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CAPIZ STATE UNIVERSITY

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Website www.capsu.edu.ph email address roxas@capsu.edu.ph

Name: Ronalyn Buhat Subject: MM 105 Product Management

Section: BSBA - 3E Course Facilitator: Maria Innah S. Borres
Course: BSBA - Mktg - Mgmt Date: August 29, 2023

Assignment No. 1

1.) Write a brief definition of product management in your own words. Include the primary
responsibilities and key objectives of a product manager.
> Product management is an act wherein the product manager has the responsibility and the
ability to touch and develop all the fields in business word. Product management touches the fields of
marketing, Development, Design, Sales and Business Strategy. They manage to deliver and create value
to customers and the business in any way of improving and sustaining products growth and innovation, to
present highly recommended products and services through marketing launches and continual
development among the fields of the business industry. The product manager is the one who is responsible
on creating and manipulating product strategies wherein he/she is the person whom in charge on
conducting research, Developing strategy, Communicating Plans, Coordinating Development and Acting
on Feedback and Data Analysis. The goal of product manager is to understand the customer needs and
formulate new ideas to a product to improve it and present it to the team to make it possible for a
successful outcome.

2.) Differentiate between a product and a project. How do the goals and focus differ inproduct
management and project management?
> A product is a final outcome of a process of a project. It is any goals, platforms,or services
affected to marker to meet and satisfy customer and business needs. While a project is an ongoing process
and a short time basis to established a singular goal. A project isa set of operations designed to
accomplished a goal in a specific period of time which it started in the beginning and until its end date. It
is a way of executing plans and its outcome appears predictable. Product management is the process of
planning, developing and marketing a product. It is will focus on the product even after delivery, trying to
maximize its marketability and improve sales. A productisn’t a temporary endeavor so that even after a
product has been developed, it requires continuous management. The important skill sets for product
management include strategic thinking, market research, and being business - savvy. On the other hand,
project management is the process of implementing different process, methods, skills, and experiences to
achieve the project goals. The job of the project manager ends when the product is delivered since a
project is temporary endeavor once it’s done. It doesn’t requires management. The vital skill sets for
project management are planning, organizing, management and budgeting and the project managers must
have a relevant background and expertise in a specific discipline.
3.) What is the significance of the product lifecycle in product management?
> Product lifecycle is significant to product management as it is used by the management to
determine and monitor the market. Through product lifecylce the management and professional easily
determine the advertising schedules, price points and expansion to new product markets. It is giving the
product management a faster attachment to product in the market and preparing them to improve its
products safety and high quality value on the market. Product lifecycle was a tool on product
management to determine, monitor and manage every stages of the products in the market in an efficient
way.

4.) Describe the stages of the product lifecycle ( Introduction, Growth, Maturity, Decline ). For each
stage, explain the main activities and challenges that a product manager might face.
> There are 4 stages of the product lifecycle: Introduction, Growth, Maturity and Decline.

INTRODUCTION STAGE
- The introduction stage is the fist time customers are introduces to the new product. A company
must generally includes a substantial investment in advertising and a marketing campaign focused on
making consumers aware of the product and its benefits, especially if it is broadly unknown what the item
will do.
During the introduction stage, there is often little -to-no competition for a product, as competitors
may just be getting a first look at the new offering. However, companies still ofter experience negative
financial results at this stage as sales tend to be lower promotional pricing may be low to drive customer
engagement and the sales strategy is still being evaluated.

GROWTH STAGE
- If the product is successful, it then moves to the growth stage. This us characterized by growing
demand, an increase in production and expansion in its vailability. The amount of time spent in the
introduction phase before a company’s product experiences strong growth will vary from between
industries and products.
During the growth phase, the product becomes more popular and recognizable. A company may
still choose to invest heavily in advertising if the product faces heavy competition. However, marketing
campaigns will likely be geared towards differentiating its product from others as oppesed to introducing
the goods to be market. A company may also refine its product by improving functionality based on
customer feedback find the growth period of the product lifecycle results in increased sales and higher
revenue. As competition begins to offer rival products, competition increases potentially forcing the
company to decrease prices and experience lower margins.

MATURITY STAGE
- the maturity stage of the product life cycleis the most profitable stage, the time when the costs of
producing and marketing decline with the market saturated with the product, competition now higher than
at other stages and profit margins starting to shrink, some analysis refer to the maturity stage as when
sales volume is “maxed out”. Depending on the good, a company may begin deciding how to innovate its

References
(https://www.knowledgehut.com/blog/project-management/project-management-vs-product-management)
(https://www.investopedia.com/terms/p/product-life-cycle.asp)
product or introduce new ways to capture a larger market presence. This includes getting more feedback
from customer and researching their demographics and their needs.
During the maturity stage, competition is at the highest level. Rival companies have had enough
time to introduce competing and improved products, and competition for customers is usually highest
sales levels stabilize, and a company strives to have its product exist in this maturity stage for as long as
possible

DECLINE STAGE
- As the product takes on increased competition as other companies emulate its success, the
product may lose market share and begin its decline. Product salesbegin to drop due to market saturation
and alternative products, and the company may choose to not pursue additional marketing efforts as
customers may already have determined whether they are loyal to the company’s product or not.
Should a product ne entirely retired, the company will stop generating support for it and will
entirely phase out marketing endeavors. Alternatively, the company may decide to revamp the product or
introduce a next generation, completely overhauled model. If the upgrade is substantial enough, the
company may choose to re-enter the product life cycle by introducing the new version to the market.

5.) Why is understanding the target market and customer need crucial in product management?
> In product management, understanding the target market and customer needs are crucial as if
you know and understand your target market and customer needs it would be essential for the product
managegers to identify the product features types, class and design needed to satisfy customer based on
there preferred wants and needs. Knowing and understand your market and customer needs will lead you
to a successful business as customer and the target market was always the main requirements and the most
important factor on producing excellent products and services on the business industry

References
(https://www.knowledgehut.com/blog/project-management/project-management-vs-product-management)
(https://www.investopedia.com/terms/p/product-life-cycle.asp)