Product Manager Job Description
Position Summary:
The primary responsibility of the Product Manager is to develop, initiate and lead the execution of product assortment and strategies to drive revenue growth and deliver greater market share. The successful candidate is a strong leader and innovator capable of spotting trends and developing suppliers. Candidate shall develop and execute strategies, create and update measurements tools and aid in decision making for all tactical efforts of the buying team, including product assortment, merchandising, pricing, and promotional opportunities.
Responsibilities:
· Anticipates market/business trends and develop a plan for response.
· Develop and initiate product strategies to drive revenue growth and deliver greater market share.
· Lead assortment planning process ensuring balance and adherence to strategic and financial objectives.
· Establish product life cycle strategy, including end of life protocol.
· Improve product offerings by negotiating terms with vendors, including service, price, product quality, markdown allowances, exclusivity, packaging, lead times and returns.
· Directs assortment selection process and reviews assortments for balance (brand, key items, core items, etc.) and adherence to strategic and financial objective.
· Oversee/participates in market visits.
· Establishes and maintains effective vendor relationships and works with buyers to strengthen market relationship and product and trend knowledge.
· Understands competitors’ strengths, weakness, and strategies.
· Accountable for merchandise division performance, recommends revisions to the merchandise plan/forecast based on sound analysis and ensure corrective actions are implemented.
· Works with the planning organization to develop assortment plans that support overall strategy of in-stock positioning for key merchandise categories, classifications, items and vendors.
· Establishes collaborative relationship with placement to ensure availability and the timely delivery of merchandise.
· Resolves escalated buyer product related issues.
· Coaches and develops Buyers, Associate Buyers and Buyer’s Assistant ensuring growth and readiness for next level position
· Drives compliance and standards with processes, policies and tools within the group.
· Partner with marketing and in-store marketing to develop the division/line promotional strategy.
· Reviews and approves the promotional plan
· Oversees and approves line reviews
· Set the overall strategy and merchandise direction
· Identify and prioritizing category value creation opportunities based on assessment activities based on performance gaps and needs.
· Ensure that pricing promotional strategies and marketing support the financial objectives of the merchandise group.
Requirements:
- Criteria and Merchandise Planning
- Step-Up program and audit its implementation
- Low price importation with high profits target.
- Create direction of sale for retail.
- Create a product knowledge seminar for our sales associates on new products by vendors.
- Merchandise promotion plan to reserve merchandise for future promotions.
- Find non performing products by sub department and adjust pricing to reduce their inventory.
- Balance each sub-department for non selling products not to exceed 5% of the inventory.
- Audit step-up items to match floor pricing to system pricing, though the Merchant.
- Audit allowance of lead item sold.
- Negotiate with vendors in order to meet competition prices.
- Negotiate discounts, rebates, additional advertising funds, co-op, special event funds, group buying discounts, volume discounts, RA’s, sales education and service.
- Watch for products on high demand and have the right supply.
- Create line up of merchandise categories.
- Negotiate exclusivity on products with vendors.
- Create projections.
- Overlook the Logistics and Data Entry performance.
- Communicate with all levels in corporate and store management, as well as potential suppliers.
- Create and develop vendor partnership programs to improve the competitive advantage of the company.
- Initiate spiffs on products the entice sales and improve inventory turns.
- Price products, both initial and promotions, to optimize margin and enhance profitability. Work with Advertising and Director of Merchandising to develop promotional activities and attain marketing goals.
- Research, analyze and monitor financial and technological factors in order to maintain the competitive advantage.
- Educate sales and service staff about new product promotions in order to increase sales personnel knowledge and effectiveness.
- Create direction of sale for each promotion and new product line, use the catalog program.
- Develop promotional ideas to liquidate slow-moving products to improve cash flow and reduce handling.
- Work with Advertising team, including VP of Marketing.
Education and/or Experience:
· Bachelor’s degree or equivalent experience required
· Minimum 3-7 years as a Product Manager/Buyer in a multi-location retail operation.
· Proven merchandising and analytical skills including assortment planning, visual presentation, vendor negotiations, including pricing and quality issues.
· Ability to develop strong partnerships
· Ability to juggle multiple priorities and make things happen in a fast-paced, dynamic environment; a bias for action
· Strong interpersonal and communication skills including the ability to articulate and sell concepts to a business team.
· Seasonal travel required for product sourcing.
· Coordinate merchandise presentation floor sets and windows.
· Coordinate merchandise presentation for retail mailers and catalogs.
· Analytical and quantitative skills; ability to use hard data and metrics to back up assumptions
· Excellent verbal and written communications skills, as well as the ability to work effectively across internal and external organizations
Job Type: Full-time
Pay: $66,560.00 - $90,000.00 per year
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Compensation package:
Experience level:
Schedule:
- 8 hour shift
- Day shift
- Monday to Friday
Experience:
- Agile: 3 years (Required)
Ability to Commute:
- Los Angeles, CA 90015 (Preferred)
Ability to Relocate:
- Los Angeles, CA 90015: Relocate before starting work (Required)
Work Location: In person