Product Management

• Product Management 

  • is an organizational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product lifecycle.
• Product Mix Strategy

  • A successful product mix strategy enables a company to focus efforts and resources on the products and product lines within its offerings that have the greatest potential for growth, market share, and revenue.
• Product Mix

  • also called product portfolio, is the set of all product lines and items that a company offers for sale.
• 4 Dimensions of Product Mix

  1. Product Mix Width
  2. Product Mix Length
  3. Product Mix Depth
  4. Product Mix Consistency
• Product Mix Width 

  • is all about the number of different product lines the company carries.
• 1. Product Mix Length 

  • refers to the total number of items a company carries within the product lines
• 1. Product Mix Depth 

  • refers to the number of versions offered for each product in the product line
• Product Mix Consistency 

  • refers to how closely related the product lines are in terms of end use, production requirements, distribution channels or any other way
• 4 Product Mix Decisions

  1. Add new product lines
  2. Lengthen the existing product lines
  3. Deepen the product mix
  4. Make product lines more consistent (or less)
• Add new product lines

  • widen the product mix. New lines benefit from and build on the company’s reputation in its other lines
• Lengthen the existing product lines

  • More items in the product lines may result in a more full-line company.
• Deepen the product mix

  • Add more versions of each product
• 1. Make product lines more consistent (or less)

  • This depends on whether the company wants to have a strong reputation in a single field or in several fields of business.
• BRAND REPOSITIONING

  • Strategy is not a complete remake of your company’s identity — it’s a calculated adjustment. You’re aiming to update your brand’s status, associations, personality, or core message while retaining a continuous, recognizable identity
• REBRANDING

  • by contrast, is a more wholesale effort. A rebrand could involve changes to your brand name, logo, core product, business model, and more
• 4 Stages (What depicts the life of a product)

  1. Stage 0 (Prod Dev)
  2. Stage 1 (Introduction)
  3. Stage 2 (Growth)
  4. Stage 3 (Maturity)
  5. Stage 4 (Decline)
• Strategic Elements of Product Development

  • The New Products Process
  • The Product Innovation Charter
  • The Product Portfolio
• The New Products Process 

  • A phased process that takes the new product idea through concept development, evaluation, development, launch, and postlaunch
• The Product Innovation Charter

  • A written document for new products that ensures that the team develops products in line with firm objectives , marketplace opportunities and the role of innovation
• The Product Portfolio

  • A way to assess which new products would be the best ones to add to the existing line, given financial and strategic objectives. 
• The Basic New Product Process

  1. Phase 1

  • Opportunity Identification/Selection

  1. Phase 2

  • Concept Generation

  1. Phase 3

  • Concept/Project Evaluation

  1. Phase 4

  • Development

  1. Phase 5

  • Launch
• “Opportunities = Growth = Development = Success”
• Internal Business Environment

  • A component of the business environment, which is composed of various elements present inside the organization, that can affect or can be affected with, the choices, activities and decisions of the organization
• Value System

  • It consists of all of those components that are a part of regulatory frameworks, such as culture, climate, work processes, management practices and norms of the organization
• Corporate Culture

  • called an organizational culture refers to the behavior of the organization that ascertains the way in which employees and management communicate and manage the external affairs.
• Physical Resources and Technological Capabilities

  • refers to the tangible assets of the organization that play an important role in ascertaining the competitive capability of the company. Further, technological capabilities imply the technical know-how of the organization
• Customer feedback 

  • information provided by customers about their experience with a product or service.Its purpose is to reveal their level of satisfaction and help product, customer success, and marketing teams understand where there is room for improvement
• Voice Of the Customer (VoC)

  • is a term that describes your customer's back about their experiences with and expectations for your products or services
• Customer-perceived value

  • is one of the leading drivers of business success. It's important to know
• Customer Pain Point

  • specific problem that customers of your business are experiencing during his buying journey and even while using your products. In other words, you can think of pain points as problems
• PESTEL

  • Political
  • Economical
  • Social
  • Technological
  • Legal
  • Environmental
• Product

  • is a set or a combination of attributes that creates value to satisfy consumer needs and wants.
• New Product Concept

  • Is a statement about anticipated product features (form or technology) that will yield selected benefits or problem solutions.
• Concept Statement

  • ideas in words that describes about anticipated product features and its benefits or problem solutions
• Features

  • Form
  • Technology

  Benefits

  • Need
• Approaches to Generate New Product Concepts

  • Creativity
  • Finding Solutions to Customer’s Problems
  • Analytical Attribute Techniques
• Analytical attribute techniques (Perceptual Gap maps)

  • Creating new product concepts by changing one or more of its current attributes or by adding attributes, and to assess the desirability of these concepts if they were to be developed into products
• Gap Analysis

  • maps of the market are used to determine how various product attributes are perceived so they can be positioned on the market map
• Three Types of Gap Analysis

  1. Determinant Gap map
  2. AR Perceptual Gap Map
  3. OS Perceptual Gap Map
• Determinant Gap Map

  • expertise and judgment