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Succesful Product Management

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by

Cameron Creek

on 13 May 2014

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Transcript of Succesful Product Management

PMs must understand pricing forces and the process
External:
Consumer demand, quality perception, competition, economic conditions, etc.
Internal:
Size and depth of organization, cost structure, brand/company image, differentiation, marketing mix (4 Ps)

What are pricing objectives?
What does company want from my strategy?
Profit -
quick recovery of investment
Volume -
long-term growth
Status quo -
follow market leader
Pricing
Successful
Product Management

Product Manager Attributes
1. Leader
2. Multifunctional
3. Realist
4. Optimist
5. Creative
6. Flexible
7. Comfortable with change
8. General manager
9. Energetic
10. Passionate

Positioning
The Origins of Product Management
1930s:
Proctor & Gamble
1940s:
Production
1950s:
Sales
1960s:
Marketing
1970s:
Strategic Planning
1990s:
Customer-Based Marketing
2000s:
Information-Based Marketing

1930s Camay Advertisement
Field Trip Report
Purpose
Capture key marketplace information
Keep senior management informed
Build on learning

Format to include:
Background Information
Key Learnings & Opportunities Identified
Overall Observations
Next Steps
Summary

Report within 3 business days after trip
Fact Book
Purpose:
Provide factual data for decision making
Portable source of information
Permanent record of product activities

Inclusions:
Fact sheet - one page with top-line data
Marketing plan
Previous monthly reports
Project list/key activities
Research summaries
Project evaluations
Product performance
Competition

Example
Key Product Manager Tasks
Market Analysis
Product Service and Support
Packaging
Sales Forecasting
Budget Control
Product Positioning*
Pricing*
Communication/Promotions
Trade/Customer Relations
Market Research*
E-Commerce
New Products*
Strategic Key Reports
Project List
Forecast Report
Field Trip Report*
Monthly Report
Fact Book*
Attributes
Reports
The Product Manager's Role
Market Research
Definition:

Systematic
collection
,
recordation
, and
analysis
of data about problems or opportunities related to the marketing of products or services.
The PM has the prime responsibility for the product. He or she must drive the process to accomplish a variety of tasks in a number of different business arenas.
BE THE EXPERT!
Cross-Functional Teams
How do PMs influence without any formal authority?
Tasks
Good product positioning includes:
Product attributes, a 'feature'
Product benefit
Customer behavior, who is target audience?

The Positioning Statement
9 Stages of
New
Product
Development
1. Charter
2. Strategy
3. Idea
4. Screening
5. Business Analysis
6. Development
7. Testing
8. Launch
9. Monitor
1. New Product Charter
A set of hurdles or objectives set by the company that must be met in order to obtain funding and/or approval for new products.
2. Product Development Strategy
A strategy with specific objectives for the research to be done.
3. Ideas
Start with an information search.

Pertinent information is gathered and reviewed for ideas.
4. Screening
Screen against charter to make a go/no go analysis tool.

Screen with the idea of building a balanced product portfolio.
5. Preliminary Business Plan
Key elements:

Competitive analysis

SWOT of the
concept

Competitors or potential competitors

First-cut sales forecast
6. Development
Assemble team and meet regularly to keep things moving.



Use focus groups to sort ideas and identify strongest concepts.
7. Testing
Prototype Development & Customer Testing

Strategic Business Plan
Outlines preliminary costs, packaging, product design, target customer groups
Defines project status
Market opportunities and risks

Senior management now involved
8. Final Marketing Plan & Launch
Final recommendations for
Packaging
Product name
Product protocol
Marketing mix
Sales projects
Other company specific items
9. Monitoring
Implement plans to monitor progress and get feedback.
Communication is key!
LEADERSHIP
An acquired skill
Job assignment doesn't imply leadership
Most elements are learnable
You are always on stage
Important Leadership Values
Employ integrity in everything you do

Engender Trust

Stand for something important

Meet your commitments

Help others

Include others
Stay calm, even when
your hair is on fire
Transformation
Conclusion
Positioning Statement Example
E-Z Clean PRECISION electrodes are specifically designed for use in confined spaces and delicate cases. PRECISION electrodes allow for reduced power settings and provide surgeons directional dissection capabilities without having a sharp tip like a needle.
What are the most important attributes from your experience?
Presented to senior management for final launch approval.
Approach
Review needs and issues and communicate to team.

Outline key decisions and the cost of NOT going forward.

Determine exactly what information is needed.

Set up plan with appropriate objectives and realistic limitations and expectations.
Full transcript