Retail product manager jobs generally involve developing and directing the marketing efforts for a certain product or brand, for example, Levis jeans. Retail product managers may be responsible for any or all of the following: sales, advertising, research and development, purchasing, package development, production, promotion, marketing research, distribution and finance.
Experience and Qualifications
If you are thinking of becoming a retail merchandiser, most employers will want you to have a degree in a math or a business-based subject such as one of the following:
- merchandising and fashion buying
- marketing
- business and management
- economics
- retail management
- math and statistics
Some employers might consider you if your degree is in other subjects as long as you are skilled in business analysis and the right personal qualities. Whatever qualifications you have, ideally, you should have some retail working experience.
A retail product manager will usually begin as a distributor, an allocator or merchandising administrator. You will be able to advance up to assistant merchandiser and merchandiser as you gain experience.
You may be able to find retail product manager jobs through an apprenticeship program. The kinds of apprenticeships that are available in your locality will depend upon the local job market and the kinds of skills that the employer needs from his or her workers.
Salary
The next question that may come to your mind is what kind of salary will can be made in retail product manager jobs? The average salary will be approximately $76,000. It has been reported that over 50% of retail product managers earn between $66,000 and $87,100.
Educational Requirements
- When a person is looking to become a retail product manager, they should have a Bachelor’s Degree in Economics, Business or Finance. An advanced degree is preferable.
- The prospective retail product manager should have a minimum of ten years working in the area of financial services with a background in accounting, finance, product management or planning.
- The candidate should have strong problem solving and research skills.
- The candidate should be flexible and pay particular attention to accuracy and detail.
- The candidate should possess strong analytical and mathematical skills.
- The candidate should possess strong verbal and written communication skills.
- A person who is being considered for a job as a retail product manager should have the ability to work on a variety of projects simultaneously.
- The candidate should have experience in the areas of Corporate Planning, Treasury and Finance
Production managers should be results oriented and creative. They should possess strong communication, interpersonal and analytical skills. Entrepreneurial leaning is a plus.
Job Outlook
The job outlook for a retail product manager is very good.
What Is the Work of a Retail Product Manager Like?
The duties of a retail product manager are varied. First of all, you must see that goods are available at the right time in the right store and that they are properly priced. You need to work closely with buyers in order to predict trends, plan the levels of stock needed and you also monitor just how well different goods sell. Even though buyers choose product ranges, it would be up to you to maximize profits by determining what kinds of lines sell the best, the amount that should be spent on the stock and the prices at which the stock should be marked.
Your work would include the following:
- Sitting down with the buying team and plan the range of products that will be sold.
- Analyzing sales trends as well as sales figures
- Forecasting future sales and profits using various computer programs
- Establishing prices and sales goals
- Planning budgets and giving sales predictions to managers
- Negotiating prices with suppliers, making sure that products are delivered at the specified time, and placing orders
- Moving stock, controlling the levels of stock, and making certain that the top selling products are available
- Lowering the prices of or promoting slow selling lines
- Visiting various stores in your district as well as suppliers to discuss how well products are selling
In a large retail chain you may only deal with a couple of product lines. In small companies it may be your responsibility to buy and sell a large variety of goods.
Your very first job in this field will usually be as a distributor, an allocator or a merchandising administrator. You will climb the corporate ladder to assistant merchandiser and then as you become more knowledgeable, experienced and gain expertise in your job you will become a merchandiser.
Further Training
Skills will be developed primarily on the job. You may also attend some formal courses in-house. If you are working for a large retail company, your training may consist of a structured management training program.
As a trainee merchandiser or an allocator, your training might consist of distance learning courses in buying as well as merchandising.
Conclusion
In this article, we have attempted to describe to you exactly what a retail product manager is and the educational requirements that are needed for this profession. The approximate salary has been listed as well as the job outlook for those who want to go into this field. Further training has also been discussed in this article. The rest is up to you.
