Directors of product management work with executives to bridge business goals with product strategy.
Product managers are responsible for developing and executing the marketing strategy behind products and product lines. Experienced product managers can become directors of product management, professionals who drive marketing initiatives that establish business standards and competitively position their company's products in the marketplace. These professionals typically have extensive technical expertise and strong leadership skills for developing products that meet their customers' needs and accomplish their organization's business objectives.
Function
Working closely with their company's research and development teams, product management directors identify business opportunities that maximize potential revenue for individual products and product lines. They collaborate with marketing, advertising, sales and technical services teams to coordinate product launches, and quickly respond to customer inquiries and requirements. In addition to supervising and leading the product management team, they communicate with engineers on product release schedules and best practices for implementation. Often, product management directors work with sales and top management to create and publish product price lists.
Education
Candidates looking to head a product management department must first obtain a bachelor's degree related to their intended industry or sector. Some companies prefer candidates with a master's degree, Ph.D. or specialized training. For example, a software services or electronics firm may hire professionals with an undergraduate degree in computer science or engineering. Other employers select candidates with a liberal arts background. However, coursework in marketing, economics, statistics, technical writing, market research and business law helps prepare individuals for product management careers across a variety of industries.
Skills
Since a significant portion of a product management director's job is collecting customer intelligence and market research, clearly communicating customer needs and requests to management is essential. Effective oral communication skills are needed to present company products and solutions to prospects and clients, as well as give input to company executives on product and sales strategies. Excellent analytical, problem-solving, decision-making and leadership skills are required, as well as previous experience in sales, customer segmentation and marketing analysis. Software and technology firms prefer candidates with proficiency in information technologies and computer applications relevant to the job.
Salary
The average salary for product management directors in the United States ranged from $105,470 to $143,858 per year, according to a November 2010 PayScale report. PayScale also reported that annual wages for product management directors--including bonuses, profit sharing and commission--ranged from $115,277 to $163,559 per year.
Potential
Based on the Bureau of Labor Statistics' (BLS) Occupational Outlook Handbook, 2010-11 Edition, marketing management jobs, which include product management positions, will grow 12 percent through 2018. The BLS attributes this increase to anticipated business activity in the marketplace and greater sophistication in the technologies used to market products and services to consumers and businesses. Professionals with college degrees, strong technology skills and knowledge of current marketing trends and strategies will have the best job prospects during the 2008 to 2018 decade.
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