Understanding Product Management

Jul 20 • General • 1029 Views • No Comments on Understanding Product Management

After developing a new product, there should be proper management of the product so that it could perform as desired. The product manager mainly has two main responsibilities to be looked upon which are :

He should be able to plan all the activities that are related to the product which would consist of analyzing the market structure, analysis of the customers and the competitors and other external factors affecting the existence of the product and with the help of this information creating some strategies that can be used to achieve the objective of the market.
The product manager is also responsible to take the guide and support from the top management and perform the activities that have been designed in the marketing plan. He is also responsible for generating internal marketing efforts to obtain the support from the management.

For a successful product management program the product manager has to perform interaction with different people in the organization or outside the organization. These people include :

Sales managers
Advertising media
Packaging and designing team
Research and development suppliers
Publicity department
Public relations
Media department
Channel partners and distributors
Store testing department
Market research team
Legal bodies

Changing consumer trends for the product

Since there is a huge transformation in the lifestyle of the consumers as most of the people are moving from rural to urban areas and this the reason why the focus of the customers is changing. Earlier the consumers used to judge the worth of the product in terms of price paid for it but today the consumers judge the product on the basis of different parameters like :

What is the quality of the product purchased
Does the product have a positive image in the market
How conveniently the product can be used
The services provided by the product
The easiness offered in terms of the payment of the product

Some new trends observed in the customers

Today the consumers are buying more of the branded products in order to increase prestige in their social class
Since more of the women have started working they prefer stores where everything can be made available under a single roof
Consumers are giving more preference to home shopping rather than visiting stores.
There is more preference given by the customers to the children market where they want more opportunities for the trends and purchases.
Also the focus of the stores is growing for the women segments in different outlets.