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Chapter 1 Introduction to Product Management
1. Product manager – primary responsibility is a product or a closely related product line.
2. Product manager responsibilities
* Planning activities related to the product or product line.
* Analyzing the market, including customer, competitors and external environment, and turning this information into marketing objectives and strategies for the product.
* Get the organization to support the marketing programs recommended in the plan.
* Research and development for product-line extensions, manufacturing, marketing research, and finance.
3. General marketing management
* Scope of responsibility - in charge of a division or strategic business unit have more concern about managing “portfolios” of products and about the long term strategic direction of their business groups.
* Nature of decision making – make strategic decision about which products to add or drop and manage to meet an overall division financial objective.
* Time horizon – concerned with short run targets, but they more often take a longer-term perspective of where the business is going.
4. Product management
* Scope of responsibility – In charge of a single product or a closely related product line, they are not concerned on a day to day basis about the health of the general business area in which they operate.
* Nature of decision making – developing marketing objectives and strategies for their products, their key decisions are tactical and revolve around the marketing mix.
* Time horizon -Focus on short run market share, volume, or profit targets.
5. Types of organizational structures for marketing:
* Product-Focused – commonly used where different products use the same channels of distribution.
* Marketing-Focused – useful when there are significant differences in buyer behavior among the market segments that lead to differences in marketing strategies and tactics used to appeal to...