Product management - Concepts
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This document discusses key concepts related to new product development including defining what constitutes a new product, the significance and benefits of new products, reasons for new product failure, and the scope and goals of product management. A new product is defined as something new to the world, a new product line, or an improvement/revision to an existing product. Developing new products provides benefits like growth, responding to competition, utilizing excess capacity, and increasing profitability. Common reasons for new product failures include being a "me too" product, lacking genuine superiority, poor market research, and rushing products to market before they are ready. The goal of product management is product planning, development, branding and creating value at each stage of the product lifecycle
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Prod 1
This document discusses key concepts related to new product development and product management. It defines a product as anything that can satisfy a want or need in the marketplace. New products are described as new to the world, new product lines, additions to existing lines, or improvements/revisions to existing products. Reasons for developing new products include growth, competition, excess capacity, and profitability. However, reasons for new product failure include being a "me too" product, lacking superiority, price resistance, poor market research, and rushing to market with defects. Product management involves product planning, development, branding, and the product lifecycle. The goal is to identify opportunities and create, deliver, and retain value for customers.
Product development
This presentation presents the meaning of product development, the key stages of product development and the importance of research, sensory evaluation and consumer testing.
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The document discusses the New Product Development (NPD) process and how process diagrams can be used to inspire teams. It provides examples of process diagrams for the NPD stages of ideation, development, and delivery. The diagrams show the high-level steps and how more detailed sub-processes are accessed. Additional information can be included through links. The document encourages trying an interactive NPD diagram and learning more about the Skore app, which is a tool for creating process maps and analytics to improve workflows.
The product planning process
This document outlines the key steps in the product planning process, which includes exploration of ideas, screening ideas, detailed business analysis, development, test marketing, and commercialization. It notes that product planning serves as the basis for decisions about price, distribution, and promotion. The document also emphasizes that product planning is an ongoing process rather than a one-time event, to allow for weighing new information and adapting to changes over the product development cycle.
What is product development and its process?
Product Development is the total process that takes a service or a product from conception to market. It includes a series of steps like Conceptualization, design, development, etc.
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Product Development
This document discusses the process of product development. It begins by defining product development as creating, innovating, or developing a new product or improving an existing product. It then discusses product research, which informs the development process. The document outlines tools used in development like simplification, standardization, and specialization to enhance efficiency. It identifies the key stages of product development as idea generation, screening, concept development, business/market analysis, introduction, and product life cycle analysis. It concludes by discussing product line extensions, where new products are created within an existing brand.
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This document discusses key concepts related to new product development and product management. It defines a product as anything that can satisfy a want or need in the marketplace. New products are described as new to the world, new product lines, additions to existing lines, or improvements/revisions to existing products. Reasons for developing new products include growth, competition, excess capacity, and profitability. However, reasons for new product failure include being a "me too" product, lacking superiority, price resistance, poor market research, and rushing to market with defects. Product management involves product planning, development, branding, and the product lifecycle. The goal is to identify opportunities and create, deliver, and retain value for customers.
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This document outlines the key steps in the product planning process, which includes exploration of ideas, screening ideas, detailed business analysis, development, test marketing, and commercialization. It notes that product planning serves as the basis for decisions about price, distribution, and promotion. The document also emphasizes that product planning is an ongoing process rather than a one-time event, to allow for weighing new information and adapting to changes over the product development cycle.
What is product development and its process?
Product Development is the total process that takes a service or a product from conception to market. It includes a series of steps like Conceptualization, design, development, etc.
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The document outlines the product development process and types of products. The product development process consists of 6 phases: planning, concept development, system-level design, design detail, testing and refinement, and production ramp-up. These phases involve specifying market needs, generating and selecting concepts, designing subsystems and components, creating drawings and specifications, building and testing prototypes, and ramping up full-scale production. The document also lists 8 types of products including generic, technology push, platform, process incentive, customized, high risk, quick build, and complex systems.
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This document discusses the process of product development. It begins by defining product development as creating, innovating, or developing a new product or improving an existing product. It then discusses product research, which informs the development process. The document outlines tools used in development like simplification, standardization, and specialization to enhance efficiency. It identifies the key stages of product development as idea generation, screening, concept development, business/market analysis, introduction, and product life cycle analysis. It concludes by discussing product line extensions, where new products are created within an existing brand.
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2) It emphasizes the importance of identifying target customers and their needs when developing new products. Products should be superior, well-defined, and address customer benefits.
3) Examples of new offerings in a hospital setting include repositioning services, adding new product lines, improving existing products, and developing new-to-the-world products like specialty clinics.
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1) Brand identity is a unique set of brand associations that strategists aspire to create to represent what the brand stands for and its promise to customers.
2) Key aspects of brand identity include its individuality, long-term goals, consistency, values, basic truths, and recognition signs.
3) A brand identity prism diagrams the internal and external aspects of brand identity and how they relate to a brand's personality, culture, products, customer relationships, and other dimensions.
Brand Management - Symbol, Character, Equity, Loyalty
This document discusses various aspects of brand symbols and brand equity, including:
1. A brand symbol is a strong component of a brand's visual language and leads to awareness, association, likeability, and stronger brand memories.
2. Brand equity refers to the assets and liabilities linked to a brand that add or subtract value. It is reflected in past investments and guides future actions.
3. Brand awareness, associations, loyalty, perceived quality, and other proprietary assets contribute to brand equity.
Brand Management - Importance, Difference, Logic, Model , Reasons, Challenges
Neha needs a new lunch box for work. She remembers her father using a plain stainless steel box, but thinks her colleagues would judge her for using one. She wants a trendy, colorful box that keeps food fresh. Her friend Meena brings her Tupperware lunch box to work one day. Meena tells Neha about Tupperware, a global brand known for its high-quality, leak-proof containers that have won design awards. Impressed by Tupperware's reputation and product features, Neha decides it is what she was looking for.
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Brand Management - Symbol, Character, Equity, Loyalty
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- 2. 1.What is a Product? It is anything that can be offered to a mkt. for attention, acquisition, use or consumption that might satisfy a want or a need.
- 3. PRODUCT COMPONENTS Core component Packaging component Supporting Service components
- 4. Significance of New Product Growth. Response to competition. Excess capacity. To increase cash flow/ profitability. Cost reduction. Creativity of management.
- 5. WHAT IS A NEW PRODUCT? New to the world. New Product Lines. Addition to existing product lines/product mix. Improvements in/ Revision to existing product. Repositioning. Cost reduction.
- 6. FIRM’S POINT OF VIEW Increasing Technological Newness Objecti No. Tech. Change Improved Technology New Technology NoMkt Change Strengthen Mkt NewMkt. IncreasingMarketNewness -- Reformulation Replacement Remerchandising Improved Product Product line Extn. New use Mkt. Extension Diversification
- 7. REASONS FOR NEW PRODUCT FAILURE “Me Too” product. Lack of genuine superiority. Price resistance. Poor Mkt.Research. Rush to the Mkt. with defective product. Ahead of time. Ignoring the competition. Over Promise. No adequate resource to support.
- 8. BENEFIT STRUCTURE ANALYSIS What is the actual operation? What ingredients are used in this operation? What are the attributes of the product? What are the benefits sought from this operation? How is the operation done? When is the work done?
- 9. THE NATURE OF THE PRODUCT a. What type of product is it? b. What is it primarily used for? c. Are there any other applications for the product? d. Who uses this product? e. Why do customers use it? f. What benefits are customers seeking? g. Any thing customers / potential customers don’t like about the product? h) Does the product have any other favorable property positions? (patent/design, etc.). i) How is it priced/ promoted / distributed? j) What is the competitive environment? k) Does the company produce any related products?
- 10. WHAT IS PRODUCT MANAGEMENT? It is part of Mktg. mgt. which concerns with product plg. & development & is now extended to Brand building.
- 11. SCOPE OF PRODUCT MANAGEMENT Prod. Mgt. Prod.plg.& Dev. Corp.,Mkt.plg. Compt.,Ind.ana. PLC Brand.Mgt.