the product to achieve its business goals and to maximize the return on investment. Product managers need a bachelor's degree in business, management, or related fields.
- Define and be accountable for product goals and metrics.
- Initiate and submit for approval new product development projects.
- Oversee and develop more junior product managers and analysts.
- Translate business goals and end user needs into product strategies.
- Manage life cycle of product portfolio and marketing program spend within budget.
- Support the product road map to meet business objectives and goals.
- Develop business case and rationale for new product investments.
- Create a backlog, write user stories, and manage releases.
- Assist on collateral for sales demonstrations and customer events.
- Create and maintain product roadmaps within assigned product areas.
- Work with the business to develop the overall business strategy.
- Translate analytics, data and user feedback into actionable product plans.
- Design and implement solutions to key problems to achieve the vision.
- A critical thinker and problem solver.
- A decision maker with leadership skills and capabilities.
- Pays attention to detail and displays professionalism.
- Experience with Microsoft Excel.
- Fluent in a variety of programs and software.
- Willingness to train, guide, and conduct reviews for junior team members.
Product Manager Salaries
Average Base Pay
Product Manager Career Path
Learn how to become a Product Manager, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Years of Experience Distribution
Product Manager Insights
“product vision of the founders was really good and it was a great learning experience working with them”
Integrated Research“You get to work on products and projects that are mission critical and highly visible.”
BrightAI“The overall team is strong and great to work with as a group and individually.”
Flexcar“Feel like I have all the best support and a manager who believes in me and supports my career goals”
Wells Fargo“The pay is nice and I feel like I’ve been able to grow personally in my career”
Procore Technologies“I have some amazing product work on my plate and I know I am going to grow and thrive here”
Fresha“I highly recommend Fresha to anyone who is looking to be challenged to create great product features.”
Shopee“Good luck to you if your Chinese is not good enough to get the unspoken message.”
Frequently asked questions about the role and responsibilities of product managers
The typical day of a product manager includes assisting companies in designing and developing company products. They are involved in the decision-making of products, including how to produce the product and how much to charge. They may also be involved in the marketing of the product, making sure that it reaches the target audience.
The best part about being a product manager is that they play an important role in moving a product from initial design to development. This position is often in high demand, especially in industries that produce consumer goods. Product managers often enjoy a traditional work schedule with holidays and weekends off.
Yes, the average pay for product managers is $6,000 per year in the United States. Product managers with more experience in product design, development, and marketing may earn an even higher salary, up to $10,000 per year. Product managers may also receive other benefits, like retirement and stock options.
Working as a product manager requires good project management and problem-solving skills. One of the challenges of the job is that teams and other departments of all levels often turn to the product manager to ensure they meet their timelines and product goals. This level of responsibility can be stressful at times.