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Product Management Essay

4674 words - 19 pages

PRODUCT MANAGEMENT

INTRODUCTION
TO PRODUCT MANAGEMENT

Role and Scope of Product Manager
Role of Product Manger Responsible for marketing of individual products or product lines • Creation and conceptualization of strategies for improving and marketing the assigned product line or brands. • Projection and determination of financial and operating plans for such products. • Monitoring execution and results of plans, with possible adaptation of tactics to evolving conditions. Scope of Product Manager: • Has no control over the functional departments that execute the plan • Lately, advertising function at micro level is being held by product managers

Interfaces of a Product ...view middle of the document...

of projects completed
Medium to Large Companies • More emphasis on 4Ps Small Companies • Pricing, marketing strategy, NPD are not functions of product manager • Performance criteria: Quarterly sales

Putting Subjects in Perspective
theory Brand Management Product Management

humanistic

scientific

IMC

Market(ing) Research

practice

Popular Myths
• I have already studied MM1 & 2, why do I need to study PDM again?
• PDM is for products where as Services Marketing is for services • PDM and MR share a lot in common • Subject has little to offer for my immediate future

TEASER!
• • • • • • • • Conjoint Analysis PERMAP Multiple Correspondence Analysis PREFMAP Forecasting tools based on regression Bass Model 2 Step Cluster Analysis Categorical Regression and many more!!!

Marketing Organizations
Product Focused Organizations
Description: Product manager is responsible for overall health of the brand or the product line

Example: Ford, Mitsubishi, Adobe
Pros: • Clear locus of control Cons: • Customer needs take back seat, • Internal rivalry, • Quest for quarterly goals than long term health of the product

Market Focused Organizations
Description: Organizational structure defined by market segment Example: Banks: (HNI, NRI), (Business, corporate), (Family, Individual), Levis: 15 – 24, 25 – 35 Pros: • Focus on customer • No internal rivalry • Salesman knowledgeable about all products relating to the segment Cons: • Insufficient motivation to sell products that offer little revenue • All products may not deserve equal focus

Functionally focused Organizations Description: Manager for each functional department Pros: • Conducive if the Organization has only one or two products to offer • Administratively simple Cons: • No one is responsible either for failure of the product

PRODUCT MANAGEMENT VERSON 2.0
ADVANCES WHICH PRODUCT MANAGEMENT CANNOT OVERLOOK
• • • • • • Proliferation of WEB, UGC, Social Media Data Explosion BRAND emphasis Customer is the king (Customer Orientation) Importance of Customer Retention Programs (1/10:1) Increased global competition

HOME WORK
• Marketing Organizations implications of global marketing (p.11, 12)
• Changes in Marketing Organizations (p.17 – 21).

Ethnocentric Orientation
• Guided by domestic market extension concept • Domestic strategies, techniques, and personnel are perceived as superior • International customers are considered as secondary • International markets are regarded primarily as outlets for surplus domestic production • International marketing plans are developed in-house by the international division

Polycentric Orientation
• Guided by the multidomestic market concept: • Focuses on the importance and uniqueness of each international market • Likely to establish businesses in each target country • Fully decentralized, minimal coordination with headquarters • Marketing strategies are specific to each country • Result: No economies of scale,...

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