Product management

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Product management

  1. 1. PRODUCT MANAGEMENT <ul><li>The sessions will include: </li></ul><ul><li>Definitions </li></ul><ul><li>Scope </li></ul><ul><li>Reasons for Failure </li></ul><ul><li>Process </li></ul>
  2. 2. PRODUCT MANAGEMENT
  3. 3. Definition A Product is anything that can be offered to the market to satisfy a want or a need.
  4. 4. Definition………….. <ul><li>A Product is anything that is potentially valued by a target market for the benefits or satisfactions it provides. </li></ul>
  5. 5. Definition………….. <ul><li>A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers which they receive in exchange for money or some other unit of value. </li></ul>
  6. 6. Product Scope… <ul><li>Physical goods </li></ul>Services Experiences Events Persons Places Properties Organizations Information Ideas
  7. 7. New Product Development Process <ul><li>Idea Generation and Screening </li></ul><ul><li>Concept Development and Testing </li></ul><ul><li>Marketing Strategy </li></ul><ul><li>Business Analysis </li></ul><ul><li>Product Development </li></ul><ul><li>Test Marketing </li></ul><ul><li>Commercialization </li></ul>
  8. 8. Reasons of Product Failure Cost of Product Development Competitive Actions Overestimation of Market Size Product design problems Product incorrectly positioned,priced or advertised Poorly priced or overpriced Lack of sufficient capital Slow from idea to market,losing out to others
  9. 9. Classifications of Product <ul><li>Durable </li></ul><ul><li>Non – durable </li></ul><ul><li>Services </li></ul>
  10. 10. Product Levels <ul><li>Customer value hierarchy </li></ul><ul><li>Core benefit </li></ul><ul><li>Basic product </li></ul><ul><li>Expected product </li></ul><ul><li>Augmented product </li></ul><ul><li>Potential product </li></ul>
  11. 11. <ul><li>Convenience goods </li></ul><ul><li>Shopping goods </li></ul><ul><li>Specialty goods </li></ul><ul><li>Unsought goods </li></ul>Consumer goods classification
  12. 12. Convenience Goods <ul><li>These are the products that the customer wants but is not willing to spend much time shopping for such as candy bars,cigarettes, soaps and most grocery items. </li></ul>
  13. 13. Shopping goods <ul><li>These are the products that are considered worth the time and efforts needed to carefully evaluate them and to compare them with competing products like refrigerators and furniture and fixtures. </li></ul>
  14. 14. Specialty goods <ul><li>These are the products that consumer will make a special effort to buy,usually specific branded items of special importance to the consumers. </li></ul>
  15. 15. Unsought goods <ul><li>These are the products that consumers do not yet know they can buy or the products that they usually do not want. </li></ul>
  16. 16. Industrial goods classification <ul><li>Materials and Parts </li></ul><ul><li>- raw materials </li></ul><ul><li>- manufactured materials and parts </li></ul><ul><li>Capital items </li></ul><ul><li>Supplies and business services </li></ul>
  17. 17. Material and parts <ul><li>These are basic commodities such as logs ,iron sand and fresh fish on which processing is to be done to transform them into final products. </li></ul>
  18. 18. Manufactured material and parts <ul><li>Automobiles batteries </li></ul><ul><li>Wires </li></ul><ul><li>Small motors </li></ul><ul><li>cement </li></ul>
  19. 19. New Idea Spoilers <ul><li>I have got a better idea </li></ul><ul><li>It will not work here </li></ul><ul><li>It has been tried before </li></ul><ul><li>This is not the right time </li></ul><ul><li>It cannot be done </li></ul><ul><li>It is not the way we do things here </li></ul><ul><li>We have done all right without it. </li></ul><ul><li>It will cost too much </li></ul><ul><li>Let us discuss it at the next meeting </li></ul>
  20. 20. Product Strategy <ul><li>Total Market share </li></ul><ul><li>Consumer behaviour </li></ul><ul><li>Product positioning </li></ul><ul><li>Sales plan </li></ul><ul><li>Profit targets </li></ul><ul><li>Product price </li></ul>
  21. 21. Continued…. <ul><li>Market channels </li></ul><ul><li>Marketing expenses </li></ul><ul><li>Long range market and profit plans </li></ul><ul><li>Launch of the new product </li></ul>

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