Page 14 - DMGT508_PRODUCT_AND_BRAND_MANAGEMENT

Unit 1: Introduction to Product Management

Gathering Market Requirements: This is helped by analyzing market and consumer trends, Notes
competitors, focus groups, corporate spies, trade shows, or ethnographic discovery methods.

Task Find out the meaning of ethnographic method. What do you analyse about the
consumers of Indian fashion industry using the ethnographic study. Enlist all the points of
your analysis.
Building Product Roadmaps, Particularly Technology Roadmaps: A great roadmap walks the
fine line between being too narrow (“a one-trick pony”) and too wide (“all over the map”).
Demonstrate focus by building your plan and presentation to spend the most time on your
initial products. Size the markets conservatively, and pick realistic penetration rates. Roadmaps
are always subject to change.
Product Life Cycle Considerations: The idea of a product life cycle acknowledges the fact that
designing and selling a product is only part of the story. In fact, every product goes through a
series of steps between the time it is first conceived and the time the manufactured product is
retired or discarded.
Product Differentiation: Product differentiation (also known simply as “differentiation”) is the
process of distinguishing the differences of a product or offering from others, to make it more
attractive to a particular target market. This involves differentiating it from competitors’ products
as well as one’s own product offerings.

1.4.2 Product Marketing

Product marketing deals with the first of the “4P’s” of marketing, which are Product, Pricing,
Place, and Promotion. Product planning, as opposed to product management, deals with more
outbound marketing tasks. Product Marketing is based on identifying, anticipating and satisfying
customer needs effectively and profitably. It encompasses market research, pricing, promotion,
distribution, customer care, your brand image and much more.

Example: Product planning deals with the nuts and bolts of product development within
a firm, whereas product marketing deals with marketing the product to prospects, customers,
and others.
1. Product Positioning and Outbound Messaging: Positioning is a process that focuses on
conveying product value to buyers, resulting in a family of documents which drive all
outbound communications. Yet in recent years, it seems as if positioning has ‘devolved’
into a document of vague superlatives that convey nothing as they attempt to trick the
customer into buying the product. The best positioning clearly states how the product will
solve specific customer problems.

2. Promoting the Product Externally with Press, Customers and Partners: Launching a new
product on the market, to gain sales and exposure for it can be a challenge. There are many
other ways to promote and sell a new product, but the most important of them all include
packaging, trade shows, exhibitions, promotional videos, internet marketing, etc. Each of
the marketing method includes liaison with press, customers and partners.
3. Monitoring the Competition: The old adage, “keep your friends close, and your enemies
closer”, is applicable not only to personal relationships but business relationships as well.
While it does not mean that you befriend your competitors, it is important that you are
cognizant of your competitors’ business ventures and methods. There are several ways to

LOVELY PROFESSIONAL UNIVERSITY 9