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PRODUCT MANAGEMENTCHAPTER 1: OVERVIEW AND INTRODUCTION TO PRODUCT MANAGEMENT
LEARNING OBJECTIVES:After studying this chapter, you should be able to:Understanding the principals of product managementOutlining the role of a product managerDiscussing the different approach of product management via the organizational structureHighlighting the skills needed in managing a productDiscussing the challenges facing product management
CHAPTER OUTLINEIntroductionA product managers potential interactionProduct Vs. General Marketing ManagementMarketing Organization Critical Skills in Product ManagementChallenges Affecting Product Management
INTRODUCTION
The planning activities related to the management of product(s) or product lineObtaining organizational support for the marketing plan
A PRODUCT MANAGERS POTENTIAL INTERACTION
PRODUCT Vs. GENERAL MARKETING MANAGEMENT
Product ManagementGeneral Marketing ManagementScope of ResponsibilityNarrow: Single product or product lineBroad: Portfolio of productsNature of Decision MakingMainly tacticalMainly strategicTime HorizonShort-run (often annual or shorter)Long run
MARKETING ORGANIZATION: PRODUCT- FOCUSED ORGANIZATIONS
MARKETING ORGANIZATION: PRODUCT- FOCUSED ORGANIZATIONSAdvantagesLocus of responsibility is clearDevelop the ability to work with other areas in org.Advocate for the product
MARKETING ORGANIZATION: PRODUCT- FOCUSED ORGANIZATIONSWeaknessesFocus on one productRemoved from where the action isToo myopicIn-bred competition (product cannibalization)
MARKETING ORGANIZATION: MARKET- FOCUSED ORGANIZATIONS
MARKETING ORGANIZATION: MARKET- FOCUSED ORGANIZATIONSAdvantagesFocus on customerResource & knowledge sharingWork well for system or bundle sale
MARKETING ORGANIZATION: MARKET- FOCUSED ORGANIZATIONSWeaknessesPotential conflict within the product management structureLocus of responsibility is ambiguous
MARKETING ORGANIZATION: FUNCTIONALLY FOCUSED ORGANIZATIONS
MARKETING ORGANIZATION: FUNCTIONALLY FOCUSED ORGANIZATIONSAdvantagesAdministratively simpleSpecializationWell-coordinated
MARKETING ORGANIZATION: FUNCTIONALLY FOCUSED ORGANIZATIONSWeaknessesWho is ultimately responsible for the product?Focused only on functional development
CRITICAL SKILLS IN PRODUCT MANAGEMENTNegotiationTeamworkCommunication skillsAnalytical ability
CHANGES AFFECTING PRODUCT MANAGEMENTInternetData explosionIncreased emphasis on brand equityChanges in the balance of market powerIncreased importance of customer retention programsGlobal competition