>Management homework help.
Your paper should be formatted in APA style. Include at least two (2) peer-reviewed sources related to course material taken in your academic program.
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The job description is follows:
Members of the Product Management Team are responsible for driving profitable growth in the assigned Farmers’ line of business. Partnerships with other departments will help to ensure each state performs at the highest possible level. Industry knowledge, prior experience, instinct and business acumen combine to drive decisions in each individual state. Day to day responsibilities include:
- Analyzing product rate levels, segmentation and underwriting practices to maintain profitability
- Evaluating the competition: How does our product compare to others in the marketplace?
- Using knowledge of state regulatory guidelines and constraints to assure product compliance
- Maximizing product marketability by assessing product features, customer friendliness and agent quoting behavior
- Collaborating with departments outside of product management, including pricing, distribution, claims, and government affairs
Role of the Product Analyst
The Product Analyst role is to support the Product Management Team through obtaining, analyzing and communicating information that provides insight to the revenue growth and profitability for the line of business. The successful Analyst will:
- Conduct complex analysis to support business decisions on the assigned product.
- Provide thoughtful recommendations to the Product Management Team on pricing and other strategic decisions.
- Analyze competitor information to uncover industry trends.
- Query databases to conduct ad-hoc analysis on specified or varied metrics.
- Build tools to create efficiencies in every aspect of work and especially in analyzing metrics
- Prepare presentations in support of rate changes and other strategic decisions
- Communicate with other departments as-needed to optimize the team’s success
A day in the life of a Product Analyst will include use of Business Intelligence or Database (SAS/SQL) tools to extract and manipulate data. Through careful analysis, the Analyst will use the data to gain a deeper understanding of the behavior of the business. Reporting/presenting findings to managers and others will be key to success and advancement, especially when insights are leveraged to recommend product modifications which positively affect the bottom line. The Analyst would also track and evaluate the performance of the modifications. Special projects and other advanced opportunities will be presented to Analysts who demonstrate potential through outstanding execution of day-to-day tasks.