A retail product manager is in charge of overseeing the creation of new products as well as the marketing and enhancement of existing ones. A retail product manager is typically required to have completed an undergraduate degree program in business or a related field, with some employers requiring industry-specific academic credentials. Managers are typically people who have worked in marketing or as designers in the past.
A retail product manager must review various product prototypes and decide which one to produce during the design stage of a particular item’s life cycle. Managers are in charge of controlling the design budget, which entails setting aside enough funds for development while not allowing the design stage to drag on too long, making the process less cost effective in the end. During this time, the manager may consult with a market research firm to gather information about the types of products and services that consumers want to see on the market. Managers must frequently obtain senior management approval before beginning wholesale production.
The retail product manager must negotiate contracts with retailers and distribution companies during the production phase. The manager must ensure that enough of the new item is produced to meet demand, but he or she must also ensure that the company does not produce excessive quantities of a product that is unlikely to be sold. The manager must carefully manage the budget, just as he did during the development phase, comparing production costs to projected sales data. During this stage, the manager must also decide on a product price; this decision should be made after a thorough examination of the manufacturing and distribution costs.
Product managers are also in charge of negotiating with retailers to distribute existing products, in addition to dealing with new items. Managers are frequently tasked with expanding a company’s operations marketing newly developed products in markets where the company does not currently operate. As a result, a manager in charge of operations across international borders may be required to speak a second language. If a product’s sales have dropped, the product manager must decide whether to halt production or redesign or modify the product in order to increase sales.
While people in these positions must have a basic understanding of business and marketing, most employers also look for industry-specific experience or academic credentials. To oversee product development, a pharmaceutical company manager must have some chemistry knowledge. As a result, many product managers have a general business degree as well as a bachelor’s or master’s degree in a different field.