Work And Responsibility Of Product Manager
This article covers : Work And Responsibility Of Product Manager
- Product Manager Definition
- Work and Job Responsibilities Of Product Manager
- Salary Structure
- Criteria for the Product Manager Job
- Qualities, skills and competencies for Product Manager
First we have to know about sales team in Pharmaceutical Sector.
Sales team Includes:
Medical Representative (Front Line Manager)
Area Sales Manager (ASM)
Regional Sales Manager (RSM)
Zonal Sales Manager (ZSM)
Country Manager ( international location) OR Deputy General Manager (DGM)
General Manager (GM)
Vice President (VP)
President
A part from the sales team one team is in system which provide help and tool to sales team . Product manager is one key for that tools and help. He take task and complete timely for better results.
Product Manager Definition
Health Services is a rapidly and fastest growing and evolving segment and there is a large untapped market with Individuals & Corporate for access to health services in various manners. For the untapped and tapped market a corporate or any pharmaceutical company required a key person means product manager. The product manager is a key person who derives the data by strong market analysis with the facts and plan to launch a product in unique way to grab the market share and deliver the unique strategy in sales team to launch the product in market and to customer. The product manager is responsible for setting a product vision and strategy. The main and major responsibility of a product manager is to identify where the product is going. He spend a lot of time investigating competitive intelligence, which involves comparing their company’s strategy with pharmaceutical competitors or any other competitors.
To Support in establishing key issues, elements of strategies, tactics, action plans, investment to impact the market share, market growth strategies, and profits for key products.
Work and Job Responsibilities Of Product Manager
Internal and External Analysis:-
- A product manager always arrange and use strategic market analysis to filter and improve strategic decisions about products of company.
- Provide in-depth market, industry, and competitive analysis and positioning
- Product manager Analyze the market , sales potential and expenses, and prepare simple, easy to understand short-term forecasts for existing products for use in planning and control.
- Support in using strategic brand analysis to improve product brand.
- Analyze market potential for the existing and new product and prepare revenue forecasts for review meetings and presentations.
- compare sales forecasting and inventory flow models.
- Also Assist in identifying, finding and monitor potential customer requirements and satisfaction. On the behalf of this data plan product as per customer requirement. Draw implication from consumer insights analysis.
- Keep the current industry trends and regulatory changes in knowledge. find out potential opportunities for new product development and impact to existing products.
Strategic Planning:-
- Product manager Support in the stability of key issues, points of strategies, tactics, action plans for activity, investment to grab the market share, analyse market growth strategies, and profits for core products.
- Assist in development of brand strategy and engage in planning and take steps for the growth of the product.
- Develop data for the analyses of competitors, competitors activity and business problems.
Product Development and Planning:-
- Responsible for organizing in all marketing activities for launching company brand in India or any country.
- Development and implementation of annual plans for the brand and make sure that plan deliver the brand value and business value. because business value is main objective of a organisation.
- Product manager design the measurement tools for the product plan at the outset and gain agreement from relevant stakeholders.
- Manage points for brands like a brand packaging, wherever appropriate participate in cross-functional teams for product planning or brand improvements.
- Conduct and analyze market and research to determine future new products and old product improvements.
Marketing and Brand Management:-
- prepare and find the best promotional communications plan to achieve objectives , designed to differentiate the products from other competitors, maintain leadership position, and increase awareness.
- product manager should have support in developing overall promotional and media activities to achieve Brand objectives.
- Work with Product Management team responsible for product to ensure consistent product growth and messages for the product.
- Test, monitor, and evaluate marketing tactics and adjust plans accordingly.
- Set goals and measure impact of promotional campaign which is required for the product growth.
- Gain legal, regulatory, medical and distribution approval of all materials.
- Assist in executing the brand strategy through implementation of tactics and develop promotional materials in time for each cycle.
Financial Focus:-
- Ensure all projects are effectively managed to time and financial constraints.
- Manage brand P&L to achieve sales and profit targets and develop pricing strategies.
- Manage brand strategies.
- Ensure programs meet ROI (Return of investments) requirements
Salary Structure
The salary of product manager in starting is almost 500000 rupee per year. it will increase time to time. but its a very good job and very creative job. no limit in the salary like if you join any MNC (multi national company) then salary goes up to 5000000 rupees per year and even more than that. but all depend on your skills and talent. He is the very important tool for sales and marketing team. The product manager should be very
- Energetic, positive
- good speaker and listener
- knowledgeable in pharmacology , chemistry , human anatomy and physiology
- market knowledge and feedback
- knowledgeable
- excellent communications
- good in preparing analytical data
- clear vision about company policies
RELATED SEARCH
Criteria for the Product Manager Job
Qualifications:-
MBA or Postgraduate in Marketing and B.Sc/M.Sc or B.Pharma/M.Pharma background with an experience of +5 years in sales/marketing. Even pharma companies hire the fresher people for product manager job . it depend on the company policies but if you go for product manager job you should have to know the role , responsibilities and you internally prepare yourself for the job of a product manager.
Because product manager role at is integral to helping the world meet new breakthroughs that affect generations to come, and counting on your skills and inventiveness to help make meaningful contributions to global medical advancement. he is also work like inventing for life.
Qualities, skills and competencies for Product Manager:
- Skilled informal market research techniques – qualitative and quantitative; able to distinguish between what market needs and what customer needs
- Strong logical and facts-driven approach
- understanding of computer and basic knowledge of all tools which is used to prepare planning and presentations like excel, word, power point, html, paint.
- High-quality exposure to key management decision-making, pertaining to key product-market decisions, product choices, strategic planning.
- Polished communication skills – listening, writing, engaging internal and external audiences.
- Self-driven and organized, unruffled by multiple competing priorities
- only focus on getting the job done and launch product on time.
Work as a product manager is very good for career. you really enjoy when you go for the new new assignments.
if you like this article or have any query please comment or subscribe to us
you can write a mail to us
pharmahelpblog@gmail.com
you can like our Facebook page
pharmahelp.in