Executive Director of Product Development
Company: Precise Resource
Location: Chicago
Posted on: April 19, 2024
Job Description:
Executive Director of Product Development
Precise Resource, Inc. is a leading privately held Woman Business
Enterprise specializing in Executive Search and HEAD HUNTING
services for Fortune 500 clients across the United States. One of
our more prestigious clients has asked for our assistance in
seeking an Executive Director of Product Development.
Our client is a reputable American business based in Illinois that
specializes in crafting top-tier hand tools and venturing its way
into power tools. This renowned firm has earned a positive
reputation among those that enjoy a high-quality product.
What you will be doing: You'll have the chance to lead, develop,
and inspire a dynamic team of up to eight (8) Product Management
professionals. As a pivotal member of our organization, you'll play
a crucial role in driving excellence and innovation in new product
planning, design, development, and introductions. Your leadership
skills will guide our team toward success as our client continues
to deliver exceptional products to valued customers.
Showcase your exceptional leadership skills, strategic vision, and
innovative thinking. As the driving force behind new product
development and the management of the existing product portfolio,
you will play a pivotal role in shaping our client's company's
future. Your expertise will guide our research and concept
development activities, leading to the creation of groundbreaking
products, remarkable product enhancements, and thoughtful product
redesigns when needed.
You will be expected to develop and execute product strategy and
planning, including multi-year life cycle plans for a portfolio of
product categories that fit the company's selling tactics,
distribution channels, corporate strategy, financial goals, and
consumer satisfaction metrics. In addition, this position will
drive the development of new product programs by providing the
strategic vision for the product portfolio and prioritizing
end-consumer needs and preferences.Responsibilities:
- Champion the use of market and end-consumer research to aid in
decision-making. Responsible for planning and conducting in-depth
market studies when additional research is needed, such as
undertaking specific market studies, organizing focus groups,
planning voice of customer research, etc. Ensure the product
management team members consistently focus on end-consumer needs
and preferences.
- Collaborate with the marketing team to review, plan, and
coordinate all marketing communication activity that communicates
with outside customers and consumers (i.e., product collateral, web
content, packaging, branding, advertising, public relations,
etc.)
- Maintain steadfast focus on guiding the product management team
to improve time-to-market from new products and the process that
delivers those new products. Remain mindful of efficiency and
champion improvements that bring efficacy to the internal process
when opportunities are uncovered.
- Direct and manage a product management team responsible for
recruiting, mentoring, developing team members, and retaining
talent within the organization.
- Develop short- and long-range strategies for multiple product
categories that optimize the company's financial and consumer
satisfaction performance objectives.
- Develop financial objectives for multiple product categories
and lead a product management team to deliver annual plans to
achieve these goals.
- Remain knowledgeable of changing market trends, directions, and
competitive conditions. Monitor competitive products and
competitors' marketing activities. Provide direction to the product
management team as to how to adjust new product development
roadmaps, marketing plans, and other commercial activity to ensure
that Klein Tools remains at the forefront of industry and market
trends.
- Leading by example, ensure that product management team-members
remain current with competitors and market trends through
interactions with sales team members, distributors, and
end-consumers through a variety of different research
methodologies.
- Display leadership when working with cross-functional teams.
Inspire and champion effective communication and collaboration
among cross-functional team members and internal departments.
Foster good working relationships among direct reports, team
members, and other functional contacts.
- Provide guidance and leadership to team members with respect to
monthly reporting requirements. Review and assist product
management team members in preparing monthly narratives on major
product line performance relative to plan, focusing on product
lines that are significantly above or below plan along with
corrective actions.
- Oversee one or more major product management programs as
assigned, such as the Product and Consumer Research Specialist
(PCRS) development program, Voice of Customer program, monthly
business reviews, annual planning, etc.
- May be required to plan and control an operating budget for the
product management team for which this role is responsible.
Qualifications:
- Bachelor's degree in business, Marketing, or Engineering or a
closely related field and a minimum of 7 years of related work
experience in product management, marketing, business, and product
design. MBA or another related advanced degree. Extensive business
experience in battery-powered tools, test, and measurement, or the
consumer goods industry, is strongly preferred.
- Must have previously worked with large home improvement
retailers or mass market retailers and wholesale distributors
targeting the electrical or construction industries.
- Experience of marketing and selling products directly to
end-consumers through online marketplaces such as Amazon is
preferred.
- Must possess experience in evaluating markets, market trends,
sales, competitor activity, customer and consumer feedback to
assist in developing new product concepts and strategies, product
line plans, and product roadmaps.
- Experience with planning and executing multiple market research
methodologies that included significant direct end-consumer
research is expected.
- Experience with implementing marketing activities such as
public relations, advertising, promotions, POP, packaging, pricing
strategy, brand positioning, and competitive analysis is
expected.
- Must demonstrate knowledge of product portfolio planning and
product development processes. Demonstrate strong financial
understanding, modeling, and forecasting skills.
- Ability to lead cross-functional product development
teams.
- Successful leadership experience with a proven track record of
recruiting, developing team members, and retaining talent within
organizations is expected.
- Ability to effectively communicate and present information to
direct reports, other team members, peers, senior management,
leadership stakeholders, customers, and suppliers is
required.
- Must be proficient in project management, have demonstrated
strong planning, organizing, administrative, and change management
capabilities, and have strong communications skills, both verbal
and written.
- Proficiency with Microsoft Office (Excel, Outlook, PowerPoint,
Word) is expected.
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Keywords: Precise Resource, Downers Grove , Executive Director of Product Development, Executive , Chicago, Illinois
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