Product Management

Last updated December 18, 2024

What is Product Management?

Product management combines marketing, development, and analysis to maximize the effectiveness of a product and, in turn, its profit. Product Managers develop the business strategies behind the products, choose its functional requirements, and manage the launch of features. Some Product Managers oversee the team that creates the product and gather feedback from users to launch improvements as well. 

Product Management is a great way to get into the tech industry if you know more about business and marketing but less about coding. You’ll only need to understand the underlying principles of what makes a product work and sell well to get started as a Product Manager. 

How to Learn Product Management

Product management bootcamps teach you the technical skills you need to start your career as a Product Manager and the leadership skills you’ll need to succeed. Some product management bootcamps go so far as to teach UX design and digital marketing as well. Others focus on helping you use your ideas to create a real product during bootcamp. A few of them offer certificates. Product management bootcamps range from 5-12 weeks and cost anywhere from $2,000-$14,000. To help you choose the right one, we've curated a list of this year’s best product management bootcamps. No matter how many accolades a school has, however, make sure you do your research: read reviews, talk to alumni, take an intro course, and ask about job outcomes data.

Types of Product Management Jobs

Product Management combines project management, technical knowledge, and analysis to plan and maximize the effectiveness of a product. The median salary of a Product Manager is $123,000. 

Product Management job titles include: 

• Product Management Internship
• Junior Product Manager
• Project Lead
• Solutions Architect
• Associate Product Manager
• Product Owner
• Product Director
• Chief Product Officer (CPO)
• Vice President of Product Management
• Senior Vice President of Product Management
• Director of Product Management
• President of Product Management

What Does a Product Manager Do?

In general, Product Managers strategize, plan, and manage the launch of a product or new features for a product. There are different types of Product Managers, and the specificity of the role depends on how large the company is. At larger companies, the Product Manager will focus on a specific part of product management, like strategy, function design, features launching, or feedback implementation.

A good Product Manager will have knowledge of production standards, perform budget oversight, develop sales strategies, create training materials, and develop product plans to increase sales. The Product Manager will be the liaison between the client, stakeholders, and the team that develops the app, including Designers and Developers. They’ll guide the project, make decisions, manage a timeline, and analyze every step of the process. 

What Kind of Skills Do Product Managers Need?

The Product Manager is like the CEO of a product: They set the vision for a product that needs to be built – from a physical product to software to services. They keep the project organized and on track from start to finish. They update the product and continue to keep it marketable and useful. 

Hard Skills Required for a Product Manager

A good Product Manager needs to know how to use product management tools to stay organized and build prototypes. Hard skills (taught at bootcamps) that are required for the position include:

• Minimum Viable Product (MVP) 
• Prototyping 
• Product Testing 
• Product Launching
• Product Marketing
• Market Analysis
• Financial Analysis and Risk Management 
• Roadmapping 
• Design
• Agile and Scrum Principles 
• SWOT 
• Jira 
• Defining Customer Profiles
• Story MappingCustomer Experience

Soft Skills Required for a Product Manager

Don’t discount the need for soft skills, even in a largely technical field. Soft skills that are needed for success as a Product Manager include:

• Leadership
• Communication 
• Time management and organization
• Strategic thinking
• Problem-solving
• Creativity

Job Market and Salary Insights

Product Managers are increasingly in-demand, with job growth increasing by 10 percent between 2018-2028, with 33,700 jobs forecasted over the next decade. The average U.S. salary for a Product Manager depends on experience, location, and education:

• Entry-level Product Manager: $79,601
• Mid-level Product Manager: $104,580
• Senior-level Product Manager: $125,554
• Product Management Director: $151,484
• Product Management Vice President: $175,000

In general, most Product Managers have at least a bachelor’s degree, but it isn’t mandatory. You can gain the skills needed for the position in a product management bootcamp. Job opportunities for Product Managers have increased due to the growth of technology products in nearly every industry and the steep increase in digital products, online shopping, and e-commerce.

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