Being a product manager is a senior level position.
A product manager is a senior position in a company producing consumer products.
He is is responsible for the pricing, product management, placement and promotion of a product or line of products. This typically involves overseeing a team of project managers as well as a marketing and sales staff. Compensation is typically comprised of a base salary and performance-based bonus. It is not uncommon for a product manager to triple his base salary with the size of the bonus.
Product Development and Management
Know the marketplace: A product manager must be an expert on the marketplace.
A product manager is the chief executive officer (CEO) of a product. He is responsible for thoroughly understanding the marketplace for his product, and determining the characteristics of the products his team is developing.
Pricing
A product manager sets the pricing for his product.
A product manager conducts a survey of the pricing of competitive products in the marketplace. Based on this research and analysis, the product manager sets the pricing of the product so that it will compete successfully in the marketplace.
At the same time, the product manager must run a "profit and loss" statement ensuring that the price will produce the desired level of profit for the company.
Place (Distribution)
A product manager identifies the placement or distribution of his product.
As CEO of the product, the product manager determines which distribution channels should be used to sell the product. He works with sales representatives to plan the sales cycle for the product.
Promotion
The product manager is in charge of promoting his product.
The product manager works with the marketing team to set the promotional activities to support the sales of the product.
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