Product management is an interesting and well-paid job. It involves the process of product conceptualization, development and marketing of the finished product.
There are plenty of job opportunities for product managers because nearly every company that develops and markets products, including web services needs at one product manager to drive the process.
To improve your skills and to increase your competitive edge in the job market, product managers should consider getting an MBA (Master of Business Administration) degree. While not a necessity for the job, it does help a lot.
Aspects to be mastered to be a good PM There are several aspects of the profession that you must master. These include market research skills, communication skills, packaging knowledge and so on. These are the most important aspects since the products need to be well marketed to make an impact in the market.
Besides just being focused on a new product, PMs often also take care of existing products. This is often referred to as product life-cycle management and it involves opening up new sales channels and minor product refreshes.
As you can see, a PM needs to be a jack-of-all-trades and this means learning a broad set of skills. A relatively quick way of acquiring these different skills is by getting an MBA education.
Importance of an MBA An MBA consists of a variety of business-oriented courses. This is why in most job applications for managerial positions it is a definite career enhancer. People who have an MBA degree usually have a higher chance of getting managerial posts as opposed to those who do not.
If you have an affinity for business but don't have a business degree, an MBA degree will give you quick and credible primer to move into more business oriented roles, like product management. To further enhance your chances, choose a reputable MBA program.
How to get an MBA Most MBA courses require you to have at least 5 years of work experience, preferably in a managerial setting. This helps you understand the context of the course as well as lets students share their experiences with each other.
Business schools want MBA students to have work experience so they can apply their experiences on the case studies. This helps students learn modern methods of solving problems in a business environment.
Needless to say, this is a competitive edge that many employers will look for when interviewing for the product management jobs.
Variations of the product management MBA Product management MBA courses vary from one institution to the other. The most common courses involve brand and marketing management.
The marketing courses will often cover the topics of market research and product positioning, which are important to a PM. Because the products a company produces fall under the corporate brand, the brand management courses are valuable too.
There are several highly respected schools globally, so you can choose to study nearby or make it an international adventure.
MBA study options
Full-time programs A full-time program typically takes about 2 years of full-time study. This means you'll have to quit or take a leave of absence from your job. This is often the quickest, but also the most costly way of obtaining an MBA. During the course of your full-time MBA education, you'll probably have limited to no income and your costs are above average due to tuition and study material costs. Make sure you can afford this option before committing to it.
Part-time programs If you cannot let go of your job or let go of the income it provides, you could choose to do a part-time program. Classes are often in the evening, once or twice a week and frequently also during the day on weekends every second week. It usually takes about 4 years to complete an MBA this way. While this is a more affordable way of obtaining your degree, it also cuts into your free time significantly, so make sure you and your spouse are ok with that.
Online If time and/or money is highly constrained and the acquisition of skills is the most important reason for choosing to pursue an MBA degree, you might also want to do it online. There are several institutions that offer distance and e-learning.
There are plenty of job opportunities for product managers because nearly every company that develops and markets products, including web services needs at one product manager to drive the process.
To improve your skills and to increase your competitive edge in the job market, product managers should consider getting an MBA (Master of Business Administration) degree. While not a necessity for the job, it does help a lot.
Aspects to be mastered to be a good PM There are several aspects of the profession that you must master. These include market research skills, communication skills, packaging knowledge and so on. These are the most important aspects since the products need to be well marketed to make an impact in the market.
Besides just being focused on a new product, PMs often also take care of existing products. This is often referred to as product life-cycle management and it involves opening up new sales channels and minor product refreshes.
As you can see, a PM needs to be a jack-of-all-trades and this means learning a broad set of skills. A relatively quick way of acquiring these different skills is by getting an MBA education.
Importance of an MBA An MBA consists of a variety of business-oriented courses. This is why in most job applications for managerial positions it is a definite career enhancer. People who have an MBA degree usually have a higher chance of getting managerial posts as opposed to those who do not.
If you have an affinity for business but don't have a business degree, an MBA degree will give you quick and credible primer to move into more business oriented roles, like product management. To further enhance your chances, choose a reputable MBA program.
How to get an MBA Most MBA courses require you to have at least 5 years of work experience, preferably in a managerial setting. This helps you understand the context of the course as well as lets students share their experiences with each other.
Business schools want MBA students to have work experience so they can apply their experiences on the case studies. This helps students learn modern methods of solving problems in a business environment.
Needless to say, this is a competitive edge that many employers will look for when interviewing for the product management jobs.
Variations of the product management MBA Product management MBA courses vary from one institution to the other. The most common courses involve brand and marketing management.
The marketing courses will often cover the topics of market research and product positioning, which are important to a PM. Because the products a company produces fall under the corporate brand, the brand management courses are valuable too.
There are several highly respected schools globally, so you can choose to study nearby or make it an international adventure.
MBA study options
Full-time programs A full-time program typically takes about 2 years of full-time study. This means you'll have to quit or take a leave of absence from your job. This is often the quickest, but also the most costly way of obtaining an MBA. During the course of your full-time MBA education, you'll probably have limited to no income and your costs are above average due to tuition and study material costs. Make sure you can afford this option before committing to it.
Part-time programs If you cannot let go of your job or let go of the income it provides, you could choose to do a part-time program. Classes are often in the evening, once or twice a week and frequently also during the day on weekends every second week. It usually takes about 4 years to complete an MBA this way. While this is a more affordable way of obtaining your degree, it also cuts into your free time significantly, so make sure you and your spouse are ok with that.
Online If time and/or money is highly constrained and the acquisition of skills is the most important reason for choosing to pursue an MBA degree, you might also want to do it online. There are several institutions that offer distance and e-learning.
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To read another opinion about the value of an MBA education in Product Management, see this article: http://reoexpo2017.com/welcome/mba-product-management.
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