The most successful products in the world involve a highly strategic management. This management is basically realized through Product Management. A company can attain the maximum sales through extensive marketing strategies or launching of a product line. That is the job of a Retail Product Manager, to produce and efficiently direct the company's course of action in gaining consumer support. Not only that, the final product itself can be affected by a manager's understanding of consumers. What does a Retail Product Manager's job entail?
Companies have varying schemes, styles, and goals. All of these goals can be reflected in a product line. Some inspire people with their products and some are utilitarian with a touch of glamor. The Retail Product Manager's job is to make an impact in society, for instance, by creating highly effective and creative advertising that appropriately reflects the company's goals. His tasks are to seek opportunities in the market, mould a product to be more consumer-attractive, maintain and uplift a product's image, conduct research on market possibilities, monitor the market for trends or patterns of which can affect his product line, and monitor the company's sales itself. This involves marketing strategies, advertising, pricing, and sometimes product design.
A Retail Product Manager will have to devise a plan to push sales up in a certain low-output area while maintaining a good streak in another. He will also build and maintain a good relationship with company consumers or large-scale businesses.
In order to accomplish his responsibilities, he must already possess the knowledge of business. The basic educational background required is a 4-year degree in Business or a related field. However, many entities are sufficiently satisfied with related work experience. Depending on the field, the knowledge of business and regulatory requirements are also very much needed.
One must be very analytical in Product Management supported by good interpretation and evaluation skills. Aside from resourcefulness, one must be advanced in problem-solving, capable in making tough decisions, and adapting to create a new strategy. Good organizational skills, interpersonal, and communication skills are very important as much as well-tuned leadership skills.
A good command of basic office software is necessary along with producing financial studies, charts, detailed strategies, and presentations.
Supplemental training related to Product Management and the industry is very helpful such as lectures on branding, advertising strategies, leadership trainings, marketing strategies, retail business lectures, and conferences. Training in computer applications and technical courses may prove beneficial.
Many companies seek out experienced Retail Product Managers. It's very important to be led by a person who has already gone through the ordeal of managing a product. Of course, the gravity of previous experiences may or may not help a company after all.
The most challenging thing about Retail Product Management is companies that target the global market. Many of these are the large manufacturing companies like Procter & Gamble or banks, software companies, web and web related companies, technological companies, fashion and design entities, etc.
There are those whose challenge is in a more focused group of consumers, wherein only a fraction of society is the target market such as children and seniors.
Product Managers have a pay higher than average that varies due to the industry, type of company, location, and the person's own experience. The scope of management may also be a factor.
On a larger view, it's the retail Product Management that induces the consumer to buy. Having the knowledge and understanding of consumerism, product management has a delicate control over the life of a product and ultimately a company. The effect of a Retail Product Manager is not only a company's sales but more so the consumers' views which can be affected in a single initial campaign, no matter the gravity. The impact they create is basically a ripple that spreads throughout their targets until it's initiated by another wave. If a trend dies, there is always another one that follows.
