Introduction to Product Management Presentation
- 1. product management. I R I S C R I S T I N E F . G O N Z A L E S
- 2. content. INTRODUCTION PRODUCT MANAGEMENT PROCESS PRODUCT PLANNING SYSTEM PRODUCT LIFE CYCLE 01 02 03 04
- 4. content. BRAND EQUITY PACKAGING DECISIONS GENERATION, SCREENING AND DEVELOPMENT OF NEW PRODUCT IDEAS CONCEPT DEVELOPMENT AND TESTING 09 10 11 12
- 6. Product Management is an organizational function that guides every step of a product’s lifecycle: from development, to positioning and pricing. It involves strategically driving the development, market launch, continual support, and improvement of a company’s products. A Product Manager is responsible for the success or failure of a product. They facilitate collaboration with cross- functional teams to ensure that a product meets both business goals and the introduction. vision.
- 7. Product Management Process 1. Identify a high-value customer pain point: Understand the needs of your target market and determine which problems are most important to them. 2. Quantify the opportunity: Estimate the market size for your solution and assess the potential revenue that could be generated. 3. Research potential solutions: Investigate different ways to solve the identified problem.
- 9. 1. Gathering and managing ideas: This involves identifying opportunities, understanding why the user has a problem, and how the product can provide a solution.
- 10. 2. Determining product specifications (specs): Flesh out the ideas into more concrete plans.
- 11. 3. Creating a product roadmap This outlines the future direction of the product.
- 12. 4. Prioritizing product features and initiatives: Decide which initiatives will have the biggest impact and greatest ROI.
- 13. 5. Building a minimum viable product (MVP): Develop a version of the product with enough features to satisfy early customers and provide feedback for future development.
- 14. 6. Releasing the MVP: Launch the product to the market
- 15. 7. Analytics and feedback Measure the product's performance and gather feedback for improvement.
- 17. product planning system??? The Product Planning System refers to the process of product development and management that involves defining and strategizing to create a successful product1. It encompasses activities and processes required to identify market needs, set product goals, prioritize features, and create a roadmap for product development1. The goal of product planning is to align business objectives with customer needs and market demand
- 19. Market Analysis: Evaluating market trends, customer preferences, and competitive landscape to identify market opportunities and potential challenges.
- 20. Customer Research: Understanding the needs, behaviors, and pain points of target customers through surveys, interviews, user testing, and data analysi
- 21. Product Vision: Creating a compelling product vision that defines its purpose and aligns it with the overall business strategy.
- 22. Product Goals: Setting specific, measurable, achievable, relevant, and time- bound (SMART) goals that guide the product’s development and success metric
- 23. Product Roadmap: Creating a visual representation of the product’s planned features, timelines, and priorities.
- 24. Prioritization: Identifying and prioritizing the most valuable features and functionalities based on customer needs, market demand, and business objectives
- 25. Cross- functional Collaboration: Collaborating with various teams, including product management, design, development, marketing, and sales, to gather input, align strategies, and ensure smooth execution.
- 26. Iterative Development: Embracing iterative and agile development methodologies to incorporate feedback, adjust, and continuously improve the product
- 28. The Product Life Cycle (PLC) is a concept that describes the stages a product goes through from when it is first introduced into the market until it is removed from the market. product life cycle.
- 29. stages stages
- 30. Introduction Introduction This is the stage when the product is first launched after development and testing. It often includes substantial investment in advertising to make consumers aware of the product and its benefits..
- 31. Growth Growth If the product is successful, it then moves to the growth stage. This stage is characterized by growing demand, an increase in production, and expansion in its availability
- 32. Maturity Maturity Eventually, the market saturates, and the growth of sales declines. In this stage, price undercutting and increased promotional efforts are common as companies try to capture customers from competitors.
- 33. Decline Decline This is the final stage of the cycle, where sales fall and the product eventually exits the market
- 35. A Product Portfolio refers to the collection of all the products or services offered by a company. Each product or service in the portfolio may have a different growth rate and market share. product portfolio
- 36. It is the complete list of products or services that a company offers. For example, if a company sells laptops and smartphones, its portfolio contains laptops and smartphones. definition .
- 37. Product portfolio analysis can provide nuanced insights into the workings of a company and its earnings potential. It helps management in the decision-making process regarding product es. analysis.
- 38. Product portfolios will tend to be different for mature vs. younger growth companies. Mature companies often have diversified product portfolios, while younger companies might have a more focused portfolio. variation.
- 39. The process of maintaining a successful portfolio requires effective portfolio management. It includes the strategic selection of markets, products, and technologies to invest in, proper allocation of scarce resources, and the selection of appropriate development projects. management.
- 40. An efficient portfolio will have the right number of products exhibiting inclination toward the business strategy. It helps the business and its stakeholders to have insight into its portfolio and business impact on business strategy
- 42. Product Pricing is a critical aspect of a business strategy and involves determining the price point at which a product will be sold. product pricing.
- 43. The first step in pricing a product is to calculate the total cost of producing it. This includes the cost of materials, labor, shipping, and any other expenses related to the production and delivery of costs.
- 44. Understanding your target audience and their willingness to pay for your product is crucial. This can be determined through target audience.
- 45. Researching what your competitors are charging for similar products can provide a benchmark for your own pricing. competitors.
- 46. pricing strategy. This strategy involves setting a price based on how much the target consumers believe it is worth Value-based Pricing 1 1. .Value-based Pricing 1.
- 47. pricing strategy. This strategy involves setting a price based on what competitors are charging for similar products 2. Competitor-based pricing: 2. Competitor-based pricing:
- 48. pricing strategy. This strategy involves adding a markup to the cost of producing the product. 3. Cost-plus pricing: 3. Cost-plus pricing:
- 49. pricing strategy. This strategy involves adjusting prices in real-time based on market demand. 4. Dynamic pricing: 4. Dynamic pricing:
- 50. Your pricing strategy should align with your overall business goals, including your desired profit profit goals.
- 52. Product branding involves developing a distinctive identity for a product to reach its target consumers. It's about making a product stand out in a crowded market by giving it a unique personality and value proposition What is Product Branding?
- 53. Product vs. Corporate Branding Product branding focuses on individual products, while corporate branding encompasses the entire company. For instance, Mars has a corporate brand that emphasizes innovation, but its products like M&Ms and Skittles each have their own unique identities.
- 54. Importance of Branding A strong brand can command a price premium and foster customer loyalty. Branding is not just about logos and slogans; it's about the entire customer experience and the trust that can be built over time.
- 55. Key Branding Decisions The main branding decisions include determining if a product needs a brand, selecting a brand name, deciding on the brand structure, and considering a multi- brand strategy.
- 56. Building a Branding Strategy A solid branding strategy should be well-thought-out and consistent across all touchpoints. It should reflect the product's unique selling points and resonate with the target audience.
- 57. Brand Equity and Image Brand equity refers to the value of a brand based on loyalty, awareness, and perceived quality. Brand image is the set of beliefs customers hold about a brand, and it's crucial to develop a positive imag
- 58. Brand Extension This involves using a successful brand name to launch new products. It's a strategy that can leverage existing brand loyalty to enter new markets
- 60. Your pricing strategy should align with your overall business goals, including your desired profit positioning decisions.
- 61. Product positioning is the act of defining where your product fits in the market and how it is distinct from its competitors, as perceived by your customers. definition of product positioning.
- 62. While differentiation refers to the tangible differences of a product, positioning is about the perceptual place the product occupies in the minds of the custom. positioning vs. differentiation
- 63. Effective positioning can transform the market's perception of a product, influencing purchasing decisions based on emotional and psychological factors. importance of positioning
- 64. A positioning strategy involves understanding the target audience, analyzing competitors, and identifying the unique selling proposition of developing a positioning strategy
- 65. The outcome of product positioning is an internal document that guides external messaging and marketing efforts, highlighting the real value provided beyond features and functionality positioning and marketing
- 66. It's important to keep the product positioning up to date with market changes, customer preferences, and competitive dynamic maintaining positioning
- 67. brand equity. 09
- 68. definition of brand equity. Brand equity refers to the value premium that a company generates from a product with a recognizable name when compared to
- 69. components of brand equity. The main components of brand equity include brand loyalty, awareness, perceived quality, and brand associations.
- 70. importance of brand equity. High brand equity means customers have a high level of trust and loyalty towards the brand, which can lead to repeat purchases, resistance to competitors' marketing efforts, and the ability to charge premium prices.
- 71. building brand equity. Building brand equity involves creating strong, favorable, and unique brand associations in customers' minds. This can be achieved through marketing campaigns, customer experiences, and consistent product quality.
- 72. measuring brand equity. Brand equity can be measured through various methods such as financial market data, consumer- based brand equity surveys, and analysis of market share and price premiums.
- 73. managing brand equity. Managing brand equity requires maintaining the brand's perceived quality and fulfilling the brand promise. It also involves monitoring the brand's health through continuous market research and adapting to changes in consumer preferences.
- 75. Packaging decisions in product management are a significant aspect of the product development process, as they impact both the product's appeal and functionality packaging decisions.
- 76. Purpose of Packaging: Purpose of Packaging: Packaging serves multiple purposes, such as protecting the product, facilitating transportation and storage, and providing information to consumers. It's also a critical component of the product's branding and marketing strategy.
- 77. Design and Aesthetics: Design and Aesthetics: The design of the packaging should be visually appealing to attract customers and should reflect the brand's identity. It includes the choice of colors, graphics, and the overall design theme.
- 78. Functionality: Functionality: Packaging must protect the product from damage, contamination, and tampering. It should also be designed to prevent leakage and be easy to open, use, and dispose of by the consumer
- 79. Material Selection: Material Selection: The choice of materials for packaging is crucial for both practicality and sustainability. Businesses are increasingly opting for eco-friendly materials to reduce environmental impact.
- 80. Legal Requirements: Legal Requirements: Packaging must comply with all relevant legal requirements, including safety regulations, labeling requirements, and environmental laws.
- 81. Consumer Convenience: Consumer Convenience: The packaging should be designed with the consumer in mind, ensuring ease of use, reusability, and convenience.
- 82. Cost Considerations: Cost Considerations: The cost of packaging must be balanced against its benefits. While attractive packaging can increase sales, it should not significantly increase the overall cost of product.
- 83. Sustainability: Sustainability: With growing environmental concerns, sustainable packaging options are becoming more important. This includes using recyclable materials and minimizing waste.
- 84. Innovation: Innovation: Innovative packaging can create a competitive advantage and generate buzz, as seen with products that have unique or smart packaging designs that enhance the user experience.
- 85. Generation, Screening and Development of New Product Ideas 11
- 87. thank you. L e t ' s d i s c u s s !