PMM4

• Product management is an organizational function that guides every step of a product's lifecycle — from development to positioning and pricing — by focusing on the product and its customers first and foremost.
• ·      Product management – organizational function
•   Above average company - Invest more in house/external market research
• Buyer behavior - Actions/people with regard to buying and using products
• Buyer behavior refers to the decision and acts people undertake to buy products or services for individual or group use.
• Psychological influences - behavior to decide / behavior decisions
• Psychological influences in product management refer to the internal factors that affect an individual's decision-making process when considering a product or service.
• Culture – set of values, ideas and attitudes
• culture refers to the values, beliefs, behaviors, and norms that shape the work environment within an organization.
• Below average company - marketing responsibility to parent company
• Product profitability -product life cycle rooted
• Product profitability analysis-product linking a company/ profit back to
• Product profitabilty analysis - is a technique used to analyze the profitability of a product.
• Marketing assessment- process measurement
• Product profitability- assessment profitability
• Product profitability is the assessment of how profitable a particular product or service is for a company.
• Task specialization increases productivity and value added - TRUE
• Technological innovation entrepreneurship the division of labor and professional management decreased both the volume and variety of goods in services available in exchange. - FALSE
• In above average companies marketing team meet more often with a top model decision maker. - TRUE
• There is a specific math formula to come up in profitability analysis- FALSE
• Business to business buyer behavior and business market are same from customer market - FALSE
• All firms compete within same macroenvironment - TRUE
• Purchasing roles within the family is not influence by culture. - FALSE
• Japanese new product development emphasizes strategic management of technology as source of competitive advantage. - TRUE
• WHAT ARE THE 8 COMPONENTS OF PRODUCT PROFITABILITY - Revenue,Cost of goods sold,Gross profit,Operating expenses,Operating income,Net income, Profit margin,Return of investment
• WHAT ARE THE 8 PRICING STRATEGY - Cost-plus pricing,Competitive pricing,Price skimming,Penetration pricing,Value based pricing,Loss leading pricing,Bundle pricing,Anchor pricing
• PSYCHOLOGICAL INFLUENCE - Individuals buying behavior decision are further by this because of perception, beliefs and attitude.
• MARKETING ASSESSMENT -Process of measuring project financial viability by weighing its expected benefits against incurred expenditures
• PRODUCT PROFITABILITY ANALYSIS -Process of linking company’s overall profit back to the profit of specific product.
• PRODUCT PROFITABILITY -The concept of product life cycle (PLC) is firmly rooted in the concept of the biological life cycle and evolution.
• CHARACTERISTICS OF SUCCESSFUL BUSINESS ARE Vision directed with shared values and culture , Innovative , entrepreneurial , flexible , learning , customer focus
• 3 ROLES TO COMPETITIVE SUCCESS ARE Build a better product at the market price , build a same product at a lower price , create monopoly through customer franchise
• P- Political

  E- Economic

  S- Social

  T- Technological
• PEST ANALYSIS ARE Political , Economic , Social , Technological
• The five forces are competitive rivalry , the threat of new entrants , supplier power , buyer power , and the threat of substitution.
• Michael Porter is a renowned Harvard Business School professor specializing in strategic management.
• Porter's five forces analysis are used to identify and analyze an industry's competitive forces.
• PRODUCT LIFE CYCLE - It is a conceptual representation of product ageing process.
• The Product Life Cycle (PLC) illustrates the stages a product goes through from Introduction (initial launch of a product) to Growth (increased sales), Maturity (steady sales), and Decline (falling or decreasing in sales).