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Introduction to  Product Management Presented by: Ripudaman Singh Randhawa
<ul><li>Topics covered </li></ul><ul><ul><li>Introduction & Definition of Product management </li></ul></ul><ul><ul><li>Cr...
Introduction
Introduction  <ul><ul><li>Product management concept was created the company named  </li></ul></ul><ul><li>Procter & Gambl...
Definition Product management  : It is the function of ensuring over time,that the product or service profitably meets the...
Two faces of product management Voice of The Customer Capabilities of  the Company Inbound Product Development Convert the...
<ul><li>Inbound Responsibilities   </li></ul><ul><ul><li>Understand customer needs and requirements  </li></ul></ul><ul><u...
<ul><li>Outbound Responsibilities </li></ul><ul><ul><li>Manage product launch  </li></ul></ul><ul><ul><li>Support marketin...
Responsibilities vary by context Maturity of product-market Company Size SMALL LARGE MATURE EMERGING <ul><li>“ Inbound/Str...
The new P’s Product Management Development & Services Marketing Communications Sales Channel Who owns this? Price Problem ...
Product manager Definition : A product manager is a middle manager, usually within the marketing organization,responsible ...
Production &  R&D Product manager advertising customer Top management Legal & purchasing logistics Finance  sales Role of ...
Deliverables for Product Managers Product Conception Product Development  Product Launch Product Sustaining <ul><li>Respon...
Planning skills _______________________
Customer Value Management <ul><li>The corner stone of an effective business strategy is the ability to attract and retain ...
Customer analysis process Identify and profile  best  customers Develop customer value profile Increase profitability of  ...
Checklist  <ul><ul><li>In profiling good customers factors such as : profitability ,market </li></ul></ul><ul><li>size,gro...
Product skills ________________________
Strategic product planning
Strategic product planning <ul><li>It requires the  understanding  of the corporate and divisional strategic goals </li></...
Personal skills for product managers <ul><ul><li>Passion for the product </li></ul></ul><ul><ul><li>Intellectual curiosity...
Competencies for product managers <ul><ul><li>Ability to think strategically about the product by  </li></ul></ul><ul><li>...
<ul><ul><li>Ability to evaluate cost/quality/time-to-market trade-offs and to make </li></ul></ul><ul><li>appropriate trad...
<ul><ul><li>There's a difference between being busy and being productive.   </li></ul></ul><ul><ul><li>Kristen Lippincott,...
<ul><li>Key points </li></ul><ul><ul><li>Responsible for orchestrating all product-related activities  </li></ul></ul><ul>...
Any Questions ??????
……………
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Transcript of "product management"

  1. 1. Introduction to Product Management Presented by: Ripudaman Singh Randhawa
  2. 2. <ul><li>Topics covered </li></ul><ul><ul><li>Introduction & Definition of Product management </li></ul></ul><ul><ul><li>Cross functional roles of product manager </li></ul></ul><ul><ul><li>Planning skills </li></ul></ul><ul><li>• Customer value management </li></ul><ul><ul><li>Product skills </li></ul></ul><ul><li>• Strategic product planning </li></ul><ul><ul><li>Responsibilities of the product manager </li></ul></ul><ul><ul><li>Conclusion </li></ul></ul>
  3. 3. Introduction
  4. 4. Introduction <ul><ul><li>Product management concept was created the company named </li></ul></ul><ul><li>Procter & Gamble </li></ul><ul><ul><li>In 1931, Camay soap was languishing while Ivory soap was </li></ul></ul><ul><li>thriving & then the P & G executive suggested that an individual </li></ul><ul><li>manager be assigned the responsibility for Camay , in effect pitting </li></ul><ul><li>the brands against each other </li></ul><ul><ul><li>Thus , this brand management system was so successful that it was </li></ul></ul><ul><li>copied by most consumer packed goods industry </li></ul>
  5. 5. Definition Product management : It is the function of ensuring over time,that the product or service profitably meets the needs of customer by continuously monitoring and modifying the elements of the marketing mix
  6. 6. Two faces of product management Voice of The Customer Capabilities of the Company Inbound Product Development Convert the value proposition into a market offering Outbound Product Marketing Take the offering and the value message to market
  7. 7. <ul><li>Inbound Responsibilities </li></ul><ul><ul><li>Understand customer needs and requirements </li></ul></ul><ul><ul><li>Understand the market and competition for the product </li></ul></ul><ul><ul><li>Research feature enhancements and upgrades for future </li></ul></ul><ul><ul><li>releases </li></ul></ul><ul><ul><li>Create Marketing Requirements Document (MRD) </li></ul></ul><ul><ul><li>Create the product release plan </li></ul></ul><ul><ul><li>Help to develop product roadmap and competitive </li></ul></ul><ul><ul><li>positioning </li></ul></ul>
  8. 8. <ul><li>Outbound Responsibilities </li></ul><ul><ul><li>Manage product launch </li></ul></ul><ul><ul><li>Support marketing with outbound marketing </li></ul></ul><ul><ul><li>communication and PR </li></ul></ul><ul><ul><li>Support sales with product training, demos, </li></ul></ul><ul><ul><li>customer presentations, data sheets, competitive </li></ul></ul><ul><ul><li>positioning </li></ul></ul><ul><ul><li>Support sales on key customer deals and </li></ul></ul><ul><ul><li>accompany sales personnel on key customer visits </li></ul></ul><ul><ul><li>Monitor and improve customer satisfaction </li></ul></ul>
  9. 9. Responsibilities vary by context Maturity of product-market Company Size SMALL LARGE MATURE EMERGING <ul><li>“ Inbound/Strategic” </li></ul><ul><ul><li>Inbound-heavy role </li></ul></ul><ul><ul><li>Close interaction with engineering </li></ul></ul><ul><ul><li>Defining target markets </li></ul></ul><ul><ul><li>Generating customer wins </li></ul></ul><ul><ul><li>Broad authority and influence </li></ul></ul><ul><ul><li>Ability to think strategically </li></ul></ul><ul><li>“ Outbound/Tactical” </li></ul><ul><ul><li>Outbound-heavy role </li></ul></ul><ul><ul><li>Understanding of product </li></ul></ul><ul><ul><li>Understanding of vertical markets </li></ul></ul><ul><ul><li>Less authority and direct influence </li></ul></ul><ul><ul><li>Ability to communicate internally </li></ul></ul>Market Maturity
  10. 10. The new P’s Product Management Development & Services Marketing Communications Sales Channel Who owns this? Price Problem Product Promo Place
  11. 11. Product manager Definition : A product manager is a middle manager, usually within the marketing organization,responsible for successfully bringing new products (or services/brands)to market and ensuring the ongoing success of existing products over their lifecycle by orchestrating all functional areas that impact the development, manufacturing, sales, and support of products.
  12. 12. Production & R&D Product manager advertising customer Top management Legal & purchasing logistics Finance sales Role of product manager
  13. 13. Deliverables for Product Managers Product Conception Product Development Product Launch Product Sustaining <ul><li>Responsibilities: </li></ul><ul><ul><li>Sales training </li></ul></ul><ul><ul><li>Customer promotions </li></ul></ul><ul><ul><li>Trade promotions </li></ul></ul><ul><ul><li>Product updates </li></ul></ul><ul><ul><li>Next version </li></ul></ul><ul><li>planning </li></ul><ul><li>Responsibilities: </li></ul><ul><ul><li>Product </li></ul></ul><ul><li>introduction plan </li></ul><ul><ul><li>Customer demos </li></ul></ul><ul><ul><li>Refined forecasts </li></ul></ul><ul><ul><li>Sales training </li></ul></ul><ul><ul><li>Trade shows </li></ul></ul><ul><li>Responsibilities: </li></ul><ul><ul><li>Refine market </li></ul></ul><ul><li>requirements </li></ul><ul><ul><li>Customer research </li></ul></ul><ul><ul><li>Trade-off schedule </li></ul></ul><ul><li>vs. features </li></ul><ul><li>Responsibilities: </li></ul><ul><ul><li>Market research </li></ul></ul><ul><ul><li>Target market </li></ul></ul><ul><li>definition </li></ul><ul><ul><li>Competitive </li></ul></ul><ul><li>analysis </li></ul><ul><ul><li>Positioning </li></ul></ul>
  14. 14. Planning skills _______________________
  15. 15. Customer Value Management <ul><li>The corner stone of an effective business strategy is the ability to attract and retain high-profit customers </li></ul><ul><li>Thus it is the job of the product manager to: </li></ul><ul><ul><li>Do the customer analysis </li></ul></ul><ul><ul><li>Balancing the customer retention & customer acquisition </li></ul></ul><ul><ul><li>Firing your customers </li></ul></ul>
  16. 16. Customer analysis process Identify and profile best customers Develop customer value profile Increase profitability of Existing customers Attract new customers Extend the length of relationship with you Increase the amount of business they do with you
  17. 17. Checklist <ul><ul><li>In profiling good customers factors such as : profitability ,market </li></ul></ul><ul><li>size,growth rate, price sensitivity are considered </li></ul><ul><ul><li>Evaluation of the ability to satisfy customer needs better than the </li></ul></ul><ul><li>competitors is to be done </li></ul><ul><ul><li>In developing strategies ,decide what you want various customer </li></ul></ul><ul><li>segments to do as a result of your marketing efforts </li></ul><ul><ul><li>Practicing the art of saying no to customer by designing specific </li></ul></ul><ul><li>policies and products for targeted customers </li></ul>
  18. 18. Product skills ________________________
  19. 19. Strategic product planning
  20. 20. Strategic product planning <ul><li>It requires the understanding of the corporate and divisional strategic goals </li></ul><ul><li>It includes : </li></ul><ul><ul><li>Fostering the customer mindset </li></ul></ul><ul><ul><li>Understanding past success & failures </li></ul></ul><ul><ul><li>Developing product ideas </li></ul></ul><ul><ul><li>Targeting current tangential and new markets </li></ul></ul>
  21. 21. Personal skills for product managers <ul><ul><li>Passion for the product </li></ul></ul><ul><ul><li>Intellectual curiosity </li></ul></ul><ul><ul><li>Communication skills </li></ul></ul><ul><ul><li>Listening skills </li></ul></ul><ul><ul><li>Negotiation skills </li></ul></ul><ul><ul><li>Analytical skills </li></ul></ul><ul><ul><li>Selling skills </li></ul></ul>
  22. 22. Competencies for product managers <ul><ul><li>Ability to think strategically about the product by </li></ul></ul><ul><li>understanding how the product fits into the company’s business </li></ul><ul><ul><li>Ability to clearly define and communicate the vision, goals, </li></ul></ul><ul><li>and value proposition of the product from the customer </li></ul><ul><li>perspective </li></ul><ul><ul><li>Ability to understand customer requirements, and to map </li></ul></ul><ul><li>customer requirements into product specifications and features </li></ul><ul><ul><li>Ability to understand technology broadly (architectural </li></ul></ul><ul><li>knowledge) as well as deeply (inner workings) to dialog </li></ul><ul><li>effectively with developers </li></ul>
  23. 23. <ul><ul><li>Ability to evaluate cost/quality/time-to-market trade-offs and to make </li></ul></ul><ul><li>appropriate trade-off decisions under uncertainty </li></ul><ul><ul><li>Ability to effectively communicate with, tactfully collaborate with, and </li></ul></ul><ul><li>forcefully convince people in diverse functional areas </li></ul><ul><ul><li>Ability to analyze data and trends to produce effective plans and </li></ul></ul><ul><li>accurate forecasts </li></ul><ul><ul><li>Ability to juggle competing demands on time and to prioritize </li></ul></ul><ul><li>activities </li></ul>
  24. 24. <ul><ul><li>There's a difference between being busy and being productive. </li></ul></ul><ul><ul><li>Kristen Lippincott, Curator, National Maritime Museum, Greenwich, England </li></ul></ul>
  25. 25. <ul><li>Key points </li></ul><ul><ul><li>Responsible for orchestrating all product-related activities </li></ul></ul><ul><ul><li>Should act as “ general mangers ” for their products </li></ul></ul><ul><ul><li>Success requires art of influence without authority </li></ul></ul><ul><ul><li>Need to be able to think across functional boundaries </li></ul></ul><ul><ul><li>Business context and organizational culture impacts role </li></ul></ul><ul><ul><li>definition, responsibilities and authority </li></ul></ul><ul><ul><li>A good product manager should be the “go-to ” person for </li></ul></ul><ul><li>his product . </li></ul>
  26. 26. Any Questions ??????
  27. 27. ……………
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