LESSON 1: PRODUCT MANAGEMENT

Product Management
● Product management is a company's organizational function that handles a product's life
cycle. This includes the development of new products as well as the planning, production,
pricing, marketing, and final product launch.
● Identifies the goal and works towards achieving them.
● Involves integrated working within different departments of the firm.

Product Management Strategy

● A product management strategy is a plan that guides a product's developmental process
by focusing on customer needs and the company's goals and overall vision.

Elements of a Product Management Strategy (CCPM)

● Customers - Product managers need to understand who their target customers are, what
they want or need, and how to get products to them. Product managers need to consider
customer feedback and adjust their strategy accordingly. They also need to adapt to
changes in public perception and the current marketplace.
● Competitors - Product managers need to make a product that is different and unique
compared to similar products competitors are offering. To be most effective, a product
management strategy needs to fill a gap in the market by providing a product that serves
its customers in a way that its competitors aren't addressing.
● Profitability - Product management strategies also need to take into account how new
product offerings or product lines can generate a profit and help achieve company goals.
When a strategy takes this into consideration, the product has a greater chance of gaining
success and benefiting the company.
● Macro environment - The macro-environment encompasses trends in the economy,
technology, politics, and culture. These factors can influence a product's impact and
profitability. An effective product management strategy needs to address how the macro
environment influences the target audience's needs and behaviors.

Product Manager
● Product managers are cross-functional leaders who coordinate all the tasks required to
bring a product from conception to the market.
● They plan the product or product line's development and implement a strategy for its
successful execution. To do this, they analyze market needs, customer demands, and
competitor offerings.

Responsibilities of a Product Manager (CDPCMCI)

● Conducts market research to understand customers and competitors.
 ● Develops strategies for new products that address company goals, customer needs, and
external influences.
● Plans project timelines that address when a product reaches each developmental phase
from inception to completion.
● Creates a product vision and communicates plans and strategies to key stakeholders,
including investors, the product development team, and company executives.
● Maintains a product roadmap and ensures it is followed or updated as needed.
● Coordinates a product's developmental process to relevant teams.
● Interprets feedback from customers, performs data analysis to improve future product
management strategies, and relay findings to relevant teams.

Benefits of Product Management (RDRIH)

● Results in the growth of the product and the firm
● Delivers customer needs
● Results in word of mouth through our happy customers
● Increases your customer base
● Helps seizing the market

Product Life Cycle (IGMD)

● refers to the length of time from when a product is introduced to consumers into the
market until it's removed from the shelves.
● used by management and marketing professionals as a factor in deciding when it is
appropriate to increase advertising, reduce prices, expand to new markets, or redesign
packaging.

1. Introduction Stage
● 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
often 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.

2. Growth Stage
● 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 opposed to introducing the goods to the market. A company
may also refine its product by improving functionality based on customer feedback.
 ● Financially, the growth period of the product life cycle 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.

3. Maturity Stage
● 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.

4. 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 sales begin 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 products or not.

Key Takeaways
● A product life cycle is the amount of time a product goes from being introduced into the
market until it's taken off the shelves.
● There are four stages in a product's life cycle—introduction, growth, maturity, and
decline.
● A company often incurs higher marketing costs when introducing a product to the market
but experiences higher sales as product adoption grows.
● Sales stabilize and peak when the product's adoption matures, though competition and
obsolescence may cause its decline.
● The concept of product life cycle helps inform business decision-making, from pricing
and promotion to expansion or cost-cutting.

Marketing Mix (4PS)

● Product - refers to a good or service that meets a customer's needs. Here, companies
focus on features that differentiate it from its competitors. An organization may also
consider complementary products that fit within its suite of product or service offerings.
● Price - represents the price point or price range for the product or service. Ultimately, the
goal is to maximize profit margins and return on investment while considering the price
that customers are willing to pay.
● Placement - refers to distribution channels. Specifically, where is this product being
promoted, and how can you get it in front of your target audience?
● Promotion - focuses on creating brand awareness around your product or service.
Importantly, it looks at how utilizing certain channels can drive sales.
LESSON 2
BRAND MANAGEMENT

● It has never been more difficult to win –and keep –business through product and price
distinction.

● “When talking about customer perception and its importance to business, it’s not just
about brand reputation- we also can’t forget about perceived value. Perceived value
directly related to your bottom line. If customers don’t feel like they’re getting value from
what you’re selling, they won’t buy it.” - Sam Chandler, Senior Manager of Customer
Success

● A logo is the face of a brand.

● It has a huge influence on your brand’s visual identity, the way consumers perceive your
brand, and even the associations consumers make with your organization.

WHAT MAKES A GOOD LOGO?

● There are many factors that make a logo ‘good’.
● Visual elements that follow established design principles, meaningful typography, and a
balanced color palette are some of the ingredients for a good logo recipe.
● It should be relevant to the brand and its story for many years to come, tell you something
about its customers, and be simple enough to understand. Unfortunately, it’s not as simple
as it sounds.

SNAMCFATAM
1. Starbucks: the imperfect one
The two-tailed siren appeared in the Starbucks restaurants in 1971. Inspired by the Italian
medieval character “Norse”, the Starbucks mermaid was re-designed several times since it was
created, and notably made less symmetrical a few years back, helping the logo be more
approachable and “human”.

As Starbucks grew and established its brand presence across the world, the business
decided to eliminate their name from the symbol and have the siren speak for herself. This
reflected the brand’s iconic status, whereas the trademark green colour is one of the most
recognizable logo colors, known by anyone who’s heard of Starbucks.

2. Nike: the $35 one

 It’s well-known that the creator of the famous Nike “swoosh”, Carolyn Davidson, was
initially paid $35 for her logo work (she was later rewarded with gifts for her contribution to
Nike).

Although the symbol has been tweaked several times since 1971, the swoosh always
represented the dynamism and speed of athletes that Nike targets. Other than being a clean and
beautiful icon, the swoosh also translates the meaning behind Nike’s name - it represents the
wing of Nike, the Greek Goddess of Victory.

3. Apple: the deliciously simple one

Interestingly, the original Apple logo carried a different meaning of the word ‘apple’. It
featured Isaac Newton, who created the law of universal gravitation after an apple fell on his
head.

To reflect the company’s drive for the future and to make the design more visible in
smaller sizes, Steve Jobs proposed the now-classic design of the bitten apple.

The symbol was first rainbow-striped and included the name “Apple”, but later the
organization changed it to a single colour design.

The new logo represents Apple’s simplicity and drive to be different. Steve Jobs'
description of the brand's emblem fits it very well: “The fruit of creation, Apple. It was simple
but strong”.

4. McDonald’s: the instantly recognizable one

When you see McDonald’s golden arches logo, you immediately think of Happy Meals
and Big Macs. That’s how powerful their logo is today.

Compared to the previous examples, McDonald’s logo evolution happened due to

practical reasons.

Initially, the logo had many small elements like overlapping texts and lines. But
eventually, those elements were eliminated and the modern-day logo was designed to be seen
from afar,catching the eyes of hungry customers.

This allowed McDonald’s to create an image that was instantly recognizable to anyone
passing their restaurants.

5. Coca-Cola: the Christmas-y one

 Unlike other businesses, Coca-Cola didn’t steer away from its original design. It was
developed by Frank Mason Robinson in 1886 who thought that the curly C’s “would look well in
advertising”.

It’s a great example of a business that used a custom font to differentiate itself from other
brands. The colour red was introduced in the 1950s to attract younger consumers.

Throughout various logo changes, Coca-Cola’s red and white colour palette denoted
energy, excitement and passion.
These meanings were even translated into Coca-Cola’s holiday advertising - thanks to the
brand’s extensive Christmas marketing activities, red and white are widely associated with Santa
Claus and Coca-Cola.

6. FedEx: the award-winning one

The patriotic red and blue colours on the FedEx logo were incorporated to associate the
brand with the US.

After shortening its name from ‘Federal Express’ to simply ‘FedEx’, the firm created a
new logo in 1994.

FedEx’s symbol is one of the most creative ones in our list because it has won 40 awards
for its smart design and use of negative space.

Look at the white space between the letters ‘E’ and ‘x’ - can you see the arrow? It
signifies direction, precision and speed.

That’s where the minimalism and charm of the FedEx logo lies.

7. Amazon: the everything-under-the-sun one

Amazon is another brand that uses arrows to indicate certain meanings.

Having expanded its horizons from bookselling to selling… absolutely everything,

Amazon needed a logo that conveyed this message. That’s what the arrow signifies - it moves
from the letter ‘A’ to ‘Z’ to show that the firm sells anything you like from A to Z.

The arch of the arrow also symbolizes the smile of their happy customers, whereas the
orange color connotes joy and pride.

This is how Amazon wants its customers to feel whenever they shop with them.
8. Toyota: the culturally relevant one
What sets Toyota apart from other logos is that it’s meaningful for English speakers while
staying true to Japanese culture.

On the one hand, the 3 ovals that make up the symbol reveal each letter of the company’s
name in English. On the other hand, each oval has a different stroke thickness, just like the
strokes in Japanese calligraphy.

Toyota also states that the ovals signify three cultural elements of the organization:
progress, team spirit, and freedom.
Their logo works not only because of its well-structured design but also because it tells the story
of the brand.

9. Adidas: the literal one

Over its history, Adidas created 4 different logos that it still uses for different product
lines. But what remains unchanged are the three stripes which the business applies in all of its
branding work.

Originally, the stripes were used as stabilizing strips on Adidas’s track spikes. The stripes
proved to be simple and versatile enough to apply them in all the variations.

Adidas’s symbol is an example of a creative logo design that is practical, descriptive of

their products’ original use cases, and unique in its design.

10. Mercedes-Benz: the family-matters one

Mercedes-Benz’s symbol takes inspiration from a family artifact that belonged to the
brothers Paul and Adolf Daimler, sons of the business's co-founder Karl Benz.

While designing the logo, the brothers recalled a picture of a star drawn by their father in
a letter to their mother. This star, which was a symbol of hope that one day their factory will face
prosperity, became the basis of the 3-pointed star that eventually became Mercedes-Benz’s
symbol.

It signifies three types of mobility and the business’s aspirations to dominate those
spaces: land, water, and the air.

What started as a familial emblem a century ago became the icon for one of the world’s
most luxurious brands today.
Brand Management
It is a function of marketing that uses techniques to increase the perceived value of a
product line or brand over time.

Effective brand management enables the price of products to go up and builds loyal customers
through positive brand associations and images or a strong awareness of the brand.

helps a company build a loyal customer base and helps fuel a company's profits.

Developing a strategic plan to maintain brand equity or gain brand value requires a
comprehensive understanding of the brand, its target market, and the company's overall vision.

A brand manager ensures the innovation of a product or brand, creating brand awareness via the
use of price, packaging, logo, associated colors, and lettering format.

Brand management is usually centered around fostering the brand recognition, brand equity, and
brand loyalty of a product.

Brand equity refers to the value a company gains from its name recognition, enabling it to be
the popular choice among consumers even when compared to a generic brand with a lower price
point.

How Brand Management Works?

Brands have a powerful influence on customer engagement, competition in the markets, and the
management of a company.

A strong brand presence in the market differentiates a company’s products from its competitors
and creates brand affinity for a company’s products or services.

A brand that has been established has to continually maintain its brand image through brand
management.

Effective brand management increases brand awareness, measures and manages brand equity,
drives initiatives that support a consistent brand message, identifies and accommodates new
brand products, and effectively positions the brand in the market.

It takes years to establish a brand, but when it finally occurs, it has to still be maintained through
innovation and creativity.

Notable brands that have established themselves as leaders in their respective industries
over the years include Coca-Cola, McDonald’s, Microsoft, IBM, Procter & Gamble, CNN,
Disney, Nike, Ford, Lego, and Starbucks.

Benefits of Brand Management (DSIILL)

Distinguished Products. According to the most recent U.S. Census data, there were over
250,000 full-service restaurants in the United States as of 2019. United States Census Bureau.
"National Fast Food Day: November 16, 2021.“ Strong brand management is necessary if any of
these restaurants want to be recognizable apart from their competitors.

Strong Employee Engagement. Brand management begins with the internal buy-in of the
values, principles, and perception of a product. By ensuring all people in a company are part of
the brand management process, employees may be more likely to buy into the strategic plan of
the brand and company.

Increased sales quantity. Though never a given, stronger brand management that drives brand
loyalty and brand equity may drive stronger sales quantities. As more consumers are tied to a
brand or positively recognize a brand, they are more likely to choose it over an unfamiliar
alternative (all else being equal).

Increased CLV. Customer lifetime value. In addition to greater sales quantities, brand
management drives stronger value over the lifespan of a customer. Customers are more likely to
repeat purchases if they have a positive experience and may be more likely to buy different
products along the same product line if they forge strong brand loyalty with a single brand.

Leveraged Pricing. If a company has a strong reputation with the market, their brand
management may be leveraged to other products. This means a company can sell products at a
premium if their brand invokes a strong enough connection to consumers (i.e. Apple).

Less Volatile Market Position. Though companies always risk depressed financial results
during market downturns, companies with stronger brand management may be able to weather
the storm easier. This is because consumers may find it non-negotiable to deviate from
companies they have strong, positive associations with even during inclement financial times.

Brand management may seem complex, but there are a number of simple, elegant
techniques that make the process manageable.

Effective Brand Management Techniques (ECLCE)

Establish Branding Basics
 Brand management often begins with the basics, and that means establishing a strong
mission statement, logo, target audience, and vision statement. Though these are often created by
the marketing team during a company or product's infancy, it is up to the brand management
team to further refine and drive the branding basics.

Create Compelling Stories

As the product or company begins to be used by consumers, it is critical that the brand
management team strengthens the relationship between the good and user. This means
capitalizing on emotional stories by tapping into the human connection to however the
company's products are being used.

Leverage Software
Often guided by social media and a website, brand management must be cohesive across
all media platforms. This includes any televised, radioed, or printed advertising. The more
marketing channels a company has, the more important it is for brand management to cohesively
link these to convey a single, consistent message to consumers.

Consider Branding Language

On a related note, the brand management process must be guided by a consistent use of
language and tone. This may be easier to convey using photos or printed advertisements.
However, different challenges may arise if different people are managing different marketing
channels. As long as the receiving channels are the same across product lines, the brand
management team must ensure the wording and feeling behind communications are consistent.

Establish Internal Rules

All of the tips above don't matter if the internal branding and marketing teams aren't
aligned. Therefore, the brand management team must effectively implement limits and rules on
how certain activities are performed. For example, the brand management team may restrict the
use to certain fonts, images, designs, or color schemes. Any deviations from these rules must be
run through the brand management team for special approval.

Brand Management Elements (REL)

Brand Recognition
Brand management often starts with brand recognition. If a company can’t invoke
positive emotions in consumers when they see a brand, that may be no brand to manage. In
addition, brand recognition entails ensuring recognition of a brand invokes a favorable
response instead of brand opposition.

Brand Equity
 Brand equity is the commercial value of a product’s image. Though a company doesn’t
actually receive the direct dollars of value from its products having high brand equity, brand
equity often translates to greater sales as consumers associate a product or brand with greater
value. Brand equity is built over time through positive experiences, associates, and demonstrated
value.

Brand Loyalty
A customer may recognize a brand, and a customer may even assess strong positive value
with a brand. However, if that customer is easily swayed to pivot to a competing product, brand
management has failed. The objective of brand loyalty is to invoke such a strong relationship
between the consumer and the brand that the consumer can't fathom diverting from the brand's
products.
LESSON 3: PRODUCT PLANNING PROCESS & PRODUCT MARKETING
PRODUCT PLANNING
● Product planning is the process of creating a roadmap for the development and release of
a new product/products.
● Product planning aims to ensure that the right products are developed and released at the
right time to maximize profitability and meet customer needs.
● Product planning is a dynamic process that should be revisited regularly.

OBJECTIVES OF PRODUCT PLANNING (TISPP)

1. To Meet Customer’s Needs
Product planning is essential to meet customers’ needs. By understanding what customers
want and need, businesses can create products that fill those needs. This allows businesses to
stay ahead of the competition and maintain a loyal customer base. Businesses need to carry out
market research to understand what customers want and need. This research can take many
forms, such as surveys, focus groups, and interviews. Once the data has been collected, it needs
to be analyzed to identify patterns and trends. This information can then be used to create
products that meet the target market’s needs.

2. Identify the Advantages and Drawbacks of the Product

Product planning also allows businesses to identify the advantages and disadvantages of
their products. This information is critical to make improvements and ensure that the product is
the best it can be. There are many ways to identify the advantages and disadvantages of a
product. One way is to carry out customer research. This can be done through surveys,
interviews, and focus groups. Another way is to look at product reviews. This can be done online
or in magazines and newspapers. Another way is to look at competitor products and compare
them to your own.

3. Showcase the Company’s and Product’s Strengths

When done correctly, product planning can be used to showcase a company’s strengths
and the strengths of its products. This is important to gain potential customers’ trust and build
brand awareness. There are many ways to showcase a company’s strengths and its products. One
way is to create a marketing campaign highlighting the product’s positive aspects. Another way
is to create a brand identity that aligns with the product’s strengths. Also, a company needs to
create a website or social media profile that showcases the product in a positive light.
4. Plan the Company’s Resource Utilization
An effective product plan will consider a company’s resources and how they can be best
utilized. This ensures that the company is using its resources in the most efficient way possible
and that the product can be produced cost effectively. When planning for resource utilization,
businesses need to consider the available financial, human, and physical resources. They also
need to consider the time frame in which the product needs to be created. Once all of this
information has been gathered, businesses can create a plan that outlines how the resources will
be used.

5. Plan the Entire Marketing and Sales Strategy for the Product
A product’s marketing and sales strategy must be carefully planned to succeed. Product
planning allows businesses to map out this strategy and ensure that all aspects of the plan are
considered. Many elements need to be considered when planning a marketing and sales strategy.
Some of these elements include the target market, the messaging, the channels, and the budget.
All of these elements must be considered to create a successful strategy. Product planning is a
critical part of creating a successful product. By taking into account all of the factors mentioned
above, businesses can create a product that meets customer needs and stands out from the
competition.

CONCLUSION
The Product Planning Process has seen a significant increase in recent years. This is
likely due to the increasing complexity of products and the need to ensure that they are able to
meet customer needs and expectations. The process helps to ensure that products are designed
and developed in a way that makes them more likely to be successful in the marketplace.

There are several factors that have contributed to the increase in the Product Planning
Process. One is the increasing complexity of products. As products become more sophisticated,
they need to plan and coordinate their development carefully. Another factor is the need to
understand customer needs and desires better. In order to develop products that are successful in
the marketplace, companies need to have a good understanding of what customers want and
need.

The Product Planning Process is critical to ensuring that products are successful.
Companies must invest the necessary time and resources to plan and develop their products. By
doing so, they can increase the chances of their products being successful in the marketplace.

PRODUCT MARKETING
● Product marketing is the process of bringing a product to market, promoting it, and
selling it to a customer.
 ● Product marketing involves understanding the product’s target audience and using
strategic positioning and messaging to boost revenue and demand for the product.
● Product marketing is about understanding a specific product’s audience deeply and
developing that product’s positioning and messaging to appeal to that audience. It covers
the launch and execution side of a product in addition to the marketing strategy for the
product — which is why the work of a product marketer lies at the center of a business’s
marketing, sales, and product teams.

GOALS OF PRODUCT MARKETING (UTLEPB)

Product marketing is focused on driving demand for and adoption of a product among
existing customers. It’s focused on the steps people take to purchase your product so product
marketers can build campaigns to support this work.

1. Understand your customers better.

When you implement a product marketing strategy, your target audience can see the
value of having that specific product in their lives. Understanding how many customers gravitate
to your product lets you conduct customer research.

2. Target your buyer personas effectively.

Alongside understanding your customers, you can figure out the type of buyer persona to
target in the future. Knowing the exact needs of your target can help you when innovating your
product to better suit their needs.

3. Learn about your competitors (products and marketing tactics).

When you market your product, you can compare your strategy and results to your
competitors. What features and benefits of their products make a statement within the market?
What ideas haven’t they explored? What does their product offer that yours doesn’t? You can use
this research to your advantage when crafting your product marketing strategy.

4. Ensure the marketing, product, and sales teams are all on the same page.
Making your product offering abundantly clear for buyers and employees is mutually
beneficial. Every team working together in your business can better understand the product's
purpose and better communicate that in their operations.

5. Position the product appropriately in the market.

In product marketing, you want your product, brand image, and tone consistent and evoke
the right feelings intended for your audience. When you brainstorm your brand positioning, some
questions to consider are:
● Is this product suitable for today’s market?
 ● How is this product different from our competitors'?
● Can we further differentiate this product from our competitors' offerings?
● Are there any products we’ve sold in the past that we wouldn’t market or sell again? If
so, why not?

6. Boost revenue and improve sales.

There are also questions you, as a product marketer, will have to ask yourself and reflect
on regarding your product. Asking yourself these questions will help you ensure your product is
successful among customers.
● Is this product suitable for today’s market?
● Is this product appropriate for our customers today?
● How is this product unique from similar products of our competitors?
● Is there a way to further differentiate this product from our competitors?
● Are there any products we’ve sold in the past that we wouldn’t market or sell ever again
now that we look back? If so, why not?

Product marketing is a critical part of any business’s marketing strategy. Without it, your
product won’t achieve its maximum potential among your target audience.

PRODUCT MARKETING RESPONSIBILITIES (UTLEPB)

1. Identify the buyer personas and target audience for your product.
You must identify the buyer personas and audience for your product so you can target
customers in a convincing way that makes them want to purchase. This will allow you to tailor
your product and its features to solve your audience's challenges.

2. Successfully create, manage and carry out your product marketing strategy.
A product marketing strategy allows you to create, build, and execute content and
campaigns — this supports the steps that will lead your buyer personas and customers to make a
purchase.

3. Work with and enable sales to attract customers for your new product.
As a product marketer, you must maintain a direct relationship with sales. You’ll work
with sales to identify and attract the right customers for the product at hand and provide sales
enablement materials to reps to ensure they understand the product inside and out, along with its
features.

This way, you and your teams are on the same page regarding being shared with
customers, allowing you to provide a consistent, on-brand experience for anyone who comes in
contact with the product.
4. Determine your product’s positioning in the market.
One of the most important parts of your job is determining the product’s positioning in
the market. Think about this process in terms of storytelling— your positioning requires you to
create and tell the story of your product.

As a product marketer, you’ll work with the broader marketing team and the product
team to tell this story by answering critical questions like:
● Why was this product made?
● Whom is this product made for?
● What challenges does this product resolve?
● What makes this product unique?

5. Ensure your product meets the needs of your target audience.

You must also make sure your product meets the needs of your customers and target
audience. Through the research to determine your buyer persona and target audience, you should
have uncovered the pain points and challenges you’re working to solve with your product.

If your product doesn’t meet your customers' needs, they’ll have no reason to make the
purchase or choose your product over your competitor’s.

6. Keep your product relevant over time.

Your product needs to stay relevant over time. As needs, expectations, and challenges
change and evolve, it’s your job to ensure your product marketing strategy and the products
themselves remain relevant among customers.

This means you may have to manage slight changes in your product marketing strategy
(which we’ll discuss next) or updates and modifications to the product itself (you’ll likely work
with the product team, which creates the effect, to do this).

7. Guide marketing strategies for new products.

In product marketing, you'll need to pay close attention to what worked in your strategy
and what didn't so you can better plan marketing strategies for new and future custom products.

Pay attention to where your audience is and what they are looking for. What channels got
the most traction and led to more converted leads?

All this information and more should be applied to marketing strategies for new products.

PRODUCT MARKETING STRATEGY

 ● Product marketing strategy serves to guide the positioning, pricing, and promotion of
your new product.
● It helps you take your product from development to launch and informs what new
audience(s) and markets to which to launch and market your product.

1. Define your product’s target audience

As a product marketer, one of the main roles you have is to define a specific target
audience for the product being sold (different products will likely have different target
audiences). This is the first step to marketing your product.

2. Determine the positioning and messaging to set your product apart.

After your customer research and learning about your audience, you’ll have identified
their needs, challenges, and pain points. From here, you can think about how to highlight the
ways your product resolves those challenges for your customers.

The key to setting your product apart is positioning and messaging. Positioning answers
key questions your customers might have about your product and what makes it unique and then
turns those answers into the main points behind your product’s marketing strategy.

It’s your job as the product marketer to ensure your customers and audience know the
answers to these questions and don't have to dig around for (or make assumptions about) them.

Examples of questions you’ll need to answer to develop your product’s positioning and
messaging include the following:
● What specifically makes our product unique?
● Why is our product better than our competitors’?
● Why are our product’s features ideal for our target audience?
● What will our customers get out of our product that they cannot get from our
competitors’ products?
● Why should our customers trust and invest in us and our product?
● Turn the answers to the positioning and messaging questions into an elevator pitch.
● Use action words to excite your customers. •Ensure the tone of your statement captures
the style of your brand.
● Focus on the benefit of your product as a whole (not just one specific feature).

3. Set goals for your product.

Next, you’ll want to set goals for your product. These will vary based on your specific
product, the type of company you work for, your overall marketing goals, and more — your
goals will be specific to your business and situation. However, let’s review some common goals
product marketers aim to achieve:
 ● Increase revenue
● Engage with customers
● Improve market share
● Gain customers from competitors
● Boost brand recognition

4. Price your product.

As a product marketer, you’ll also have to contribute to the discussion of the price of your
product. Depending on your company, you might work with other teams on this part of the
strategy, or it might be a job just for you and your fellow product marketers. Either way, you can
consider competitive vs. value-based pricing.

Competitive vs. Value-Based Product Pricing

Competitive pricing means you’re basing your product’s price off similar products your
competitors sell. It’s ideal for companies that have an effect similar to one that several other
companies sell.

Value-based pricing allows you to maximize your profit, although it’s a bit more
time-consuming to establish in comparison to competitive pricing. It’s ideal for companies
selling a product with very few competitors on the market or one with exceptionally new and
unique features.

5. Launch your product.

Now it’s time for the most important of your role as a product marketer — not to
mention, the most exciting: the launch of the product you’ve been marketing. There are two main
parts to the launch to focus on as a product marketer: the internal launch (what goes on within
your company upon product launch) and the external launch (what goes on outside of your
company, with customers and audience members, upon product launch).
LESSON 4: PRODUCT AND SERVICE QUALITY MANAGEMENT
The customer never buys a product but only a bundle of satisfaction.
● Products and Service quality consisted of a number of dimensions.
● These dimensions determine how customer requirements are achieved.
● It is essential for companies to consider the entire dimensions that may be important to
their customers.
● Evaluating these dimensions of products and services, whether or not meeting the
customer requirements.

DIMENSIONS OF PRODUCT QUALITY (PFRCDSAP)

1. PERFORMANCE
● consists of the “PRIMARY PRODUCT CHARACTERISTICS”

2. FEATURES
● are added or secondary characteristics that boost the attraction of the product or service to
the user.
● are often a SECONDARY ASPECT of PERFORMANCE.
● are the “BELLS & WHISTLES” of product and services... those characteristics that add
values to their basic functioning.

3. RELIABILITY
● is the possibility that a product will not fail inside a particular time period.
● a key element for users who need the product to work with no failures.
● reflects the likelihood of a product malfunctioning or failing within a specified time
period.

4. CONFORMANCE
● depicts to what extent a product‘s design and operating characteristics meet established
standards.

5. DURABILITY
 ● A measure of how much use a person gets from a product before it breaks down to such a
point that replacement makes more sense than continual repair.
● It measures the
○ Length of a Product ́s Life Cycle.
○ Amount of use one gets from a product before it deteriorates.

6. SERVICEABILITY
● It involves the consumers’ ease of obtaining repair service

7. AESTHETICS
● Outside feel of the product…
● Sensory appearance such as finish...

8. PERCEIVED QUALITY
● It is the individual’s subjective appraisal of products or services attributes; indirect
measures may be their only basis for comparing brands.

DIMENSIONS OF SERVICE QUALITY (PFRCDSAP)

● Service is normally described as an experience felt by the consumer.

1. TANGIBILITY
● PHYSICAL APPEARANCE OF
1. PERSONNEL
2. FACILITIES and
3. EQUIPMENT

2. RELIABILITY
● It is also about what is promised about delivery, service provision, problem resolutions
and pricing, and what is delivered.

3. RESPONSIVENESS
● Emphasizes ATTENTIVENESS and PROMPTNESS in dealing with customers’
REQUESTS, QUESTIONS, COMPLAINTS and PROBLEMS.

4. ASSURANCE
● Employees’ knowledge of courtesy and the ability of the firm and its employees to
inspire trust and confidence.

5. EMPATHY
● The caring attitude that an organization provides toward customers.
● Calls for individual attention to customers to make them feel exceptional and to show the
customer that the company does best to satisfy their needs.