Prodman - lesson 1 and 2

• Product


  Set of tangible and intangible attributes, including packaging, color, prize, manufacturer, retail prestige and services, which may the buyer may accept as offerings satisfaction of wants and needs
• Wants


  We can live without it
• Needs


  We cannot live without it
• Product (marketing viewpoint)


  A bundle of benefits which are being offered to consumers not only after on intangible but also tangible
• Product


  Anything that can be offered to a market for attention, acquisition, use or consumption. It includes physical objects, services, personalities, place, organizations and ideas
• Management


  Set of principles relating to the functions of planning, organizations, directing and controlling and the application of these principles in physical, financial, human and informational resources efficiently and effectively to achieve organizational goals
• Product Management


  A function within a company that deals with the planning or marketing or forecasting of a product through at all stages if the product lifecycle
• Product Lifecycle


  1. New Product Identification

  2. New Product Definition

  3. Product Development

  4. Product Launch and Growth

  5. Product Discontinuation
• Roles of Product Manager

  • Strategize
  • Releases
  • Ideation
  • Features
• CDR (Customer Requirement Development)


  Product Manager is responsible for crowdsourcing development, developing and creating ideas that will deliver value to customers
• Successful Filipino Entrepreneurs


  • Tony Tan Caktiong - Jollibee
  • John Gokongwei - Cebu Pacific, URC universal, Robinson corp.
  • Lucio Co - Puregold
  • Henry Sy - SM, BDO, SMDC
  • Socorro Cancio - Ramos - National Bookstore
  • Alfredo Yao - Zesto
  • Manny Villar - Real Estate
• Pioneers of Product Management

  • Mc Elroy, Niel H. (Prov)
  • P&G Company President
  • Bill Hewlet - David Packard
• 1931 - Modern Product Management - the main objective is only to hire people accidentally through a memo
• 1948 - P&G Company President
• White house secretary of Defense
• 4ps - classic marketing mix (product, price, place, promotion)
• Consignment Argument - product that put in the market
• Hewlett-Packard Way - Customer Centric
• Lean Manufacturing
• Lean Start up and Lean Enterprise
• Japanese Kaizen Tradition - Improvement and innovation / upgrading new innovation
• Example - from physical store to online shopping
• Agile Manifesto - a product development individual and interaction over process and tools
• Fast Food - Quick Service Restaurant
• Product Manager is responsible for coordinating with the finance and legal teams apart from other administrative function
• Taiichi Ohno and Eiji Toyoda - Toyota, Production system
• GIP


  • Product
  • Development
  • Creation
  • Innovation
  • Improvement
  • Enhancement
• Product Planning


  To decide a particular product or products which will be produced or distributed by an enterprise
• Product planning


  • Involves all of two internally focused decisions, steps, and tasks that will be necessary to develop a successful product
  • Is an elaborate process which requires a lot of attention of a person who has a specific skills and mindset
• Phases of Product Planning

  1. Developing the product concepts

  2. Studying the market

  3. Market Research

  4. Product Introduction

  5. Product Lifecycle
• Pre-development activities of new product


  • New product development strategies
• Product development strategy


  A strategy based on developing new products or modifying existing products so they appear new, and offering these products to current or new market
• Idea generation


  The systematic search for new ideas
• Major Sources of new product ideas

  • Internal Idea Sources - the company can find new ideas through the formal research and development
  • External Idea Sources - company can also obtain good new product ideas from any of number of external sources
• New Product Screening Framework

  • Is it real?
  • Can we win?
  • Is it worth it doing?
• Concept Development and Testing

  Developing product ideas into concept and testing the product concept with target consumers product idea, product concept, product image
• Marketing Strategy


  Involves designing an initial marketing strategy based the product concept
• Business Analysis


  Involves a review of sales, cost, and profit projections for a new product
• Technical Development


  Developing the product concept into a physical product
• Testing Stage


  Where the product and marketing program are tested in realistic market setting