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Succesful Product Management
Transcript of Succesful Product Management
Consumer demand, quality perception, competition, economic conditions, etc.
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?
quick recovery of investment
Status quo -
follow market leader
Product Manager Attributes
7. Comfortable with change
8. General manager
The Origins of Product Management
Proctor & Gamble
1930s Camay Advertisement
Field Trip Report
Capture key marketplace information
Keep senior management informed
Build on learning
Format to include:
Key Learnings & Opportunities Identified
Report within 3 business days after trip
Provide factual data for decision making
Portable source of information
Permanent record of product activities
Fact sheet - one page with top-line data
Previous monthly reports
Project list/key activities
Key Product Manager Tasks
Product Service and Support
Strategic Key Reports
Field Trip Report*
The Product Manager's Role
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!
How do PMs influence without any formal authority?
Good product positioning includes:
Product attributes, a 'feature'
Customer behavior, who is target audience?
The Positioning Statement
9 Stages of
5. Business Analysis
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.
Start with an information search.
Pertinent information is gathered and reviewed for ideas.
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
SWOT of the
Competitors or potential competitors
First-cut sales forecast
Assemble team and meet regularly to keep things moving.
Use focus groups to sort ideas and identify strongest concepts.
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
Other company specific items
Implement plans to monitor progress and get feedback.
Communication is key!
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
Stand for something important
Meet your commitments
Stay calm, even when
your hair is on fire
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.
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.