PRODUCT MANAGEMENT

- Dhaval Bhatkar
Definition of a Product

A product is the item offered for sale.

A product can be a service or an item.
It can be physical or in virtual form.
Every product is made at a cost and
each is sold at a price. The price that
can be charged depends on the
market, the quality, the marketing and
the segment that is targeted. Each
product has a useful life after which it
needs replacement, and a life cycle
after which it has to be re-invented.
 What is a product?

A product is anything that can be offered to a market that might satisfy a

want or need.

Product is an article or substance that is manufactured or refined for

sale.

In manufacturing, products are bought as raw materials and sold

as finished goods.

A product can be classified as tangible or intangible. A tangible product is

a physical object that can be perceived by touch. An intangible product is
a product that can only be perceived indirectly.
 Product Management
Definition
Product management is an
organizational lifecycle
function within a company
dealing with the planning,
forecasting, and
production, or marketing
of a product or products at
all stages of the product
lifecycle.
What is contemporary marketing
environment?
 The contemporary dynamic environment determines the
consumers’ position in the qualitative and quantitative
dimensions of life. The current world of consumers and
consumption is shaped by the impact of two basic factors:
globalisation and localisation

 Contemporary marketing strategies are based on the

knowledge of the target market and its segments.
Attention should primarily be paid to the motivation and
deciding methods of consumers, which largely affects
their buying behaviour.
What is product management?

 Product management is an interdisciplinary role

that reaches across teams to plan, design, and
continuously bring better products to market.

 The role evolved out of a set of responsibilities

that traditionally fell to lead developers and
engineers: scoping out user problems and making
critical product decisions.
Product Management- Day to day basis
Functions

The main function of product management is to develop the

product.

 Idea Generation
 Product features enhancement
 Improve current complaint issues from customer
 Coordination with finance and legal teams to improve the
product quality
Product Manager

 A product manager communicates product vision from the

highest levels of executive leadership to development and
implementation teams. The product manager is often
called the product "CEO." The product manager
investigates, selects, and drives the development of
products for an organization, performing the activities
of product management.
Role of Product Manager
 Renovation of the product
 Selling the product
 Pricing the product
 Promotion of the product
 Places to sell the product
 Positioning the product
 Study the competitor
 Tackle the competitors’ strategy
 Advertising the product
 Maintain the product
Limitations for a Product Manager

 Limited resources to work on new ideas

 Inability to “stick” with the project scope
 Access and availability of technology for existing as well as new
product
 Inability to fully align the project objectives with the
business/organizational strategy
 Inability to manage projects with unspecified budget and/or
schedule:
 Dependence on functional management
 Following an exclusive methodology Project
Challenges faced by a Product Manager

 Gaining acceptance of ideas

 Legal restrictions
 State of market
 Consumers readiness for product
 Changing govt policies
 Process
 Unstructured Data
 Communication
 Lack of Visibility and Authority
Conflicts faced by a Product Manager
 Internal  External
1. Identical products
1. Newness in product
2. Pursued goals
3. Process implementation 2. Similar powerful
4. Resource allocation
substitutes
5. Different information status 3. Change in technology
6. Different information processing/perception
7. Different
interests/preferences/norms/values
8. Different role expectations
9. Self-centred characters
10. Non-formalized confrontation patterns
11. Emotional tensions
Thank You