The work of a product analyst plays an integral role in the beginning, middle and final stages of a product’s development and life cycle. The main responsibility of a product analyst is to perform extensive research surrounding the product’s market and present its findings to the management of the company which they represent.
There are four different tasks that a product analyst does: define strategies, identify target markets, analyze results, and manage product life cycles.
Product Analyst Job Duties:
Monitor Product Life Cycle
Identify the target market for soon to be developed product or service
Provide the company with detailed and verifiable product and market assessments
Collect and analyze data regarding potential target markets, such as consumer age range, gender, socio-economic levels, and geographic location
Analyze the market results of the product, which may involve interviewing and collecting data from end-users
Constantly monitor market results and communicate findings to management so they can take action to avoid the loss
Monitor product through introductory, growth, mature and decline stages in order to anticipate market factors which would create a loss of profitability
Expanding products market.