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Chapter 1 Product Management: by Prof Anupama Hampannavar

The document provides an overview of product management. It defines a product and discusses key aspects like the product lifecycle, features of products, and the objectives and functions of product management. Product management involves identifying customer needs, guiding product development, and ensuring customer satisfaction. It aims to enhance market share and minimize failures. The roles of a product manager are to motivate customers and ensure their satisfaction. The advantages of product management are that it helps launch products, gain loyalty, and enhance sales, productivity, and efficiency.

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53 views28 pages

Chapter 1 Product Management: by Prof Anupama Hampannavar

The document provides an overview of product management. It defines a product and discusses key aspects like the product lifecycle, features of products, and the objectives and functions of product management. Product management involves identifying customer needs, guiding product development, and ensuring customer satisfaction. It aims to enhance market share and minimize failures. The roles of a product manager are to motivate customers and ensure their satisfaction. The advantages of product management are that it helps launch products, gain loyalty, and enhance sales, productivity, and efficiency.

Uploaded by

Arun
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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CHAPTER 1 PRODUCT

MANAGEMENT
BY PROF ANUPAMA HAMPANNAVAR
MEANING OF PRODUCT

A product is the item offered for sale. A product can be a service or an item. It can be physical or in
virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be
charged depends on the market, the quality, the marketing and the segment that is targeted.
FEATURES OF PRODUCT

 PRODUCT IS ONE OF THE ELEMENTS OF MARKETING MIX.


 DIFFERENT PEOPLE PERCEIVE IT DIFFERENTLY. MANAGEMENT, SOCIETY, AND CONSUMERS HAVE DIFFERENT
EXPECTATIONS.
 PRODUCT INCLUDES BOTH GOOD AND SERVICE.
 MARKETER CAN ACTUALIZE ITS GOALS BY PRODUCING, SELLING, IMPROVING, AND MODIFYING THE PRODUCT.
 PRODUCT IS A BASE FOR ENTIRE MARKETING PROGRAMME.
 PRODUCT INCLUDES TOTAL OFFERS, INCLUDING MAIN QUALITIES, FEATURES, AND SERVICES.
 IT INCLUDES TANGIBLE AND NON-TANGIBLE FEATURES OR BENEFITS.
 IT IS A VEHICLE OR MEDIUM TO OFFER BENEFITS AND SATISFACTION TO CONSUMERS.
Product Management
Product management is an organizational function within a company dealing with new product
development, business justification, planning, verification, forecasting, pricing, product launch, and
marketing of a product or products at all stages of the product lifecycle.
Requisites of product management

 To identify target markets.


 To identify customer needs.
 To translate unmet need s into market requirements.
 To guide product development.
 Overseeing product development and testing.
 Tracking the product’s success in the market.
 Recommending ongoing product enhancements.
 Ensure product line extensions.
Product management objectives

 To enhance market share.


 To ensure customer feedback.
 To avoid product failure.
 To communicate utility of products.
 To build brand recognition.
 To expand and explore new markets.
 To establish a direct contact between manufacturers and consumers.
 To minimize wastage of time and efforts.
 To promote the product.
 To ensure customer satisfaction.
 To communicate innovative technology.
 To enhance product reliability.
Product management functions

 Enhancing product demand


 Communicate product information.
 Enhance customer choice.
 Enhance brand image.
 Overcome competition.
 Profit maximization.
 Cost effective.
ROLES OF PRODUCT MANAGER
To ensure enhanced product demand.

To create a favorable climate for enhancing sales.

To create a positive impact on customers about products.

To motivate customers to purchase.

To ensure brand switching of customers.

To encourages repetitive purchase.

To provide a right choice to customers.

To ensure customer satisfaction.

To complete and true information.


PRODUCT MANAGEMENT ISSUES

 PRODUCT LIFE CYCLE


 INNOVATIVE PRODUCT.
 PRODUCT DEVELOPMENT.
 BRANDING.
 POSITIONING.
 GUARANTEES OR WARRANTIES.
 GLOBAL MARKETING.
ADVANTAGES OF PRODUCT MANAGEMENT TO
MANUFACTURERS

It helps to launch products and services.

It helps in gaining customer loyalty.

It enhances sales volume.

It enhances the productivity.

It enhances the efficiency.


ADVANTAGES OF PRODUCT MANAGEMENT TO MARKETING AND
SALES

It educates the sales force.

It enhances self confidence in sales man.

It motivates the sales force.

It enhances the efficiency of sales force.

It enhances the sales force efficiency.


Advantages of Product management to Customers

It ensures value for money.

It enhances the knowledge of the consumers.

It helps the customer in buying decision process.

It reduces dissonance.

It enhances living standards.

It results in cheaper goods.


PRODUCT PERSONALITY

The product carries meanings with them. They project distinctive images. These meaning and images
arise out of the many components. It makes up the product personality.
COMPONENTS OF PRODUCT PERSONALITY

Core Product Constituent

Associated Product features

Package

Label

Brand
Types of Products

Durability and
Tangibility

Industrial
Consumer
Goods
Goods
Classification
1. Durability and Tangibility

a. Tangible Product.
b. Intangible product.
c. Durable product.
d. Non-durable product.
e. Services.
2. Consumer Goods
a. Convenience goods- Staple Product, Impulse Product, Emergency Product
b. Shopping goods- Homogeneous Goods, Heterogeneous goods
c. Specialty goods- Eg: Mercedes Phone
d. Unsought goods. Eg: Insurance
3. INDUSTRIAL GOODS CLASSIFICATION

a. CAPITAL ITEMS.
b. COMPONENT PARTS AND MATERIALS.
c. RAW MATERIALS.
d. SUPPLIES.
Product Levels
 Core product.
 Basic product.
 Expected product.
 Augmented product.
 Potential product.
PRODUCT HIERARCHY
 NEED FAMILY

 PRODUCT FAMILY 

 PRODUCT CLASS 

 PRODUCT LINE 

 PRODUCT TYPE

 BRAND 

 PRODUCT UNIT / VARIANT


PRODUCT LINE

A PRODUCT LINE IS A GROUP OF PRODUCTS THAT A COMPANY


CREATES UNDER A SINGLE BRAND. THE PRODUCTS ARE SIMILAR
AND FOCUS ON THE SAME MARKET SECTOR. MAYBE THEIR
FUNCTION OR CHANNEL DISTRIBUTION ARE THE SAME OR
SIMILAR. PERHAPS THEIR PHYSICAL ATTRIBUTES, PRICES,
QUALITY, OR TYPE OF CUSTOMERS ARE THE SAME.
PRODUCT LINE DECISION
1. PRODUCT LINE LENGTH
A. PRODUCT LINE STRETCHING- “A PRODUCT LINE STRETCHING OCCURS WHEN A COMPANY
WANTS TO LENGTHEN ITS PRODUCT LINES BEYOND ITS CURRENT LINE”
DOWNWARD, UPWARD, AND TWO-WAY STRETCH
B. PRODUCT LINE FILLING
2. PRODUCT MODERNISATION
2. PRODUCT LINE DECISION:
REASON:
a. CHANGE IN TECHNOLOGY
b. CHANGE IN STYLE
c. CHANGE IN FEATURE
d. CHANGE IN DESIGN
e. DUE TO COMPETITION
3. PRODUCT LINE FEATURING:
REASON:
a. ATTRACT MORE NUMBERS
b. ENHANCE PRESTIGE
c. ENHANCE DEMAND
4. PRODUCT LINE PRUNING
REASON:
a. ELIMINATE DEAD PRODUCTS
b. MINIMAL PRODUCTION CAPACITY
c. CONCENTRATE ON HIGHER PROFIT MARGIN
CONSUMER BEHAVIOR

CONSUMER BEHAVIOR IS THE STUDY OF HOW INDIVIDUAL CUSTOMERS, GROUPS OR


ORGANIZATIONS SELECT, BUY, USE, AND DISPOSE IDEAS, GOODS, AND SERVICES TO SATISFY
THEIR NEEDS AND WANTS. IT REFERS TO THE ACTIONS OF THE CONSUMERS IN THE
MARKETPLACE AND THE UNDERLYING MOTIVES FOR THOSE ACTIONS.
FEATURES OF CONSUMER BEHAVIOR

 UNDERGOES A CONSTANT CHANGE.


 VARIES FROM CONSUMER TO CONSUMER.
 VARIES FROM REGION TO REGION AND COUNTRY TO COUNTRY.
 INFORMATION ON CONSUMER BEHAVIOR IS IMPORTANT TO THE MARKETERS.
 LEADS TO PURCHASE DECISION.
 IMPROVES STANDARD OF LIVING.
 REFLECTS STATUS.
THANK YOU

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