Product management is managing a product’s lifecycle and improving the product according to the market needs. This work rests on the shoulders of product managers, and the business expects them to stay ahead of the competition. A single wrong decision taken by the product manager can ruin a company’s financials and can even make the company bankrupt. Launching new products or failing to stay relevant in an ever-changing market can lead the company into a downward cycle, eventually getting them out of business altogether. New products are launched daily, yet how many of them manage to succeed? The answer is, a very slim minority of products tend to capture the market significantly. Therefore companies take a great deal of care when hiring a product manager. This is where the importance of a product management certification course comes in. It not just teaches the fundamental techniques and processes of product management procedures but also gives credibility to the student in front of the employer.
This article will discuss product management and provide a brief overview of the product management process and why online courses are better for working professionals.
What is product management?
Product management is part of the business management process. In it, the goal is to develop a desirable product or service that can directly or indirectly bring profit to the company.
A brief overview of the product management process
The product management process encompasses everything related to a product or service. From inception to being in the hands of consumers, it is a long and structured process developed through generations of experimentation. It all started in 1931 when Procter and gamble president Neil H. McElroy realized the importance of having a dedicated team for undertaking the entire product management process. Since then, the product management process has come a long way, yet the fundamentals remain more or less the same.
- Managing the product life cycle
A product’s lifecycle refers to the various stages of the product journey. Every product has to go through all stages, and the success of a product depends on how well the product life cycle was managed and executed. The four stages of the product life cycle are idea development & market research, idea validation, product development, and marketing & launch. Let’s discuss these in some detail.
- Idea development and market research
Every product starts with an idea. The best ideas originate in conjunction with proper market research. It will help in identifying ideas that have the potential to become a success when launched.
- Idea validation
The product manager can move on to the next step with potential ideas. Idea validation is arguably the most critical stage of the product life cycle. The product manager will gather insights from surveys on the product idea. Taking a reaction from a broad group of people is of utmost priority as it will give a better overview of the concept.
- Product development
If the product managers feel confident about the idea, they will move on to prototype building. It includes packaging and designing the product. Attractive packaging can single-handedly give a product kickstart in its initial days.
- Launch and marketing
A proper marketing strategy is an indispensable asset for any company. The product manager has to coordinate the launch event and the marketing activities.
Online product management certification
For working professionals, online courses are a godsend. Providing the opportunity to upskill themselves without compromising on jobs or personal life. Online courses allow the professional to maintain a balanced life. Most online courses are a mix of online and offline classes. The offline classes are generally held on either Saturdays or Sundays. Because of these reasons, online product management certification is the best choice for working professionals. The Online classes are significantly cheaper than regular product management courses.
A product management course teaches the students the basics of product management and essential tools and techniques for developing a worthy product. It will also focus on the practical implementation of these tools and techniques. Using data analysis can help with many aspects of a product design and also help with idea validation. An experienced faculty can provide insights from their working experience. They will also provide much-needed mentorship to the students. Therefore before choosing a product management certification, the professional should thoroughly investigate the course and find out about the faculty members.
The product management course will also teach the students the importance of leadership and communication skills for product managers. The product manager will guide his management team in the right direction, motivate the team and communicate the ideas with stakeholders. These qualities are essential for becoming a good product manager.
With the steady increase of the Indian economy, the demand for product managers has also increased. Taking on a product management certification in 2022 will yield great results for both professionals and freshers.