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Responsibilities or it's role differ's from Company to Company & also varies from Industry to Industry.
(Wide topic will try to narrow at important ones :-) )
Having said that, certain Expectation is always associated universally:-
Product Optimization: Ensuring the cycle of 'Product toward's Brand' is been implied & implemented. Proper strategy has been carried to develop each category - SKU at a "Retail - Customer - End Consumer "point of view & ensure distributed or sold effectively to the 'Target Market'
Creating Brand Awareness & Attractiveness: Develop strategies to communicate the 'Brand' to it's Target Audience (Potential Consumer), Ensuring distribution & Implementation across all channels & retail partners, Advertising based on the category targeted, Investments in ATL & BTL thus to generate 'Pulse' & greater recognition, Image building along with ensuring ROI (Return On Investment)
Planning & Implementation of 'Planogram': This is especially used in FMCG related Industry. Ensuring Shelf attractiveness, proper display, shelfing with best combination using different methods such as fast movers, it's size & packing, display of right product at right place thus to ensure profitability per category - per outlet.
Training & Development: Providing adequate training for Promoters, sales team about the important Indicators of the brand such as : Unique features, it's quality, differential factors & other Information's. As they are the face of the brand proper knowledge & information will create significant contribution to overall development of sales, personnel & brand.
Budgeting: One of the important responsibility of an PM is ensuring greater growth & higher profitability. To achieve that proper planning should be carried to create methodology for the future such as:
Promotion's: Should prepare attractive promotion's which are going to create an pulse in the market, provide incremental business & an edge with competition. Proper Market research, gathering market Intelligence is required to carry out this & ensure greater success with best profitability & outcome.
I believe these are some of the most important ones. There are equally other important roles too which involves: Ensuring proper distribution, Analyzing Market GAP, regularly ROI on BTL Investments etc
The key responsibility of a product manager is to discover product that is valuable, usable and feasible.