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7/27/2019 01. Introduction to Product Management Decision-making
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Introduction to product
management
Suresh Paul Antony | IIM Trichinopoly
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Agenda
About the course Theory
Assessment
Case method Housekeeping
issues
Learningphilosophy
Courseprerequisites
Product
management Successful
products
The process
Course structure
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About the course
Is this a theory course?
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Assessment
Class participation &Quiz
20%
End-term exam
4 0%
Success or failurefactors
15%
Strategic planning
for new products
25%
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Quiz
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Success or failure factors
Select two products or service, recently introduced into market[test, regional, national or international].
You call one of these as successful and the other not so successful.
Discuss in your report
Organizational and product portfolio background / history
Product's components [Core, Tangible, Augmented] Classification of new product [aka Booz et al scheme, Newness to firm and /
or market]
Why did the organization develop this product?
Key reasons for success or failure
Why would you call this product a success or failure?
What would have helped to make it succeed [in case of failure] or better
succeed [in case of success]?
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Strategic planning for new
products
Choose any organization that recently tested orlaunched a new product.
Newspaper / magazine clippings as relevant.
Corporate mission or strategic arena
Implications for new product development
Corporate goals and objectives
Situational analysis
New product goals
Degree of innovativeness
Precedence [Innovation vs. imitation]
Trade offs [Time or quality or cost or any other]
Screening criteria
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Case method
Breadth of situations & contexts Illustration of practices
Some best others not so best
Geographies
Asia [02], Europe [02], North America [11]
Industries
Auto [03], B2B [04], B2C [07], Online [02]
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Reading material
Journal articles Hard copies
Handouts [PPTs]
Soft copies
Additional material
Ask
Where to upload?
ACP?
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Other house-keeping issues
Course pre-requisites
Kotler et al,
Principles of
marketing Chapters 7 to 9
Industry speaker Learning teams
formation
LT presentations
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Learning philosophy
What is that?
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Successful & failed products
The museum or cemetery?
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Some world-class product
failures Edsel [Ford] Corfam synthetic
leather [Dupont]
Polavision[Polaroid]
Heaven's Gatewestern movie
[United Artist]
Videodisc [RCA]
TV-Cable Weekmagazine [Time]
PCjr [IBM]
New Coke Premier cigarette
[R. J. Reynolds]
Simplesse fatsubstitute[Nutrasweet]
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And some IND-class ones
Vaccumiser [RealValue]
Ganga [GodrejSoap]
Moti [TOMCO] Petit Beurre
[Britannia]
Slimscoop [Amul] PIP [TV]
Sparsh [Marico]
Vespa [LML] PL170 [APSL]
Pride, Blaze[Kinetic]
Sunfill [Coca Cola]
Street [HeroHonda]
Big Bite [Parle] Paloma [Lipton]
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How to measure?
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How did they succeed?
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Serendipity
Find something I didnt expect to find Happy accident
Aptitude for making desirable
discoveries by accident
Good fortune; luck
Faculty or phenomenon of finding
valuable or agreeable things not soughtfor
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Serendip
Horace Walpole [17171792] in letter toHorace Mann [28-Jan-1754]
Formed from Persian fairy tale The ThreePrinces of Serendip
whose heroes were always makingdiscoveries, by accidents and sagacity, ofthings they were not in quest of.
Stem
Serendip [Arabic Sarandib, SanskritSimhaladvipa
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Eureka
In the field of observation, chance favorsonly the prepared mind [Louis Pasteur]
Ability to connect the dots that lead
valuable insights Newtons Apple
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Serendipity and knowledge
Major role in scientific discoveries &inventions
Leap of faith
Prerequisites Open mind
Curiosity & the CAT
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Failure rates
> 90% concepts failduring development
Even fewer consideredsuccessful after launch
Booz, Allen &Hamilton, 1982 Failure rates 33 - 35%
Cooper, 1982 31% of industries &
46% of consumer NPs fail
Association ofNational Advertisers,1982 27% of line extensions
31% of new brands in
categories [wherecompany already hadproduct]
46% of NPs in newcategories fail
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Can this be left to chance?
Company-wideplanning process
Envision
Develop Produce
Test
Commercialize
Sustain
Dispose
Organizationalofferings
Satisfy
Needs
Wants
Organizational
objectives
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NPD process
IdeaGeneration
ConceptDevelopmentand Testing
MarketingStrategyDevelopment
IdeaScreening
BusinessAnalysis
Product
Development
MarketTesting
Commercialization
Identify the strategic role of new products,
then
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How to succeed?
Learn from past experience What works?
What does not?
Understand systematic approach toplanning To organize process
Assemble toolbox
Ideas Heuristics
Tools
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Where does it start from?
Vision, Mission, SBU Strategy
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Opportunity identification, Strategic planning
Competitor
analysis
Bundle of
Benefits
Differentiation
Customer
analysis
Segments
Target market
PositioningConcept testing
Product Policy [PLC, Lines,
Product-Market Portfolio],
The Idea, Branding
fundamentals [Awareness,
Knowledge, Identity,
Personality, Associations,
Architecture]
Tactical branding
Product use testing
Packaging decisions
Technical
development
& testin
Marketingdevelopment
& testinTest marketing
Pre-launch & launch management
Commercialization
& LaunchProduct recalls
Brand equity
And now what questions do we
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And now what questions do we
have?
Course content
Team composition
Project deliverables DDs
Case discussion in-class
Class representative 2-way communication
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Thank you.