An overview of product management

8/14/2019 An overview of product management

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IntroductionIntroduction

toto

Product ManagementProduct Management

Presented by:

Ripudaman Singh Randhawa


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Topics coveredTopics covered

2.2. Introduction & Definition of Product managementIntroduction & Definition of Product management3.3. Cross functional roles of product managerCross functional roles of product manager

4.4. Planning skillsPlanning skills

Customer value managementCustomer value management

6.6. Product skillsProduct skills

Strategic product planningStrategic product planning Responsibilities of the product managerResponsibilities of the product manager

ConclusionConclusion


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Product management concept was created the company named

Procter & Gamble

In 1931, Camay soap was languishing while Ivory soap was

thriving & then the P & G executive suggested that an individual

manager be assigned the responsibility for Camay , in effectpitting

the brands against each other

Thus , this brand management system was so successful that it was

copied by most consumer packed goods industry


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Definition

Product management :

It is the function of ensuring over

time,that the product or service profitably meets theneeds of customer by continuously monitoring and

modifying the elements of the marketing mix


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Two faces of product managementTwo faces of product management

Voice of

The Customer

Capabilities of

the Company

Inbound

Product Development

Convert the value propositioninto a market offering

Outbound

Product Marketing

Take the offering and the

value message to market


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Inbound Responsibilities

Understand customer needs and requirements

Understand the market and competition for the product

Research feature enhancements and upgrades for future

releases Create Marketing Requirements Document (MRD)

Create the product release plan

Help to develop product roadmap and competitive

positioning


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Outbound Responsibilities

Manage product launch

Support marketing with outbound marketing

communication and PR

Support sales with product training, demos,customer presentations, data sheets, competitive

positioning

Support sales on key customer deals and

accompany sales personnel on key customer visits Monitor and improve customer satisfaction


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Responsibilities vary by context

Maturity of product-market

Company

Size

SMALL

LARGE

MATUREEMERGING

Inbound/StrategicInbound-heavy role Close interaction with engineering Defining target markets Generating customer wins

Broad authority and influence Ability to think strategically

Outbound/TacticalOutbound-heavy role Understanding of product Understanding of vertical markets Less authority and direct influence Ability to communicate internally

Market Maturity


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The new PsThe new Ps

Product Management

Development & Services

Marketing Communications

Sales Channel

Who owns this?Price

Problem

Product

Promo

Place


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Product managerProduct manager

Definition :

A product manager is a middle manager, usually within the

marketing organization,responsible for successfully bringing

new products (or services/brands)to market and ensuring theongoing success of existing products over their lifecycle by

orchestrating all functional areas that impact the

development, manufacturing, sales, and support of products.


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Production &R&D

Productmanager

advertising

customer

Top management

Legal &

purchasinglogistics

Finance

sales

Role of product managerRole of product manager


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Deliverables for Product ManagersDeliverables for Product Managers

ProductConception

ProductDevelopment

ProductLaunch

ProductSustaining

Responsibilities:

Sales training

Customer promotions

Trade promotions

Product updates

Next version

planning

Responsibilities:

Product

introduction plan

Customer demos

Refined forecasts

Sales training

Trade shows

Responsibilities:

Refine market

requirements

Customer research

Trade-off schedule

vs. features

Responsibilities:

Market research

Target market

definition

Competitive

analysis

Positioning


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Planning skillsPlanning skills_______________________


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Customer Value ManagementCustomer Value Management

The corner stone of an effective business strategy is the ability toattract and retain high-profit customers

Thus it is the job of the product manager to:

Do the customer analysis

Balancing the customer retention & customer acquisition

Firing your customers


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Customer analysis processCustomer analysis process

Identify and profile bestcustomers

Develop customer value profile

Increase profitability ofExisting customersAttract new customers

Extend the length of

relationship with you

Increase the amount of

business they do with you


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ChecklistChecklist

In profiling good customers factors such as : profitability ,marketsize,growth rate, price sensitivity are considered

Evaluation of the ability to satisfy customer needs better than the

competitors is to be done

In developing strategies ,decide what you want various customer

segments to do as a result of your marketing efforts

Practicing the art of saying no to customer by designing specific

policies and products for targeted customers


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Product skillsProduct skills________________________________________________


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Strategic product planningStrategic product planning


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Strategic product planningStrategic product planning

It requires the understanding of the corporate and divisionalstrategic goals

It includes :

Fostering the customer mindset

Understanding past success & failures

Developing product ideas

Targeting current tangential and new markets


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Personal skills for product managersPersonal skills for product managers

Passion for the product Intellectual curiosity

Communication skills

Listening skills

Negotiation skills

Analytical skills

Selling skills


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Competencies for product managersCompetencies for product managers

Ability to think strategically about the product by

understanding how the product fits into the companys business

Ability to clearly define and communicate the vision, goals,

and value proposition of the product from the customerperspective

Ability to understand customer requirements, and to map

customer requirements into product specifications and features

Ability to understand technology broadly (architecturalknowledge) as well as deeply (inner workings) to dialog

effectively with developers


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Ability to evaluate cost/quality/time-to-market trade-offs and to make

appropriate trade-off decisions under uncertainty

Ability to effectively communicate with, tactfully collaborate with,and

forcefully convince people in diverse functional areas

Ability to analyze data and trends to produce effective plans and

accurate forecasts

Ability to juggle competing demands on time and to prioritize

activities


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There's a difference between

being busy and being

productive.Kristen Lippincott, Curator,

National Maritime Museum, Greenwich, England


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Key pointsKey points

Responsible for orchestrating all product-related activities

Should act as general mangers for their products

Success requires art of influence without authority

Need to be able to think across functional boundaries

Business context and organizational culture impacts role

definition, responsibilities and authority

A good product manager should be the go-to person for

his product.


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Any Questions ??????Any Questions ??????


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Documents

An overview of product management