Cracking the PM interview PDF
The Product Manager is the person responsible for a product throughout its life cycle (Product Life Cycle, PLC): from market launch to production exit. His main task is to define the commercial objectives for a product (sales, market share, turnover) and the most effective marketing strategies to achieve them.
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In other words, the Product Manager is the 'CEO of a product' or a product line. He or she coordinates the various teams involved in the design, production, promotion and sale of the product (e.g. product designers, engineers, production technicians, developers, graphic designers, salespeople, etc.) with the aim of offering customers a product that is unique in terms of its features and quality, and that stands out from the competition.
The activity of the product manager can be related either to the design of new innovative products to be launched on the market, or to the redefinition of existing products that have a saturated market or have not achieved the expected success.
So what does a Product Manager do?
First, the Product Manager draws up a plan for the development of the assigned product line. He conducts market analyses, studies consumer preferences and needs, evaluates sales data of related products and monitors competitors' offerings. This preliminary research work serves to try to understand what people need and then find the best solution to satisfy them.
Once the characteristics of the product have been defined, the product manager is not personally involved in the technical design and production, but still has to constantly interface with the managers of these areas of the company to provide input for product development, indicate product requirements and coordinate the work towards launch.
Sometimes the product manager is also involved in the search and selection of suppliers and the negotiation of contractual conditions, supporting the work of the Buyer and the Supply Chain Manager.
The typical area of action of the product manager is commercial, i.e. related to marketing and sales. He is in charge of choosing the name for the product, defining the market positioning, the price and the packaging characteristics (shapes, colours, images, packaging materials).
In cooperation with the Marketing department, the Product Manager plans online and offline marketing strategies and identifies the most effective channels for product communication (technical brochures, presentations, videos, promotional actions) to attract the customer-target and support sales. He then co-ordinates the work of graphic designers, copywriters and external advertising agencies for the realisation of promotional campaigns, in agreement with the Brand Manager and the Marketing Manager.
The Product Manager is also in charge of defining the distribution channels and the way products are presented (at the point of sale or at the customer's premises) and participates in the training and education of the sales force on the product, in cooperation with the Sales Manager.
Once the product is on the market, the Product Manager analyses the data of advertising campaigns and sales, monitors the main performance indicators of the product family, measures the ROI of marketing activities, the customer retention rate. It intervenes if the product is not performing according to expectations and proposes corrective actions. It then prepares regular reports for management.
The analysis of market data allows the product manager both to manage marketing plans efficiently, but also to suggest new product ideas or improvements and changes in the assortment.