prodman medyo complete

• 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)
• Product Classification


  • Tangible - can touch (goods)
  • Intangible - cannot touch (service)
• Management


  • 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 - whats your vision
  • Market research and customer understanding - targeting the 4 target market segmentation
  • 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
  • Understanding consumers thru market research
  • Strategy development - deeper analyzation (gap analysis) ex: swot analysis
  • Execution and Testing
  • Marketing and Sales
  • Tracking product metrics - checking the market share could also a tracking metrics
• Importance of Product Management

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


  1. Learn product management fundamentals - learning how to manage a products thru research

  2. Know your direct and indirect competitors

  3. Get familiar with the product management process

  4. Study your line of business and industry line of your business (hotel, bank)

  5. Develop your own project5 to build product skills prototype

  6. Create a portfolio of project to showcase your work - brochures
• Product management


  Products desire (consumers willingness to buy)
• Techniques on generating products idea

  • Brainstorming
  • Consulting customers council
  • Tapping the power of mind mapping - mapping uses a visual framework (venn diagram)
• Market Segmentation consist 5 steps

  1. Group potential buyers into segments

  2. Group products into categories (ex. Categorizing the products specs)

  3. Develop market product grid and estimate market sizes - allocating the market size

  4. Select target markets

  5. Take marketing actions to reach target markets - identifying your actions to reach your specific target market
• Market Segmentation Process


  • Psychographic - lifestyle, social status, value and attitude, activities, interest, and opinions (AIO), (mind or concept of a customers to purchase a product)
  • Behavioral - purchasing behavior
  • Demographic - age, gender, ethnicity, level of education, occupation, income bracket, family structure (middle class)
  • Geographic - checking timezone, cultural, language, climate and season, location
• Steps in 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
• Question 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 Care


  Is 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
• Product Management professional


  Is responsible for the overall success of your product, it is important that you create a product roadmap that is compelling, can drive the strategy for your company and development efforts and can provide your partners, press, analyst and customers with a clear idea of where you are headed
• Types of Roadmaps


  • Market and Strategy
  • Visionary
  • Technology roadmaps
  • Platforms roadmaps
  • 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


  Another name as Product Assortment, refers to a 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


  • 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
• Materials & Parts


  • Raw Materials - Farm products, Natural products
  • Manufactured Materials and Parts - Component materials, Component parts
• Capital Items


  • Installations
  • Equipment
• Supplies and Business Services

  • Maintenance and repair items
  • Operating supplies
  • Business services
• Product Differentiation


  • Form products vary in size, shape, or physical structure
  • Features products can offer diverse features beyond their basic function
• Maintenance and repair items

  • paint
  • nails
  • brooms
• Operating supplies


  • lubricants
  • coal
  • writing paper
  • pencils
• Supplies like convenience goods


  • Bought easily and regularly
  • Prioritizing price and service due to standardized suppliers and low brand preference
• Business services


  • Maintenance and repair (e.g., window cleaning, copier repair)
  • Advisory services (legal, management consulting, advertising)
• Maintenance


  • Typically contracted to small producers or original equipment manufacturers
• Advisory services


  • Chosen based on supplier reputation and staff expertise
• Form products


  Vary in size, shape, or physical structure
• Form products


  • Aspirin (varies in dosage, shape, color, coating, or action time)
• Features products


  Can offer diverse features beyond their basic function
• Determining new features


  1. Surveying recent buyers

  2. Evaluating customer value against company cost