Product Merchandising Specialist

Product Merchandising Specialist
Location: Aventura, FL (Current Hybrid: In-Office required: Monday - Thursday, Remote on Friday)
Compensation: $59,000 with 5% bonus potential

About Balfour & Co.
Balfour & Co. is one of the world's leading Collegiate and High School commencement services companies, offering innovative, personalized products like class jewelry, yearbooks, regalia, school uniforms and photography. With brands such as Balfour®, GradImages®, ArtCarved®, and more, we've been helping students celebrate life's most meaningful moments since 1913.

Why Join Us?
This role offers a dynamic opportunity to contribute to our class jewelry marketing initiatives, collaborating with a passionate team to create memorable experiences for students and alumni.

Position Summary: As a Product Merchandising Specialist, you will play a crucial role in managing and coordinating the product categories within our organization. Your primary responsibility will be to oversee the development, procurement, and marketing of products within specific categories to ensure their success and profitability. You will work closely with cross-functional teams, including product managers, purchasing specialists, marketing specialists, sales representatives, and suppliers, to drive growth and meet business objectives. The Product Specialist is responsible for market analysis, product assortment planning, inventory management, and ensuring the seamless execution of product launches and promotions.

Essential Position Functions:

• Market Research and Analysis: Conduct market research and analysis to identify trends, customer preferences, and competitive landscape within assigned product categories.
• Product Assortment Planning: Collaborate with product managers to curate and optimize product assortments based on market trends, customer demands, and business goals.
• Vendor Management: Work with purchasing to establish and maintain strong relationships with vendors and suppliers, and manage product pricing, quality, and availability.
• Inventory Management: Work with purchasing to monitor inventory levels, ensure timely replenishment, and implement effective inventory management strategies to minimize stock-outs and excess inventory.
• Product Launches and Promotions: Coordinate and oversee the successful execution of product launches, promotions, and marketing campaigns, ensuring proper alignment with overall marketing strategies.
• Sales and Performance Analysis: Track and analyze product sales performance, monitor key performance indicators (KPIs), and identify areas for improvement or growth opportunities.
• Cross-functional Collaboration: Collaborate with various internal teams, including marketing, sales, operations, and finance, to ensure effective communication and alignment of strategies and goals.
• Continuous Improvement: Stay updated with industry trends, new product innovations, and emerging technologies relevant to assigned product categories. Propose and implement process improvements to enhance operational efficiency and customer satisfaction.
• Compliance and Quality Assurance: Ensure all products within the assigned categories comply with legal and regulatory standards. Monitor product quality and work closely with suppliers to address any quality issues promptly.
• Adapt deliverables and deadlines with changing work priorities, market conditions, and business needs.

Education/Experience:

• Bachelor's degree in fashion merchandising, product development or a related field. Relevant certifications or additional training in product management or category management are a plus.
• Prior experience in product management, category management, or a related role within the retail or e-commerce industry is preferred.
• Strong analytical and problem-solving skills with the ability to interpret data, identify trends, and make data-driven decisions.
• Excellent verbal and written communication skills to effectively collaborate with internal teams, vendors, and stakeholders.
• Strong organizational and multitasking abilities to manage multiple product categories, prioritize tasks, and meet deadlines.
• Meticulous attention to detail to ensure accuracy in product assortment planning, vendor management, and promotional activities.
• Ability to work collaboratively in a team environment, fostering positive relationships and contributing to a cohesive work environment.
• Enthusiasm and a genuine interest in consumer products, market trends, and customer needs within assigned product categories.