This document discusses key concepts related to product management and development. It defines what a product is and classifies products as either consumer or industrial. It also discusses product lines, mixes, planning, the marketing 4Ps, product life cycles, strategies like market segmentation and differentiation, branding, packaging, and the role of product management in the pharmaceutical industry. The document provides an overview of the essential elements involved in defining, developing, and managing products.

1. Product Decision
• Product can be defined as an article or substance manufactured for
sale or anything that can be offered to the market for attention,
acquisition, use or consumption that might satisfy the need.

2. Classification of Product
Consumer Products:
1. Convenience Products- Ex Balm, Medicine, Soaps, candy
2. Shopping Products- Ex Car, Bike, Cloths
3. Specialty Products- Ex Special types of Car, Camera
4. Unsought Products- Ex Insurance
Industrial Product:
1. Material and Parts- Ex Cements, Iron parts, Small motors
2. Capital items- Need Factory Ex Generators, Drill machines, Fax machines
3. Supplies and services- Ex Computer Ac repairing, Legal, Advertising agency

3. Product Line –
A product line is a group of products that are closely related because they
function and are used in a similar manner
Product Mix –
A product mix consists of all the product lines and items that a particular
seller offers for sale.
Product Planning-
It is concerned with estimates of the magnitude of potential markets,
estimates of sales volume, budgeting of costs and other matters relating to
economics of modifying a product line.

4. Marketing Four P
1. Product
2. Price
3. Place
4. Promotion
a) Advertising
b) Public reletions
c) Personal selling
d) Sales Promotion
e) People
f) Process
g) Physical Evidence

5. Product Life Cycle
a) Introduction
b) Growth
c) Maturity
d) Saturation
e) Decline

6. Product Strategies ( Product Portfolio Analysis)
1. Market Segmentation
a. Functional Characteristics of the Product
b. Quality and Price Differentials
c. Promotional concentration on Psychological, behavioural and market forces
2. Product Differentiation
3. Product Imitation
4. Product Improvement and Renovation
5. New Product Development
a. Idea generation
b. Idea Screening
c. Concept development and testing
d. Marketing strategy
e. Business and medical development
f. Product development
g. Test Marketing
h. Commercialization

7. Product Branding:
A brand is the identity of a specific product, service or business. A
brand can take many forms, including a name, sign, symbol, color
combination or slogan. The brand began simply as a way to tell one
person’s cattle from another by means of a hot iron stamp. A legally
protected brand name is called a trademark.
A brand is name, term symbol or design or a combination of these to
identify the goods or services of one seller or group of sellers from
those of competitors.
Example: Cipla
Significance of Branding
Importance of Branding

8. Reasons for Branding:
a. Memorability
b. Loyalty
c. Familiarity
d. Premium image, premium price
e. Extensions
f. Greater company equity
g. Lower marketing expenses
h. For consumers, Less risk

9. Packaging
• Design and reasons of Packaging
• Functional Requirements Product Labelling
• Sales Requirements
• Packaging Strategy

10. Product Management in Pharmaceutical Industry
Pharmaceutical Management
Pharmaceutical Product Management includes science and technology
with business strategy to maintain unique growth of the
pharmaceutical industry.

11. Product Manager Supporting Areas
• Leadership and clear vision
• Product life Cycle Management
• Product strategy and Market research
• Product road map
• Financial planning and business models
• User experience and product backlog
• Development and Technologies
• General market knowledge
• Sales and Support
• Project/ release management
• Process
• Marketing