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Involves overseeing the entire lifecycle of a product, from ideation to launch and beyond, with the goal of maximizing its success in the market.
The contemporary dynamic environment determines the consumers’ position in the qualitative and quantitative dimensions of life. The current world of consumers and consumption is shaped by the impact of two basic factors: globalization and modernization.
Other job titles for product manager could include:
The product manager is not responsible for setting a product vision and strategy.
The development from the simple product idea to the product design specifications and finally the product specifications is a continually evolving process through the initial stage of the product development process to the end of the product design stage.
Seen as having extension potential into other markets.
Determining if product management is the optimal structure for a particular company involves a number of considerations, including:
To succeed, firms employ many different strategies, including:
Marketing management is the holistic job of product managers, including planning, forecasting, and marketing products or services.
Acquired abilities should include organizational, time management, and communication skills.
Although this is less common (and perhaps less desirable if customer input is an afterthought), it is an organizational form that can fit certain needs.
Time series forecasts can be obtained from historical data on past product sales to project into the future for short-term sales figures.
The ______________________________ would support the product managers by providing communication materials and handling company-wide promotional and public relations activities.
The ideal product profile gives a qualitative measure for each product characteristic which can be built up to the product design specifications.
How to grow customer equity could involve one or a combination of:
Since beginning product managers typically spend most of their time gathering and organizing information on the product, its customers, and the competition, product knowledge is paramount.
The synthesis is the section of the annual product marketing plan that ties together the background analysis with the vision by indicating what steps will be taken this fiscal year to move closer to the future picture of the company’s product line.
Labeling not only serves to express the contents of the product, but may be promotional.
Problems or opportunities are the conclusions drawn from any part of the background analysis.
_____________may have to be multilingual, especially if the product is a world brand.
External conflicts faced by a Product Manager are:
Safety and security of the product within the package in terms of temperature limits, barometric pressure,color retention, vibrations, and even the ecological effect of the package in itself.
The main function of product management is to:
A market channel includes:
__ management involves looking at a line of products as it might be evaluated by a market segment. To accomplish this, product managers might need to work together as a category team.
Costs of packaging have always to be weighed against the advantage gained by it.
A ___________ is a guarantee on the product performance as stipulated by the manufacturer. In other words, it defines the manufacturer's liability in the case of non-performance, or under-performance of the product.
Products adapted to the perceived unique characteristics of national markets.
Both product and communication strategies need attention to fit the peculiar need of the market.
Synthesis starts with forecasting the sales that need to be addressed in the annual plan.
beliefs or perceptions does not affect the "world brand" concept.
It include prestige, fun and friendliness, aesthetics, healthiness.
Local product life cycle discusses the consumption pattern of the product in many countries. This concept explains that the products pass through several stages of the product life cycle.
A ____________ is a combination of physical attributes say, size and shape; and subjective attributes say image or "quality". A customer purchases on both dimensions.
The __ is not one definition made at the beginning of the product development project but it changes and develops as the project progresses.
Consumer goods product managers will find it necessary to be more involved with the trade as retailers gain more knowledge of and “influence” with consumers.
The _________________________is tasked with the leadership and direction of a product management team that is responsible for a specific group of products.
Market channel requirements includes:
There is no creativity in developing the ideas for the type of product and then for the detail of the product, but this is tempered by the aim and constraints of the project.
Marketing executives from consumer goods firms tended to view service managers as coordinators of strategy to a greater degree than was true for industrial firms.
The product director is responsible for forecasting product sales or, at a minimum, understanding the forecasts received.
A product manager is typically a lower manager charged with managing and marketing existing products (and developing new products) for a given product line, brand, or service.
The firms in low income country also realize the demand potential in the domestic market. They start producing the products in their home country by exploiting cheap_________.
Seen as only suitable in one single market.
The _________________ can be affected by the type of retail display, the retailers' needs for the product and certainly the price range.
This needs a totally new idea to fit the exclusive conditions of the market. This is very much a strategy which could be ideal in a Third World situation. The development costs may be high, but the advantages are also very high.
An __ product is a product that can only be perceived indirectly.
Some products such as heavy machinery, cooling towers, factories, ships and Lorries are with few exceptions purchased by industrial organizations. Such products can thus be classified as consumer products.
Package benefits include physical characteristics (such as size, shape, color), chemical composition, sensory qualities, nutritional value and safety features.
It is important that the creativity does not lead to a product that is outside the business strategy.
The importing firms in the middle income country realize the demand potential of the product in the home market. The manufacturers also become familiar in producing the goods.
Psychological characteristics include range, shape, size, color, quality, quantity and compatibility.
Product managers own the creative process of generating and developing new ideas. They determine which ideas should be promoted into features to push the product strategy forward — namely those that will achieve key objectives for the product line and business.
Despite its limitations, product management (or some variation of it) has found its way into virtually every type of industry, going well beyond the traditional consumer-product brand-manager position.
Other products such as shoes, tea, visits to the cinema, and cans of soft drink and so on are typically purchased for use or consumption by individuals. These products are accordingly generally classified as industrial products.
Understand what makes your users tick, rapidly release better product experiences, and grow your business across web and mobile.
Product design is a corporate process of designing and commercializing new products.
______________________ marketing strategies are based on the knowledge of the target market and its segments. Attention should primarily be paid to the motivation and deciding methods of consumers, which largely affects their buying behavior.
Causal forecasts are derived from relating sales to the factors that cause the sales to happen.
Market managers are used when a company needs to develop different markets for a single product line. Focus is on developing the _________ rather than on taking the product to market.
The consumer discussion panel, or as it is usually called the consumer ___________, is invaluable for building up the product concept. About 30-60 consumers can take part in small discussion groups of 6-8 people.
Product packaging, labeling, physical characteristics and marketing have to adapt to the cultural requirements when necessary. Religion, values, aesthetics, language and material culture all affect production decisions.
Product managers are used in all types of ______________ from consumer packaged goods to services (such as financial institutions) to industrial companies (such as original equipment manufacturers, component suppliers, and after-market firms) to nonprofit organizations (such as hospitals).
A greater importance was placed on forecasting and competitor intelligence for industrial product managers than was true for consumer product managers.
Product components are used to assist with the operation of the organization but are not directly used in producing goods or services
Branding and packaging might or might not be a crucial part of the plan, but they should at least be considered.
Common criticism of the __ structure is that it is a “fast-track” or “stepping-stone” position, overemphasizing short-term results.
An important part of a product manager’s marketing function is __ a product to balance profitability and customer satisfaction.
It is an article or substance that is manufactured or refined for sale. In manufacturing, products are bought as raw materials and sold as finished goods.
Product managers then communicate the status of ideas back to the customers, partners, and internal team members who submitted them.
Market & share forecasting, budgeting, coordinating with production, executing promotion, packaging, etc. is the role of associate Product Manager.
A ________________ typically is responsible for the strategy, road map, and feature definition of a product or product line.
____________ by the consumers of the product characteristics in a product profile for a number of prototypes and their ideal product gives the designer a greater understanding of the product for further development.
__is unplanned -result of marketer’s actions.
The purpose of the annual product marketing plan is to provide middle management with a concise marketing and financial summary of objectives and strategies along with the requirements to achieve the objectives.
The ideal product profile is developed by the consumers, based on the most important product characteristics.
The downfall of several product or brand management systems was the establishment of a product manager as caretaker of the product, with an emphasis on “safe” results.
The ________________________________usually reports to the VP of product in a larger organization or to the CEO or business unit leader in a smaller organization. They may move into the role with seven to 10 years of experience. This is a senior role that requires management experience and the ability to collaborate with executives and other cross-functional leaders.
The __________________________ is usually found in larger, more established organizations. They may move into the role with eight to 12 years of experience and report to a C-level executive.
A __ product is a physical object that can be perceived by touch.
The __ at any stage acts as a guide to the product development.
________________________ must plan what their teams will deliver and the timeline for implementation. This holds true no matter which development methodology the engineering team uses.
Packaging which is non-degradable - plastic, for example - is more in demanded.
It is anything that can be offered to a market that might satisfy a want or need.
In product design, there is no systematic optimization of product quality.
In profiling “good” __ consider factors such as profitability, market size and growth rate, reference value for other customers, and level of price sensitivity.
Product managers provide the deep product expertise needed to lead the organization and make strategic product decisions. They often analyze market and competitive conditions, laying out a product vision that is differentiated and delivers unique value based on customer demands.
To build up the product concept, the important product characteristics are identified by the consumers, then the descriptions and if possible the 'strengths' of the product characteristics are determined.
Promotional methods includes:
The CEO is responsible for defining the release process and coordinating all of the activities required to bring the product to market. This involves bridging gaps between different functions within the company and aligning all of the teams involved — namely marketing, sales, and customer support.
Food industry designers could benefit from studying the work of designers in other industries and vice versa. The industrial designers do little consumer research during the design and could benefit from studying the techniques of the food designers; the food designers could benefit from the more technically rigorous design procedure and also the aesthetic qualities of the industrial design.
Specifications are often set by the producers.
Export strength is evident by innovator country: Products are normally innovated in the developed countries because they possess the resources to do so.
__ promotion refers to tools, other than advertising, used to stimulate short-term demand. This includes coupons, free samples, contests, premiums, point-of-purchase material, and so on.
Product managers work closely with _________________ on the technical specifications and ensure that teams have all of the information they need to deliver a complete product to market.
Create a real-time business dashboard visualization that unifies every component of your company to increase everyone’s ability to act on data.
Have a balance between customer acquisition and customer __.
Gather data and user decisions and transform them into actionable insights delivered at the point of work.
Which of the following is a factor encouraging adaptation?
The product manager is a generalist who must rely on few functional specialists to develop and market the product line.
Internal conflicts faced by a Product Manager are:
Product manager must be persuasive & able to influence the management.
Yet all of the tools and techniques espoused by management gurus have not replaced the importance of a solid organizational structure ________________________to guide an organization in accomplishing corporate goals.
_________________is an entry-level position, usually reporting to a product manager (PM) or group product manager.
Frequently cited traits looked for in product managers include an entrepreneurial attitude, leadership, and ___________________________.
The product concept can't be developed from the first description of the product idea.
__ is an organizational life cycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product life
The producers in the low income importing country gain sufficient experience in producing and marketing the products. They attain the _______________and gradually become more efficient than the innovator country.
Quality, method of operation or use and maintenance (if necessary) are catchwords in international marketing. A failure to maintain these will lead to consumer dissatisfaction.
During product design in the food and other processing industries, there is an interlocking of the raw material production, processing and storage with the product design.
Product managers who are __________________ primarily function as administrators to assure deadlines are met and requests are carried out.
The sensory properties are usually less important to the consumer and there is no emphasis on the sensory characteristics in building up the product profile.
____________________ is a matrix organizational structure in which a product manager is charged with the success of a product or product line but has no direct authority over the individuals producing and selling the product.
Purchase decisions occur when customer is exposed to promotional activity, like salesperson’s persuasion or incentives like special discounts.
In decisions on producing or providing products and services in the international market it is essential that the production of the product or service is well planned and coordinated, both within and with other functional area of the firm, particularly marketing.
Packaging serves many purposes. It protects the product from damage which could be incurred in handling and transportation and also has a promotional aspect.
Global companies will have cross-border product business teams responsible for leveraging capabilities throughout the world. These will be “virtual teams,” which do not meet regularly on a face-to-face basis and are not located in the same country.
In developing ________________, decide what you want various customer segments to do as a result of your marketing efforts.
If you have specific groups of customers who require unique products, or if you must combine standard products in unique ways to meet the __ of these customer groups, consider segment management as an alternative (or in addition) to product management.
____________________ is defined by the market segment(s) and the marketing methods to be employed, including the market channel, the desired promotion and promotional methods and of course the price.
Be careful not to lose sight of the __ as you strive to create competitively superior products and services.
Today there is the knowledge for more technical food design because the requirements of total quality management (TQM) and (HACCP) demanded more technical product/processing knowledge in all companies. What is HACCP?
The _____________________________ would provide the day-to-day motivation and management of the sales force and support the product managers in the introduction of new products.
The presence of internal support groups (such as advertising and marketing research) means that product managers can be less technically skilled in these areas and instead focus on managing.
Product managers who are entrepreneurial not only coordinate projects but also develop product plans.
Fixed costs are those that vary (in total) with production of the product or service. This could include direct materials and labor.
It include price, value for money, ease of storage, use and disposal.
A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual form.
The role of a product manager is far different in concept to a brand manager at a consumer packaged goods company.
The ________________________________ would contract out or conduct marketing research activities required to fully understand customer needs and competitive capabilities and provide input into company growth and acquisition opportunities.
The product is adapted to fit usage conditions but the communication stays the same. The assumption is that the product will serve the same function in foreign markets under different usage conditions.
Product managers who are leaders are more entrepreneurial and become more active in the strategic planning of products and services for the company.
If the product basically fits the different needs or segments of a market it may need an adjustment in marketing communications only. Again this is a low cost strategy, but different product functions have to be identified and a suitable communications mix developed.
A primary role of service managers is to get all functions to focus on the market—the final customers.
It include convenience in buying and carrying, information on use, easy preparation, attractive presentation, recipes and nutritional information.
The product manager owns the road map and must prioritize building what matters most to achieve the strategic goals and initiatives behind the product.
This strategy is very low cost and merely takes the same product and communication strategy into other markets. However it can be risky if misjudgments are made.
Product Manager acts as a “mini-CEO” by taking responsibility for the overall health of the brand.
Combined market attractiveness and ability-to-serve evaluations to prioritize market segments and customers.
Product managers are responsible for guiding the success of a product and leading the cross-functional team that is responsible for improving it. It is an important organizational role — especially in technology companies — that sets the strategy, roadmap, and feature definition for a product or product line.
Causal forecasts, as the term implies, are compilations of data from qualitative and quantitative research.
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