Introduction to product management

Suresh Paul Antony | IIM Trichinopoly

Agenda
• About the course
– – – – Theory Assessment Case method Housekeeping issues

• Learning philosophy

• Course prerequisites • Product management • Successful products • The process • Course structure

About the course
• Is this a theory course?

.

Assessment • Class participation & Quiz – 20% • Success or failure factors – 15% • End-term exam – 40% • Strategic planning for new products – 25% .

You gave us FACTS AND MORE some recommendations and justified them as well. WE HAVE LEARNT FROM YOU. Your analysis was poor or inadequate. concepts or frameworks from the cases.Shades of Class Participation • • PHYSICALLY PRESENT! You have JUST SKIMMED THROUGH the case. • Your analysis of relevant case facts and figures was substantive. Your articulation extended beyond the case facts. That helped extend or deepen the discussions and move it forward. You did not listen to others. Your comment(s) or analysis was / were accurate. You had a weak grasp of case facts. And you wasted our time. was creative and NOT RUN OF THE MILL. You made efficient use of class time. You did understand the material but did not extend our thought process or move the discussion forward. AVERAGE THOUGH. • • . The discussion got lost. Or you gave it a whole new direction. You repeated points. You displayed intellectual leadership and helped the class draw new insights.

Quiz .

Newness to firm and / or market] – Why did the organization develop this product? – Key reasons for success or failure – Why would you call this product a success or failure? – What would have helped to make it succeed [in case of failure] or better succeed [in case of success]? . national or international]. Augmented] – Classification of new product [aka Booz et al scheme.Success or failure factors • Select two products or service. regional. recently introduced into market [test. • You call one of these as successful and the other not so successful. • Discuss in your report – Organizational and product portfolio background / history – Product's components [Core. Tangible.

Corporate mission or strategic arena Implications for new product development Corporate goals and objectives Situational analysis New product goals Degree of innovativeness Precedence [Innovation vs. – – – – – – – – – – Newspaper / magazine clippings as relevant.Strategic planning for new products • Choose any organization that recently tested or launched a new product. imitation] Trade offs [Time or quality or cost or any other] Screening criteria .

Case method • Breadth of situations & contexts • Illustration of practices – Some best others not so best • Geographies – Asia [02]. Europe [02]. Online [02] . B2C [07]. North America [11] • Industries – Auto [03]. B2B [04].

Reading material • Journal articles – Hard copies • Handouts [PPTs] – Soft copies • Additional material – Ask • Where to upload? • ACP? .

.

Principles of marketing • Chapters 7 to 9 • Industry speaker • Learning teams formation • LT presentations .Other house-keeping issues • Course prerequisites – Kotler et al.

Learning philosophy • What is that? .

Successful & failed products • The museum or cemetery? .

Some “world-class” product failures • Edsel [Ford] • Corfam synthetic leather [Dupont] • Polavision [Polaroid] • Heaven's Gate western movie [United Artist] • Videodisc [RCA] • TV-Cable Week magazine [Time] • PCjr [IBM] • New Coke • Premier cigarette [R. J. Reynolds] • Simplesse fat substitute [Nutrasweet] .

And some “IND-class” ones • Vaccumiser [Real Value] • Ganga [Godrej Soap] • Moti [TOMCO] • Petit Beurre [Britannia] • Slimscoop [Amul] • PIP [TV] • Sparsh [Marico] • Vespa [LML] • PL170 [APSL] • Pride. Blaze [Kinetic] • Sunfill [Coca Cola] • Street [Hero Honda] • Big Bite [Parle] • Paloma [Lipton] .

How to measure? .

How did they succeed? .

Serendipity • ‘Find something I didn’t expect to find’ • ‘Happy accident’ • ‘Aptitude for making desirable discoveries by accident’ • ‘Good fortune. luck’ • ‘Faculty or phenomenon of finding valuable or agreeable things not sought for’ .

by accidents and sagacity.Serendip • Horace Walpole [1717–1792] in letter to Horace Mann [28-Jan-1754] – Formed from Persian fairy tale ‘The Three Princes of Serendip’ – “… whose heroes ‘were always making discoveries. Sanskrit ‘Simhaladvipa’ . of things they were not in quest of’. – Stem • Serendip [Arabic ‘Sarandib’.

Eureka • ‘In the field of observation. chance favors only the prepared mind’ [Louis Pasteur] • Ability to connect the dots that lead valuable insights • Newton’s Apple .

Serendipity and knowledge • Major role in scientific discoveries & inventions • Leap of faith • Prerequisites – Open mind – Curiosity & the CAT .

Failure rates • > 90% concepts fail during development • Even fewer considered successful after launch • Booz. Allen & Hamilton.35% • Association of National Advertisers. 1982 – 27% of line extensions – 31% of new brands in categories [where company already had product] – 46% of NPs in new categories fail • Cooper. 1982 – 31% of industries & – 46% of consumer NPs fail . 1982 – Failure rates 33 .

Can this be left to chance? • Company-wide planning process – – – – – – – Envision Develop Produce Test Commercialize Sustain Dispose • Organizational offerings – Satisfy • Needs • Wants • Organizational objectives .

then… Marketing Strategy Development Concept Development and Testing Business Analysis Product Development Idea Screening Market Testing Idea Generation Commercialization .NPD process Identify the strategic role of new products.

How to succeed? • Learn from past experience – What works? – What does not? • Understand systematic approach to planning – To organize process • Assemble toolbox – Ideas – Heuristics – Tools .

Where does it start from? .

Branding fundamentals [Awareness. Strategic planning Customer analysis Competitor analysis Segments Product Policy [PLC. Product-Market Portfolio]. Architecture] Bundle of Benefits bination Differentiation Target market Positioning Concept testing Tactical branding Product use testing Packaging decisions Test marketing Pre-launch & launch management Product recalls Brand equity Technical development & testing Marketing development & testing Commercialization & Launch . Identity. Lines. The Idea. Associations. Knowledge. Personality. SBU Strategy Opportunity identification.Vision. Mission.

And now what questions do we have? • Course content • Team composition • Project deliverables – DDs … • • • • Case discussion in-class Class representative 2-way communication … .

.

Thank you. .

Sign up to vote on this title
UsefulNot useful