prodman

• Product Management


  Dealing with new products
• Stages of product life cycle

  • Maturity
  • Growth
  • Last stage: low sales = declined
• Product line - expand offerings (innovation to avoid last stage of product cycle)
• Tangible product


  Can touch (goods)
• Intangible product


  Cannot touch (service)
• Management functions


  • Planning
  • Organizing
  • Staffing
  • Coordinating
  • Directing
• Elements of Marketing (marketing mix)

  • Product
  • Price
  • Promotion
  • Place
  • People - employee
  • Process
  • Physical evidence - product logo, design
• Stages of product manager

  • Vision development
  • Market research and customer understanding
  • Strategy development
  • Execution and Testing
  • Marketing and Sales
  • Tracking product metrics
• Vision development


  Whats your vision
• Market research and customer understanding

  • Psychological - mind analysis
  • Behavioral - attitude of your customers upon purchasing a product
  • Geographic - location (might produce a product that is not necessity) ex: winter clothes but in tropical country. Combination of location and age
• Strategy


  Macro as a whole
• Tactics


  More specific actions
• Importance of Product Management - Helps in gauging the changing needs of customers
• Consumers needs changes from time to time
• How to become a product manager


  • Learn product management fundamentals
  • Know your direct and indirect competitors
  • Get familiar with the product management process
  • Study your line of business and industry
  • Develop your own project to build product skills
  • Create a portfolio of project to showcase your work
• Product management


  Products desire (consumers willingness to buy)
• Customer segments


  Target market
• Techniques on generating products idea

  • Brainstorming
  • Consulting customers council
  • Tapping the power of mind mapping
• Market Segmentation consist 5 steps

  • Group potential buyers into segments
  • Group products into categories
  • Develop market product grid and estimate market sizes
  • Select target markets
  • Take marketing actions to reach target markets
• Market Segmentation Process


  • Psychographic
  • Behavioral
  • Demographic
  • Geographic
• Steps in Market Segmentation Process

  • Identifying market segment
  • Develop profile for each segment
  • Evaluate market segment
  • Select best market segment
  • Develop a positioning strategies
  • Focus on marketing program
• Questions to ask in selecting great products and services

  • What does the product achieve, avoid or preserve for the customer?
  • How does the product improve your customer's life or work?
  • What kind of customers will you be selling the product to?
  • Do you personally like the customers who'll be buying this product or services?
• Business Case


  Made on the product level and gives the reasons creating or modifying a particular product or solution is a good idea for the company for strategic and profitably reasons
• A typical Business Case Outline

  • Executive Summary
  • Problem and Opportunity
  • Market Landscape
  • Competitive Landscape
  • Financial and Impact Analysis
  • Risk Analysis
  • Assumptions
  • Open Issues
  • Conclusions and Recommendations
• Product Roadmaps


  Can mean the difference between success and failure when delivering and marketing products
• Types of Roadmaps


  • Market and Strategy
  • Visionary
  • Technology
  • Platforms
  • Product (Internal & External)
• Product


  Anything that can be offered to a market to satisfy a want or a need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and physical ideas
• Product Mix


  Number of products that a company offers to its customers
• Product Levels: The Customer-Value Hierarchy

  • Core benefit
  • Basic Product
  • Expected product
  • Augmented product
  • Potential product
• Product Classification by Durability and Tangibility

  • Nondurable goods
  • Durable goods
  • Services
• Consumer Goods Classification


  • Convenience goods
  • Shopping goods
  • Specialty goods
  • Unsought goods
• Industrial Goods Classification


  • Materials & Parts
  • Capital items
  • Supplies & Business services
• Types of Product Differentiation

  • Form
  • Features
  • Customization
• Business services


  • Cover maintenance and repair (e.g., window cleaning, copier repair)
  • Cover advisory services (legal, management consulting, advertising)
  • Maintenance is typically contracted to small producers or original equipment manufacturers
  • Advisory services are chosen based on supplier reputation and staff expertise
• Product Differentiation


  Differentiating products to create unique offerings
• Form


  • Products vary in size, shape, or physical structure
  • Example: Aspirin can differ in dosage, shape, color, coating, or action time
• Features


  • Products can offer diverse features beyond their basic function
  • Companies can determine new features by surveying recent buyers, evaluating customer value against company cost
  • To prevent "feature fatigue," prioritization is key, alongside clear communication on usage and benefits to consumers
• Customization


  • Marketers differentiate products by customizing them
  • With enhanced data gathering on customers and business partners and flexible factory designs, companies can individualize market offerings, messages, and media
  • Mass customization refers to meeting each customer's needs by creating individually designed products, services, programs, and communications on a mass scale
• Performance Quality


  • Products typically fall into one of four performance levels: low, average, high, or superior
  • It denotes the level at which a product's primary features function
  • Quality is pivotal for differentiation as companies embrace a value model, offering superior quality at lower costs
• Conformance Quality


  • Buyers demand high conformance quality, ensuring all units are identical and meet promised specifications