2.1.1) Planning: The product manager must present an annual plan for the inventory purchasing and usage. The plan can be updated as needed throughout the year, but deviations more than 15% are not acceptable. The plan must match the sales targets, CoGS and expense ratios.
2.1.2) Purchase: The product manager must make continuous purchase (usually monthly) for the stock required for all the business lines.
2.1.3) System Configuration: The product manager must revise and be accountable for correct, complete and updated system configurations for inventory records and definitions.
2.1.4) Stock Safety: The product manager must provide the needed measures to insure that inventories are kept and stores in safe environments the central warehouses. Losses resulting from theft, negligence, and damage have exponential effect on the business evaluation.
2.1.5) Expiry: The product manager must insure that expiry of inventories is kept under the allowed limits. This is achieved by coordinating with purchasing and operations teams to provide accurate forecasts and timely procurements.
2.1.6) Proper Usage: The product manager should set and monitor the required polices to insure that inventories are used in manners that are approved and accurate. Sales inventories must not be used for non-sale activities and vice-versa. For each type of usage, the manager must estimate the share and value of inventories to be used for such, and control business lines as to how they utilize inventories.
2.1.7) Inventory Cycles: The product manager must insure that business lines are following inventory cycles and closing activities. Counting reports must be verified before final submission since they will impact the business bottom line reports. Liable staff members for any losses or deviation from plans must be identified and held responsible for their actions.
2.1.8) Inventory levels: The product manager must observe the inventory levels in each business line and insure that stock levels are maintained. The consequences of over stocking or shortage and their business impacts have exponential negative effects on the operations and business bottom line reports.
2.1.9) Inventory Liability: Each unit of inventory within the division must be under the liability of an active employee. Inventories under no one’s responsibility are prone to loss without any control. The manager must insure that no inventory is kept or purchased without a direct liability from a staff member.
2.2) People Management:
2.2.1) Structures: The product manager must create and maintain a clear organizational structure within his team. The structures must be in line with the overall company policy, and any changes to the structure are to be approved by the top management team.
2.2.2) Hiring: It is the product manager’s responsibility to request and follow up with the division manager and recruitment team for the hiring requests in his team.
2.2.3) Job Descriptions: following the total business responsibility and plans, and based on the organizational structure set for the division and its subsequent business lines, the product manager must insure that every staff member in his team has a clear job description document. The document must detail the tasks and responsibility that fall under the staff member’s area. Communication with the HR team of the updates on JD’s should be done immediately.
2.2.4) Training Staff Members: the product manager must insure at all times that all staff members are trained and well informed about the skills and knowledge they require to perform their jobs.
2.2.6) Employee Evaluation: the product manager is to insure that every staff member in his team is evaluated at least twice a year. More evaluations are better. All evaluations must be submitted to HR for documentation and appraisal purposes. For violations for policies, the manager must insure that employees are warned immediately to avoid repetition of mistakes and allow legal procedures to be taken.
2.2.7) Salaries and Budgets: The product manager must revise and approve monthly payrolls to insure compliance with the budgets set for each business line. People expense such as Over Time must be monitored to avoid abuse and/or budget consumption.
2.3) Product Management:
2.3.1) Product Evaluation: The product manager must insure having and implementing strong product evaluation process that uses the historical sales data and teams’ knowledge and experience aiming to having accurate evaluation of any potential products.
2.3.2) Product Selection and Pricing: The product manager must insure having and implementing strong product evaluation process that uses the historical sales data, competitors’ data, and teams’ knowledge and experience to select potential products and price them following the pricing strategy of each business line.
2.3.3) Product Registration: The product manager must insure having and implementing strong product registration process that aims to avail all the documents or licenses required to import the products and display them in our stores.
2.3.4) New Products Ordering: The product manager must insure having and implementing strong product ordering process that optimizes the order size.
2.3.5) Products Performance Monitoring: The product manager must insure having and implementing strong product performance monitoring process that aims to increase the rate of sales for every product.
2.3.6) Products Discontinuation: The product manager must insure having and implementing strong product discontinuation process that aims to decide to discontinue slow-moving or out-of-trend products minimizing the losses from this decision.
2.4.1) Marketing Budget: The product manager must work to optimize the use of the marketing budget and provide solutions to minimize the cost.
2.4.2) Negative Stock Movement: The product manager must work to minimize the negative stock movement due to expiry, testers and damage.
2.4.3) CoGS: The product manager must insure minimizing the cost of goods sold (CoGS) following the approved limit of CoGS for every business line.
2.4.4) R&D Budget: The product manager must optimize the use of the R&D budget.
2.4.5) Team Overhead: The product manager must optimize the overhead cost of his team
2.5) Business Development