What Are VP of Product Development Job Descriptions?

Let us see in this article, what are the following job descriptions of the VP of product development? Also, let see the basic role of the VP.

What Is VP Of Product Development?

The Vice president of product development is a high-level management position in a company. In this role, the person is responsible for the overall product development of a company.

What Are The Duties Of A Vice President Of Product Development?

1. Developing a vision for products and services that will be launched.

2. Identifying potential new products and services.

3. Working with the design and development team to create new products and services.

4. Developing business strategy for new products and services.

5. Setting the product marketing strategy to promote new products and services.

6. Managing product release schedule to ensure it meets customer demand, business goals, and financial objectives.

7. Establishing pricing for new products and services that meet profit objectives while staying competitive in the marketplace.

8. Managing product quality through testing, inspections, audits, R&D, etc. It is to ensure products are reliable, safe, efficient, durable, etc., as per customer expectations.

9. Monitoring competitors’ offerings against existing offerings. It is to identify gaps in the marketplace.

So anything which can be addressed with the following:

• new products or enhancements to existing products 
• services offered by the company or its competitors

10 . Ensuring regulatory compliance concerning any new products or enhancements to existing products/services offered by the company or its competitors

Additional Duties Of The VP

11 . Developing programs to ensure that customers are satisfied with new products/services offered by the company or its competitors

12 . Building long term relationships with customers through training/certification programs offered by the company or its competitors

13 . Developing programs to ensure that employees are satisfied with new products/services offered by the company or its competitors

14 . Conducting research relevant to industry dynamics. It could impact plans for developing and enhancing new products and services 

15 . Developing strategic alliances with industry players. So it will ensure the long-term success of new products/services offered by the company or its competitors.

16 . Monitoring trends in technology that can affect new products or services.

17 .Identifying new technologies. So that will help with the development of new products and services offered by the company or its competitors.

18 . Researching new potential markets for existing products and services. It could be with any of the following:

• current customers
• new customers
• with entirely different types of customers,

19 . Researching potential merger and acquisition targets for existing products and services.

20 . Other duties as assigned by senior management which is relevant to the overall product development strategy of the company.

What Are Some Of The Key Skills Needed?

1. Strong business acumen

2. Excellent interpersonal skills

3. Good negotiation skills

4. Ability to work under pressures

5. Good planning skills

6. Strong leadership skills

7. Excellent listening skills

8. Ability to analyze data effectively

9. Ability to think out-of-the-box

10. Adaptability to changes

11. Good team player

12. Can work on own initiative

13 . Strong analytical skills

14 . Strong financial skills

15 . Experience in managing virtual teams