Product Strategy

Topics: Product management, Marketing, Brand management Pages: 124 (25840 words) Published: March 10, 2013
Product management
• Product (or service) management includes a wide range of management activities, ranging from – the time that there's a new idea for a product – to eventually providing ongoing support to customers who have purchased the new product.

Product strategy
Product management and its role in company management Lecture 1

• Every organization conducts product management, whether it's done intentionally or unintentionally.

Product related decision proces as content of scientific interest In literature are for product related decisions used different terms: •Product policy, (popular in German literature i.e. Brockoff) as all activities using product as instrument of odbytového hospodárstva •Product marketing (in German represented by Koppelman, in USA i.e. AIPMM)is quality oriented part of marketing model aimed to develop succesful development and commercialization of firm products.

Product related decision proces as content of scientific interest • New product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. Brand management is the application of marketing techniques to a specific product, product line or brand. It seeks to increase a product's perceived value to the customer and thereby increase brand franchise and brand equity

Product management
• According to the existing literature, product/brand management is a system developed in 1927 by P&G, or maybe earlier. It took root mainly in the multiple products consumer goods companies. • The product management approach has long been one of the most widely used structural systems to organize the marketing effort and to assign responsibility to one person for the management of a product line or brand. • The product management system operates in the majority of all consumer packaged goods industries. A study indicates that 72% of consumer firms and 52% of the industrial firms were satisfied with the way the product management concept was working.

Product Manager:
• The person assigned responsibility for overseeing all of the various activities that concern a particular product. Sometimes called a brand manager in consumer packaged goods firms. • Within an organisation, a person assigned responsibility for overseeing all of the various functional activities – (such as manufacturing, pricing, and research) that concerns a particular product. – Actual responsibility varies widely, but the common feature is a narrow, product focus on the part of the manager. In some industries, the term brand manager is used in place of product manager.

Category management
• Procter and Gamble utilizes category management, an organizational form whereby several product managers are replaced with a single category manager. The category manager is placed in charge of an entire group of products, thereby forming mini profit centers with decisionmaking authority that allows the category manager to improve cost reduction and profitability of the full line of products, as well as get closer to both retail customers and end consumers.

A product manager’s key role is strategic, not tactical

Product manager’s key responsibilities
• Managing the entire product line life cycle from strategic planning to tactical activities • Specifying market requirements for current and future products by conducting market research supported by on-going visits to customers and non-customers. • Driving a solution set across development teams (primarily Development/Engineering, and Marketing Communications) through market requirements, product contract, and positioning. • Developing and implementing a company-wide go-to-market plan, working with all departments to execute. • Analyzing potential partner relationships for the product.

The Role of a Brand or Product Manager
• Prepare Marketing Plan • Develop Copy, Programs, and Campaigns • Stimulate Sales and Distribution • Market Intelligence • Product...
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