Page 13 - DMGT508_PRODUCT_AND_BRAND_MANAGEMENT

Product and Brand Management

Notes 1.3 Product Management: Meaning

Product management is an organizational life cycle function within a company dealing with the
planning or marketing of a product or products at all stages of the product life cycle. Product
management and product marketing are different yet complementary efforts with the objective
of maximizing sales revenues, market share, and profit margins.
Product Management Process starts with the type of company one works for. There may be
companies that are:

1. Technology-driven
2. Company driven
3. Sales-driven
4. Market-driven
Product Manager’s primary role is to serve as the “voice of the customer”. Thus product
management includes indirect management and cooperation with other members of various
groups other members of various groups. The day to day work revolves around executing four
main tasks:
1. Developing the market requirements document

2. Managing the product feature list
3. Coordinating activities of different functional groups
4. Participating in and/or running the launch and post-launch marketing activities for a
product.
The goal of product management is to:
1. Ensure a market-driven “whole” product offering
2. Establish competitive and profitable pricing models
3. Ensure the existence and support of product distribution

4. Create effective marketing promotions that generate revenue.

1.4 Aspects of Product Management

Depending on the company size and history, product management has a variety of functions
and roles. Sometimes there is a product manager, and sometimes the role of product manager is
held by others. Frequently there is Profit and Loss (P&L) responsibility as a key metric for
evaluating product manager performance. In some companies, the product management function
is the hub of many other activities around the product. In others, it is one of many things that
need to happen to bring a product to market.

1.4.1 Product Planning

Product Planning is the ongoing process of identifying and articulating market requirements
that define a product’s feature set.
Defining New Products: It is important to define the products and services you want to promote.
Ideas for new products can be obtained from basic research using a SWOT analysis and/or
brainstorming of new product, service, or store concepts.

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