A retail product manager oversees the development of new products or the marketing of existing ones. They must manage budgets, negotiate contracts, and make pricing decisions. They may need industry-specific academic credentials and second language skills for international operations.
A retail product manager is responsible for overseeing the development of new products or managing the marketing and enhancement of existing products. Typically, a retail product manager must have completed a degree program in business or a related field, and some employers also require industry-specific academic credentials. In most cases, managers are people who previously worked in marketing or as designers.
The lifecycle of a specific item begins at the design stage, during which a retail product manager must review several product prototypes and decide which one to produce. Managers are responsible for controlling the project budget, which means setting aside enough funds for development, but not allowing the project stage to continue for so long that the process is unprofitable. During this process, the manager might consult with a market research firm to gather data related to the types of products and services that consumers would like to see enter the market. In many cases, managers must obtain senior management approval before starting wholesale production.
During the production phase, the retail product manager must negotiate contracts with retailers and distribution companies. The manager must ensure that sufficient quantities of the new item are being produced to meet demand, but this individual must also ensure that the company does not produce excessive quantities of a product that is unlikely to sell. As in the development phase, the manager needs to carefully manage the budget by comparing production costs with projected sales figures. During this stage, the manager must also decide on the price of the product; the pricing decision should be made after a careful review of production and distribution costs.
In addition to dealing with issues related to new items, product managers are also responsible for negotiating with retailers for distribution of existing products. Managers are often tasked with expanding the company’s operations by marketing newly developed products in areas where the company does not have a commercial presence. Consequently, a manager overseeing operations across international borders may need to possess second language skills. If sales of a particular product have dropped, the product manager must decide whether to stop production or try to redesign or modify the product to generate more sales.
While people employed in these roles need to have some business and marketing background, most companies also require job applicants to have industry-specific experience or academic credentials. A manager working for a pharmaceutical company must have some knowledge of chemistry to oversee product development. Consequently, many product managers hold both general business degrees and undergraduate or graduate degrees in another topic.
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