2.0

• 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
  • Process
  • Physical evidence
• Stages of product manager

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

  Helps in gauging the changing needs of customers
• How to become a product manager

  1. Learn product management fundamentals

  2. Know your direct and indirect competitors

  3. Get familiar with the product management process

  4. Study your line of business and industry

  5. Develop your own project to build product skills

  6. 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 process


  1. Identifying market segment

  2. Develop profile for each segment

  3. Evaluate market segment

  4. Select best market segment

  5. Develop a positioning strategies

  6. Focus on marketing program
• Types of Market Segmentation

  • Psychographic
  • Behavioral
  • Demographic
  • Geographic
• Business Case


  Reasons creating or modifying a particular product or solution is a good idea for the company for strategic and profitably reasons
• 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
• Convenience goods


  Goods that are purchased by the consumers as a matter of daily routine
• Convenience goods


  • soft drinks
  • soaps
  • newspapers
• Shopping goods


  Goods the consumer characteristically compares on such bases as suitability, quality, price, and style
• Shopping goods


  • furniture
  • clothing
  • major appliances
• Specialty goods


  Goods with unique characteristics or brand identification for which enough buyers are willing to make a special purchasing effort
• Specialty goods


  • cars
  • stereo components
  • men's suits
• Unsought goods


  Goods the consumer does not know about or normally think of buying
• Unsought goods require advertising and personal-selling support
• Major classes of Industrial products

  • Materials & Parts
  • Capital items
  • Supplies & Business services
• Raw materials


  • Farm products
  • Natural products
• Farm products


  Supplied by many producers, who turn them over to marketing intermediaries, who provide assembly, grading, storage, transportation, and selling services
• Natural products


  Limited in supply. The homogeneity of natural materials limits the amount of demand-creation activity. Price and delivery reliability are the major factors influencing the selection of suppliers
• Manufactured materials and parts


  • Component materials
  • Component parts
• Component materials


  Usually fabricated further - pig iron made into steel, and yarn is woven into cloth
• Component parts


  Enter the finished product with no further change in form, as when small motors are put into vacuum cleaners, and tires are put on automobiles