Introduction to Product Management

Presented by: Ripudaman Singh Randhawa

Topics covered
2. Introduction & Definition of Product management 3. Cross functional roles of product manager 4. Planning skills • Customer value management 6. Product skills • Strategic product planning • Responsibilities of the product manager • Conclusion

Introduction

Introduction
 Product management concept was created the company named Procter & Gamble  In 1931, Camay soap was languishing while Ivory soap was thriving & then the P & G executive suggested that an individual manager be assigned the responsibility for Camay , in effect pitting the brands against each other  Thus , this brand management system was so successful that it was copied by most consumer packed goods industry

Definition
Product management : It is the function of ensuring over time,that the product or service profitably meets the needs of customer by continuously monitoring and modifying the elements of the marketing mix

Two faces of product management
Convert the value proposition into a market offering Inbound Product Development

Capabilities of the Company
Outbound Product Marketing

Voice of The Customer

Take the offering and the value message to market

Inbound Responsibilities
 Understand customer needs and requirements  Understand the market and competition for the product  Research feature enhancements and upgrades for future releases  Create Marketing Requirements Document (MRD)  Create the product release plan  Help to develop product roadmap and competitive positioning

Outbound Responsibilities
 Manage product launch  Support marketing with outbound marketing communication and PR  Support sales with product training, demos, customer presentations, data sheets, competitive positioning  Support sales on key customer deals and accompany sales personnel on key customer visits  Monitor and improve customer satisfaction

Responsibilities vary by context
Maturity of product-market
LARGE

“Outbound/Tactical”
• Outbound-heavy role
• Understanding of product • Understanding of vertical markets • Less authority and direct influence • Ability to communicate internally

Company Size

“Inbound/Strategic”
• Inbound-heavy role

• Close interaction with engineering • Defining target markets • Generating customer wins • Broad authority and influence SMALL • Ability to think strategically

EMERGING

Market Maturity

MATURE

The new P’s
Product Management

Problem Price Product Promo

Who owns this?

Development & Services

Marketing Communications

Place

Sales Channel

Product manager
Definition : A product manager is a middle manager, usually within the marketing organization,responsible for successfully bringing new products (or services/brands)to market and ensuring the ongoing success of existing products over their lifecycle by orchestrating all functional areas that impact the development, manufacturing, sales, and support of products.

Role of product manager
advertising Finance Top management

Production & R&D

Product manager

sales

logistics customer

Legal & purchasing

Deliverables for Product Managers
Product Conception Product Development Product Launch Product Sustaining

Responsibilities: • Market research • Target market definition • Competitive analysis • Positioning

Responsibilities: • Refine market requirements • Customer research • Trade-off schedule vs. features

Responsibilities: • Product introduction plan • Customer demos • Refined forecasts • Sales training • Trade shows

Responsibilities: • Sales training • Customer promotions • Trade promotions • Product updates • Next version planning

Planning skills _______________________

Customer Value Management
The corner stone of an effective business strategy is the ability to attract and retain high-profit customers Thus it is the job of the product manager to: • Do the customer analysis • Balancing the customer retention & customer acquisition • Firing your customers

Customer analysis process
Identify and profile best customers Develop customer value profile Increase profitability of Existing customers Extend the length of relationship with you

Attract new customers

Increase the amount of business they do with you

Checklist
 In profiling good customers factors such as : profitability ,market size,growth rate, price sensitivity are considered  Evaluation of the ability to satisfy customer needs better than the competitors is to be done  In developing strategies ,decide what you want various customer segments to do as a result of your marketing efforts  Practicing the art of saying no to customer by designing specific policies and products for targeted customers

Product skills ________________________

Strategic product planning

Strategic product planning
It requires the understanding of the corporate and divisional strategic goals It includes : • Fostering the customer mindset • Understanding past success & failures • Developing product ideas • Targeting current tangential and new markets

Personal skills for product managers
• • • • • • • Passion for the product Intellectual curiosity Communication skills Listening skills Negotiation skills Analytical skills Selling skills

Competencies for product managers
• Ability to think strategically about the product by understanding how the product fits into the company’s business • Ability to clearly define and communicate the vision, goals, and value proposition of the product from the customer perspective • Ability to understand customer requirements, and to map customer requirements into product specifications and features • Ability to understand technology broadly (architectural knowledge) as well as deeply (inner workings) to dialog effectively with developers

• Ability to evaluate cost/quality/time-to-market trade-offs and to make appropriate trade-off decisions under uncertainty • Ability to effectively communicate with, tactfully collaborate with, and forcefully convince people in diverse functional areas • Ability to analyze data and trends to produce effective plans and accurate forecasts • Ability to juggle competing demands on time and to prioritize activities

There's a difference between being busy and being productive.
Kristen Lippincott, Curator, National Maritime Museum, Greenwich, England

Key points
 Responsible for orchestrating all product-related activities  Should act as “general mangers” for their products  Success requires art of influence without authority  Need to be able to think across functional boundaries  Business context and organizational culture impacts role definition, responsibilities and authority  A good product manager should be the “go-to” person for his product.

Any Questions ??????

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