Which Topics Are Covered in Product Management Training?
Product management concerns the planning and marketing of a product, with the ultimate goal being maximum sales revenue and profit for the company. Product management training programs cover business topics like pricing strategy, product line design, market research and team leadership.
Product Management Overview
Product managers, also called brand managers, are responsible for a number of tasks during the creation and marketing process of a new product. This process includes commissioning market research surveys and analyzing the results of this data to determine the kinds of products that customers want. Then, the product manager collaborates with a team to design and create these products, as well as determining appropriate pricing for new products. Employers typically want at least a bachelor's degree for these positions, and workers may obtain graduate degrees or certificates for advancement into these positions from careers in marketing or sales. Some courses that could prepare you for this field are below.
Important Facts About Product Management Training
|Degree Levels||Undergraduate and graduate|
|Common Courses||Pricing strategy, production design and development, innovation, end user research|
|Possible Careers||Product manager, brand manager, consulting, and marketing manager|
|Prerequisites||Two years professional experience related to product design and development, including an undergraduate degree in engineering, design, or business|
|Median Salary (2018)||$132,620 (for advertising, promotions, and marketing managers)*|
|Job Growth (2016-2026)||10% (for advertising, promotions, and marketing managers)*|
Source: *U.S. Bureau of Labor Statistics
The success of a product often depends on how well the company conducts market research. Product managers need to understand data gathering and research methods and know when it is appropriate to use each. Product management training programs cover qualitative and quantitative research techniques and teach students how to analyze the data collected. Training programs also equip product management professionals with the decision-making skills to know when it's best to hire an outside firm to conduct research.
Many product management training programs include a session on leadership skills. Some organizations employ product managers, while others spread the product management responsibilities among a few people. Regardless of their specific title, most product management professionals are in charge of teams. A team might consist of a sales person, marketing professional and engineer. Product managers have to harness the creativity and skills of each individual on the team and channel them in a way that maximizes profit margins. Accordingly, product managers must have solid administration and team leadership skills.
A good product that is priced too high won't sell. Conversely, products priced too low may cause the company to lose money. As such, pricing strategy is integral to successful product management. Students enrolled in product management courses learn to calculate appropriate prices for products and develop pricing strategy plans that will earn their company money.
Product Line Design
Courses or discussions on product line design help students design an optimal product line for their company. While most businesses produce a number of products, selling too many products or products that are too similar can hurt profits. A product manager who is skilled in product line design will know how many products are appropriate, how diverse they should be and when they should be launched.