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Definition: Product, Brand 4 Ps of Marketing Overview of product management Perspective on a Product Managers interaction Product v/s general marketing management Types of Organisation Structure for Marketing Skills of a Product Manager
DEFINITION
Product Anything that can be offered to market for attention, acquisition and consumption that can satisfy a need or a want. A product can be ideas, goods or services that can generate customer satisfaction. Brand Name, term, sign, symbol or special design that is intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of the competitors
4 PS OF MARKETING
Product Price: If high competitors product is preferred & If low firm may not get adequate returns Place: To make product accessible and available to target audience. Promotion: Activities undertaken to communicate and promote its products to target market.
Product Manager
In-charge of a single or closely related product line
Marketing Manager
In-charge of division or SBU & manages portfolio of product.
Tactical decisions as he is involved in developing marketing obj and strategies for their products.
Strategic decisions about which products to add or drop and he manages to meet overall divisional financial obj.
Head
Marketing
Finance
Market research
Product Manager
Manager of Product A
Manager of Product B
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Commonly used where different products use the same distribution channels. Pr. Mgr acts as a mini CEO, and takes care of overall health of the brand. Hierarchy gets developed within the product management system as asst pr. Mgr., Asso. Pr. Mgr and Pr. Mgr. Advantages: Locus of responsibility is clear which also makes clear to whom an organization can turn for information about the product. His training, experience and communication skills are invaluable.
CONTD
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Disadvantages: Narrow focus on one product leads to inability to ask fundamental questions about customer needs. Product managers become too myopic by only concentrating on short-term sales and market share goals. Increase in short term marketing tools like sales promotion For industrial products risk involved is it can result in several sales persons representing different products from same company and calling same customer
CONTD
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CEO
Decision makers
Marketing
Sales Promotion
Advertising
Marketing Research
Decision implementers
These organization align themselves by marketing functions such as Advertising, sales promotion etc. In this type of organization structure, it is common to have different functions being performed under a single department. However, no single person is responsible for day-to-day operations of the product. The strategies are implemented through the coordinated activities. Strategy implementation is done through discussions and coordination among functional areas.
CONTD.
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Advantages: Serves well when the company has only two products. Simple to administer Functional training is better Disadvantages: Who is responsible for the product?
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The web The data explosion The increased emphasis on brands Increased importance of customer retention programs Increased global competition