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PRODUCT MANAGEMENT

PRODUCT MANAGEMENT. CHAPTER 1: OVERVIEW AND INTRODUCTION TO PRODUCT MANAGEMENT. LEARNING OBJECTIVES:. After studying this chapter, you should be able to: Understanding the principals of product management Outlining the role of a product manager

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PRODUCT MANAGEMENT

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  1. PRODUCT MANAGEMENT CHAPTER 1: OVERVIEW AND INTRODUCTION TO PRODUCT MANAGEMENT

  2. LEARNING OBJECTIVES: After studying this chapter, you should be able to: • Understanding the principals of product management • Outlining the role of a product manager • Discussing the different approach of product management via the organizational structure • Highlighting the skills needed in managing a product • Discussing the challenges facing product management

  3. CHAPTER OUTLINE • Introduction • A product manager’s potential interaction • Product Vs. General Marketing Management • Marketing Organization • Critical Skills in Product Management • Challenges Affecting Product Management

  4. INTRODUCTION • The planning activities related to the management of product(s) or product line • Obtaining organizational support for the marketing plan

  5. A PRODUCT MANAGER’S POTENTIAL INTERACTION Advertising Agency Media Manufacturing & distribution Promotion services Packaging R&D Product Manager Legal Purchasing Fiscal Publicity Market Research Sales

  6. PRODUCT Vs. GENERAL MARKETING MANAGEMENT

  7. Marketing Organization: Product- Focused Organizations

  8. Marketing Organization: Product- Focused Organizations Advantages • Locus of responsibility is clear • Develop the ability to work with other areas in org. • Advocate for the product

  9. Marketing Organization: Product- Focused Organizations Weaknesses • Focus on one product • Removed from “where the action is” • Too myopic • In-bred competition (product cannibalization)

  10. Marketing Organization: Market- Focused Organizations

  11. Marketing Organization: Market- Focused Organizations Advantages • Focus on customer • Resource & knowledge sharing • Work well for “system” or bundle sale

  12. Marketing Organization: Market- Focused Organizations Weaknesses • Potential conflict within the product management structure • Locus of responsibility is ambiguous

  13. Marketing Organization: Functionally Focused organizations

  14. Marketing Organization: Functionally Focused organizations Advantages • Administratively simple • Specialization • Well-coordinated

  15. Marketing Organization: Functionally Focused organizations Weaknesses • Who is ultimately responsible for the product? • Focused only on functional development

  16. CRITICAL SKILLS IN PRODUCT MANAGEMENT • Negotiation • Teamwork • Communication skills • Analytical ability

  17. CHANGES AFFECTING PRODUCT MANAGEMENT • Internet • Data explosion • Increased emphasis on brand equity • Changes in the balance of market power • Increased importance of customer retention programs • Global competition

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