Product Management Product Management refers to the function

Product Management “Product Management refers to the function of planning, and analysing all internal and external information pertinent to the product with respect to all its stakeholders and using this information in an efficient and smart manner to develop a marketing programme for the product/product lines, in line with the overall marketing strategy of the organisation “

Product vs. General Marketing Management Features features Scope of responsibility product mgmt. Narrow, single product or product line Mainly tactical, Nature of decision short-run( often Making, time horizon annual or shorter) Gen. mktg. mgmt. Broad portfolio of products Mainly strategic, long-run

A Product Manager’s Potential Interactions Agency media department Company media department media sales reps Suppliers Trade Suppliers Research & Development Manufacturing and Distribution Legal Advertising agency Media Promotion Services Product manager Packaging Fiscal Purchasing Market research Research Suppliers Premium screening Store testing Sampling Couponing Publicity Sales Trade Designers Researchers Suppliers

Product Management Types of Organisations Product Focussed Market Focussed Functional Focussed

Product Manager Role and Job Product Manager’s job varies among industries and products Consistent Factors • Proven as managers in prior or current role • preferably MBA. High-tech Companies Value placed on understanding technological possibilities and applications, preferably an engineering background otherwise marketing concepts clarity, People skill and marketing / advertising exposure.

Critical Skills a) b) c) d) Negotiation Teamwork Communications Skills Analytical Ability

Changes Affecting Product Management a) b) c) d) e) f) The Web The data explosion The increased emphasis of brands Changes in the balance of market power Increased importance of customer retention programs Increased global competition

Concept of category marketing • Developed in early 1990 s. Category management is defined as a process that considers product categories to be business units that should be customised on a store-by-store basis in a way that satisfies customer needs • Retailers empower their category managers who operate their categories as separate businesses , just as product managers do • Hencethe , marketing under which operates) marketing (function( under product which themanagement product management area Operates) workthe cooperatively with sales the research sales teams with needs toneed worktowith research and team inand a manner where focus on and customers the retail trade they collectivelyaaddress focus and on consumer and retail needs

Marketing Planning Definition: A marketing plan is a written document containing guidelines for the business centre’s marketing programmes and allocations over the planning period

Marketing Plan Summary 1. 2. 3. 4. 5. 6. 7. 8. Executive summary Situation analysis - category/competitor definition - category analysis - company and competitor analysis - customer analysis - planning assumptions Objectives Product/ Brand strategy Supporting marketing programmes Financial documents Monitors and controls Contingency plans

Hierarchy of Planning Corporate strategic planning Group or sector planning SBU planning Annual marketing (business) plan

The Planning Process Planning Analysis objectives strategies Evaluating Implementing

Marketing Planning Sequence Update historical data Collect current situation data Data analysis Develop objectives, strategies, programs Develop financial documents Negotiate final plan Measure progress toward objectives Audit