Product Analytics: The Product Analyst’s first and most visible duty is product analytics. In this role, the Product Analyst is in charge of developing and delivering concrete consumer advantages through the company’s product or service.
Product Administration: The Product Analyst is responsible for the development and proposal of overall product strategies, innovation, presentation of marketplace outcome projections, and product culture development as a member of the Marketing and Strategy teams.
Initiative: The Product Analyst is responsible for contributing to the Product Management team’s work environment, which drives the product’s performance. Regardless of their low status, the Product Analyst energizes and challenges the team members.
Product Simplification: The Product Analyst is also in charge of figuring out how to package and advertise items in a way that makes them stand out, be appealing, and be easy to sell and buy.
Product Rationalization: A product analyst finds and oversees the ongoing rationalization of the company’s products to guarantee that product management is efficient and successful.
Product Management Operations: The Product Analyst is also responsible for responding to all requests and inquiries for product information or changes on time. He also does an initial product study to determine the need for any suggested adjustments and the impact they may have.
In this role, the Product Analyst also performs financial modelling on the company’s products and services and the target markets to have a better knowledge of the product-market relationship. This information is shared with the Product Marketing Manager and other stakeholders when necessary.
Pricing and Development: The Product Analyst’s job is to keep an eye on the market, competitors’ activity, and price changes and to make recommendations that will be utilised to make crucial decisions. In this role, the Product Analyst would typically collaborate with other departments in the company, such as the IT department, to improve and increase the efficiency of implementing price changes in response to market developments.
Customer/Market Intelligence: The Product Analyst is responsible for driving consumer intelligence by creating external and internal data sources that improve understanding of the product’s market, competitor actions, and customer behaviours. This is done to allow fact-based decisions to guide the company’s product marketing management efforts.
The Product Analyst develops or implements research tools, sources, and procedures to support and contribute to the company’s product marketing management intelligence in this function.
Risk Management: The Product Analyst assures compliance with relevant legislation, rules, and ethics with the help of both internal and external stakeholders. In addition, the Product Analyst ensures that third parties are in compliance with all business procedures and are familiar with them.
Other Roles Assigned by the Employer: The product analyst also undertakes such roles as assigned by the business’s General Manager, Marketing Manager, Analytics Department Managers, or any other Employer representative as justified in the scope of their responsibilities.