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Product strategy

Product strategy

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Published by Aijaz Ul Haq
introduction of product strategy management.
introduction of product strategy management.

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Categories:Types, Business/Law
Published by: Aijaz Ul Haq on Feb 26, 2013
Copyright:Attribution Non-commercial


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Product Management

Module 1 Session 1

Discussing the challenges facing product management 9. Highlighting the skills needed in managing a product 8. Product classification and approaches 3. Discussing the different approach of product management via the organizational structure 7. Products . Types of Demand 4.Session Outline After studying this session. Concept of ‘Product’ & ‘New Product’ 2. Product Management. Services vs.Meaning and objectives of product management 5. you should be able to understand: 1. Outlining the role of a product manager 6.

price. Anything that can be offered to satisfy a need or want.Product Bundle of attributes both tangible and intangible including packaging. brand plus the services and reputation of the seller. color. . quality.

imitative products • Repositioning: existing products to new markets or segments • Cost reductions: same product but prices reduced . AIDS vaccine • Product improvements: instant coffee replaces the usual brew coffee • Product modification: revision in existing product line e. new package. addition of a new flavor.g. revised size • Products new to the company: new to company but not new to market.New Product • Technological Breakthroughs: an anticancer drug.

Convenience goods: least involvement of customer in terms of time devotion and money involved like salt. High visibility but minimum brand loyalty like readymade garments. • C. ambulances • 2. designer jewellery . Impulse goods: no prior planning or display may provoke e. butter. perfumes or magazines etc. wheat.g. Copeland in 1923 proposed 1.Speciality goods: highest involvement of customer in terms of time involved and money value. bread. • A. Strong brand identification or unique characteristics play role like luxury cars.Classification of products and approaches • Melvin T. rice • B.g.Shopping goods: moderate involvement in terms of time devotion and money involved. television • 3. Emergency goods: essential medicines. Staple goods: regularly purchased e.

Unexpected features Potential product Augmented product Expected product Generic product Core benefit Luxury features Expected features Basic features Basic product .

Types of Demand • Effective: demand backed up by purchasing power • Latent: consumer is unable to satisfy because of lack of purchasing power or is unable to locate anything suitable or is unaware of the existence • Potential: consumer possesses purchasing power but is not buying currently Latent demand constitutes an important consideration in management planning. .

Product Management.Meaning • Planning • Forecasting • Marketing of products .

Objectives of Product Management • • • • To design product strategies To spot market opportunities To develop strategies for each stage of product life cycle To generate new product ideas .

PRODUCT Vs. GENERAL MARKETING MANAGEMENT Product Management General Marketing Management Scope of Responsibility Narrow: Single product or product line Broad: Portfolio of products Nature of Decision Making Mainly tactical Mainly strategic Time Horizon Short-run (often annual or shorter) Long run .

Role of PRODUCT MANAGER Manufacturin g& distribution Advertisin g Agency Media Promotion services R&D Packaging Product Manage r Legal Purchasin g Fiscal Market Researc h Publicit y Sales .

MARKETING ORGANIZATION: PRODUCTFOCUSED ORGANIZATIONS Head of company/division Manufacturing Marketing Finance Corporate communications Marketing research Product management Support Manager of product A Manager of product B Manager of product C .

MARKETING ORGANIZATION: MARKETFOCUSED ORGANIZATIONS Head of company/division Manufacturing Marketing Finance Corporate communications Manager. market A Manager. market B Manager. market C .

MARKETING ORGANIZATION: FUNCTIONALLY FOCUSED ORGANIZATIONS Head of company/division Manufacturing Marketing Finance Corporate communications Product marketing Advertising Sales promotion Marketing research .

CRITICAL SKILLS IN PRODUCT MANAGEMENT • • • • Negotiation Teamwork Communication skills Analytical ability .

CHANGES AFFECTING PRODUCT MANAGEMENT • • • • Internet Data explosion Increased emphasis on brand equity Changes in the balance of market power • Increased importance of customer retention programs • Global competition .

Services vs. Products .

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