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Unit II
Unit II
Noida
2.
Brief Introduction of Faculty member with Photograph
3. Evaluation Scheme
4. Syllabus
5. Branch wise Application
6. Course Objective(s)
7. Course Outcome(s)
8. Program Outcomes (POs)
9. COs and POs Mapping
Ms.Priyanka Malhotra
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Syllabus
UNIT-I
• Introduction to Product Management 08 Hours
Introduction to Product & Product Related Concepts: Product Management & Scope,
Define Product, Classification of Product, Product Levels, Product Hierarchy.
Product Life Cycle: Product Life Cycle Stages and corresponding Strategies and Product
Evaluation.
Product Portfolio: Concept, Factors influencing Product Portfolio, The BCG Growth
Matrix, Shell’s Directional Policy Matrix
UNIT -2
• New Product Strategy 08 Hours
New Products: New Product Categories, Organization for Product Management,
prototyping, New Product Development Process, test marketing.
New product strategy: The need for Product Innovation Strategy, the components of
new Product Strategy Commercialization: Test Marketing, Time to Market, Breaking into
the Market, Managing Growth, Resistance to Change, Leveraging new Product Growth,
Sustaining Differentiation
Managing the mature Product: Offensive Strategies, Extending the product life cycle,
Customer Relationship Management.
Ms.Priyanka Malhotra
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Syllabus
• UNIT-5
Measuring, Growing and Sustaining Brand Equity 08 Hours
The brand value chain, Designing brand tracking studies, Capturing
customer mind set through quantitative research techniques.
Brand architecture, Brand hierarchy, Designing brand strategy, Brand
extensions- advantage and disadvantage- Reinforcing brands,
Revitalizing brands, Brand Failures.
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Branch wise Applications
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CO-PO Mapping
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Result Analysis (Department Result, Subject Result
and Individual Faculty Result)
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End Semester Question Paper Template
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End Semester Question Paper Template
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End Semester Question Paper Template
Recap:
• Knowledge of product and concepts
• Product Life cycle
UNIT 2: CO2
1. New Products: New Product Categories
2. Organization for Product Management, prototyping
3. New Product Development Process, test marketing.
4. New product strategy: The need for Product Innovation
Strategy, the components of new Product Strategy
Commercialization
5. Time to Market, Breaking into the Market, Managing Growth,
Resistance to Change
6. Leveraging new Product Growth, Sustaining Differentiation
7. Managing the mature Product: Offensive Strategies, Extending
the product life cycle, Customer Relationship Management.
Ms.Priyanka Malhotra
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Unit Objective
Ms.Priyanka Malhotra
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Topic Objective /Topic Outcome
New Products
Topic 1:
New Product
New Product Categories
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New Product Categories
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New Product Categories
Cost reductions
• Changing consumer
• Increasing competition
• Technological advancement
• New opportunities (growth and development)
• Risk diversification
• To increase company & brand reputation
• To utilise excess capacity (ONGC originally was an oil exploration
company; subsequently it went into refinery and now they have
entered into retail distribution and marketing of petroleum
products.)
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Daily Quiz
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Topic Objective /Topic Outcome
New Products
Topic 2:
Product Management
Organization for Product
Management
Prototyping
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Organisation for Product Management
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Organisation for Product Management
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New Product Development (NPD)
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Daily Quiz
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Topic Objective /Topic Outcome
New Products
Topic 3:
New Product Development Process
Test Marketing
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New product Development Process
https://youtu.be/7j4WGVAsf4Y
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New product Development Process
8 STAGES OF PRODUCT DEVELOPMENT PROCESS
• Idea Generation
Internal idea sources refer to the in-house research and development
teams of the company.
External sources refer to competitor innovations, the customer wants,
distributors and suppliers, and so on.
• Idea Screening
Errors in idea screening:
• Drop error
• Go error
•Development of Marketing Strategy
• Business Analysis
• Product Development
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New product Development Process
It provides an insight into how the product will be introduced into the
market, advertised, produced, packaged, distributed, and eventually sold
to the customers, and therefore any optimizations if required can be made
by the company.
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Test Marketing
• Sales-wave Research
Example: a free trial of new lipsticks, perfumes offered to the existing
customers, and feedback.
• Simulated Market test
The example is in departmental stores where new products are placed
and consumers’ behavior is tracked.
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Test Marketing
•Controlled Market test
•Test Markets
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Daily Quiz
• _____ is the development of original products, product improvements, product modifications, and
new brands through the firm’s own R&D efforts.
a. Idea generation
b. Concept testing
c. Test marketing
d. New product development
•New-product development starts with _____.
a. Idea screening
b. Idea generation
c. Concept development and testing
d. Marketing strategy development
•What are the errors in idea screening?
•An attractive idea must be developed into a _____.
a. product idea
b. product concept
c. product image
d. test market
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Daily Quiz
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Daily Quiz
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Topic Objective /Topic Outcome
Topic 4:
Commercialization
The need for Product Innovation
Strategy
The components of new Product
Strategy
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New Product Failure
• No product point-of-difference
• Limited retailer support
• Poor product design
• Established customer loyalty in the market
• Weak launch or poorly executed launch
• Adverse media attention
• Aggressive competitor actions
• Poor pricing or cost structure
• Weak supporting brand equity
• Small target market
• No clear market need or perceived product benefits
• Poor internal marketing
• Weak sales for size of company
• Insufficient time for success
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Product development strategy
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Product development strategy
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Product Innovation strategy
Meaning
A product innovation strategy is about creating winning products, which
means products that are in an attractive market, target a profitable
customer segment, address the right unmet needs, and help customers
get a job done better than any competing solution.
Product vision
For example, Google’s early vision statement for its search engine
was, “Organize the world’s information and make it universally
accessible and useful.”
Ms.Priyanka Malhotra
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Components of New Product strategy
Goals
A product vision should lead to high level strategic goals. These goals
will, in turn, influence what the team prioritizes on its product
roadmap.
Using SMART goals is the best approach to utilize when setting goals for
your product strategy. Like product roadmaps, goals should be specific,
measurable, attainable, relevant, and time-bound.
Ms.Priyanka Malhotra
11/17/2022 59
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Components of New Product strategy
Initiatives
Initiatives are the strategic themes derived from your product goals
and then placed on your roadmap. They are significant, complex
objectives your team must break down into actionable tasks
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Components of New Product strategy
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Daily Quiz
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Topic Objective /Topic Outcome
Topic 5:
Time to Market
Breaking into the Market
Managing Growth
Resistance to Change
Ms.Priyanka Malhotra
11/17/2022 68
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Resistance to change
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Resistance to change
Why is Change Management in Product Development Difficult ?
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Topic Objective /Topic Outcome
Topic 6:
Leveraging new Product Growth
Offensive strategy
PLC extension strategies
CRM
DEF.: When a business takes certain steps against the market leader to
get competitive in order to secure its market position.
Egs.: reduce the price to a great extent, creative and catchy design to
attract the attention, and a great marketing and advertising campaign.
Example:
Example:
Coca-Cola and Pepsi both are the market leader in the soft drink
beverage industry. They both have got capital and resource. They’ve
got a long history of frontal attacks. When Coca Cola launched diet
coke, then Pepsi offered diet Pepsi.
• Bypass Attack
Example: Samsung fold and flip to counter iphone and gain an
advantage.
• Guerrilla Marketing
Example: McDonald’s painted the zebra crossing lines as yellow to
symbolize French fries along with the brand image like a package. The
zebra lines or the French fries are coming out of the package.
When a product reaches the decline stage, a business can act to extend its
life cycle. There are a number of extension strategies that they can use to
prevent their product from becoming obsolete.
Extension strategies:
• Change usage– For example breakfast cereals used advertising to
show consumers eating cereal at different times of the day.
• Change name– If a product has suffered from bad publicity and sales
are falling, a tried and tested technique is to simply change the name
of the product.
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CRM
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CRM
What will CRM strategy do for my business?
A good CRM strategy will help you:
• Provide an enjoyable customer experience at all touch points of the
customer journey
• Strengthen collaboration between sales, marketing, and customer
service teams
• Clearly and quickly identify the most worthwhile leads and
opportunities
• Keep track of your leads and customers as they move through the buyer
funnel
• Carry out targeted marketing campaigns
• Produce concrete figures and data insights to inform and guide your
future business strategies.
• Customer retention
• To cross sell products more effectively
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Daily Quiz
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Weekly Assignment
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Topic links
https://www.youtube.com/watch?v=ebwo_BX_VtU
https://www.youtube.com/watch?v=Zb2cUBjPjtQ
https://strategyn.com/innovation-strategy/
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Glossary
Q. 4. Attempt all the parts: please pick the correct option from Glossary
(i)Vision (ii) Breaking into new markets (iii) Failure (iv) Product innovation
• The strategy that involves bringing winning product in the market is called ………………. strategy.
• ……………. Is a component of a product innovation strategy.
• ……………. means reaching an even wider audience and developing more ways to earn revenue.
• Fear of ……………….. is one reason why product managers resist change.
Q.5. Attempt all the parts: please pick the correct option from Glossary
(i) flank attack (ii) Encirclement attack (iii) frontal attack
(iv) offensive strategy
• An …………….. is when a business takes certain steps against the market leader to get
competitive in order to secure its market position.
• A ……………. is when a challenging company attacks the blind and weak points of the
competitor.
• …………………… is when you attack the competitor based on its strengths and weaknesses and
don’t leave any margin of error.
• A …………….. is when you attack the competitor face to face by offering the same product,
price, and quality.
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Sessional Paper
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University paper Links
http://www.aktuonline.com/mba.html
• https://www.pooripadhai.com/previous-year-question-paper/universities/aktu/
mba/
Ms.Priyanka Malhotra
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