Introduction to Product Management

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...