New Product Development Role - Startup

New Product Development - Leading Startup - Mumbai - Salary upto 35 LPA

Responsibilities:

- Undertake formulation and development of new products.

- Manage the new product development pipeline portfolio and innovate, to ensure successive rollouts of value-added profitable products, to achieve growth targets.

- Build rapport with external stakeholders for building expertise in product formulation like Home Furnishing, contract manufacturers, industry experts, raw material suppliers etc.

- Analyzing existing products to identify areas for improvement and updating current portfolio.

- Select correct concepts and fundamental technology used for new or improving existing products.

- Undertaking formulation for upcoming projects and producing new products, to ensure adherence to timelines.

- Coordinating with Operations to develop manufacturing SOPs and ensure manufacturing viability.

- Introducing new products, implementing modifications, and effectively managing the discontinuation of products within the category.

- Driving improvements in manufacturing and trading contributions, with a specific emphasis on optimizing gross margins (GM).

- Managing working capital, head office inventory, and branch inventory to ensure product availability and timely replenishment.

- Spearheading innovation initiatives to enhance product offerings and streamline business processes for improved performance.

- Creating awareness among branch teams, store teams, and channel partners regarding the features and benefits of our Furniture products (Seating/Sofa).

- Conducting comprehensive product training and awareness sessions to enhance knowledge and sales proficiency.

- Analyzing the performance of new product introductions (NPI) and leveraging insights for continuous improvement.

- Ensuring timely introduction of new products to capitalize on seasonal and festival demand.

- Collaborating with cross-functional teams such as Design, Purchase, Manufacturing, Quality, Sales, and E-commerce to achieve overall success in the Furniture category (Sofa/Seating).

- Proactively identifying and developing new suppliers and vendors to maintain a robust supply chain for the category.

- Keeping abreast of the latest trends in the Furniture category (Sofa/Seating) and building a knowledge base to share with team members.

Requirements

Skills and Competencies

- Innovation With a passion to create something from the ground up and aid in meeting consumer needs.

- Analytics - Strong analytical ability, ability to define problems, collect data, establish facts, and draw valid conclusions to drive results.

- Stakeholder Management Develop and maintain effective relations and partnerships to support new product formulation.

- Extensive industry and product knowledge required, experience of new product development and ideally from Furniture and Home Furnishing industry.

- 4-6 years of hands-on experience in Product Formulation