VP Full Form, Meaning, and Key Responsibilities

What is the full form of VP?

The full form of VP is Vice President.

What is a VP (Vice President)?

A Vice President is mostly second in command after the president or CEO in an organization. The role of the VP can vary depending on how big the company is. In smaller organizations, VPs can be directly involved in making decisions regarding day-to-day operations. However, in larger organizations, they are responsible for taking calls in key and critical fields like sales, marketing, and finance. The VP (Vice President), as the name suggests, is second to the president and naturally reports and serves under the president. They are also allowed to take the place of a President and make decisions, if required, in the absence of a President.

What are the Core Responsibilities of a Vice President?

• They make decisions that directly impact the company. They may sign agreements, partnerships, or make deals with other companies if they are allowed the power to.
• The VP, along with other executives, sets the right goals for the organization. They make sure all departments are working at optimum levels to achieve these goals.
• As one of the key individuals in an organization, VPs ensure they stay updated with how competitors are doing, strategies they are implementing, market trends, etc.
• They also have the responsibility of deciding the budget for departments. For example, if the technological department requires new technology, the VP, along with the CTO, comes to terms with a certain budget limit.

A VP (Vice President) must have certain key skills to take up that position. They must know how to talk a wide range of professionals and individuals including board members, clients and employees. They talk to the other executives and department heads to come up with ideas and strategies to make sure their organization stays competitive. They are usually the ones who address the public and provide presentations during critical meetings involving mergers, acquisitions, and expansion.