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PRODUCT MANAGEMENT
The sessions will include: Definitions Scope Reasons for Failure Process
PRODUCT MANAGEMENT
Definition
A Product is anything that can be offered to the market to satisfy a want or a need.
Definition…………..
A Product is anything that is potentially valued by a target market for the benefits or satisfactions it provides.
Definition…………..
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.
Product Scope…
Physical goods
Services
Experiences
EventsPersons
PlacesProperties
OrganizationsInformation
Ideas
New Product Development Process
Idea Generation and Screening Concept Development and Testing Marketing Strategy Business Analysis Product Development Test Marketing Commercialization
Reasons of Product FailureCost of Product DevelopmentCompetitive Actions
Overestimation of Market Size
Product design problems
Product incorrectly positioned,priced or advertisedPoorly priced or overpricedLack of sufficient capital
Slow from idea to market,losing out to others
Classifications of Product
Durable Non – durable Services
Product Levels
Customer value hierarchy
Core benefit
Basic product
Expected product
Augmented product
Potential product
Convenience goods
Shopping goods
Specialty goods
Unsought goods
Consumer goods classification
Convenience Goods
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.
Shopping goods
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.
Specialty goods
These are the products that consumer will make a special effort to buy,usually specific branded items of special importance to the consumers.
Unsought goods
These are the products that consumers do not yet know they can buy or the products that they usually do not want.
Industrial goods classification
Materials and Parts
- raw materials
- manufactured materials and parts
Capital items
Supplies and business services
Material and parts
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.
Manufactured material and parts
Automobiles batteries Wires Small motors cement
New Idea Spoilers
I have got a better idea It will not work here It has been tried before This is not the right time It cannot be done It is not the way we do things here We have done all right without it. It will cost too much Let us discuss it at the next meeting
Product Strategy
Total Market share Consumer behaviour Product positioning Sales plan Profit targets Product price
Continued….
Market channels Marketing expenses Long range market and profit plans Launch of the new product
