An Introduction to Brand and Product Management
Transcript of An Introduction to Brand and Product Management
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An Introduction
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A name, term, sign,symbol, design orcombination of these,intended to identify &differentiate ones
goods or services Something that
creates awareness,
reputation, evenprominence in themarketplace
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Both the level of awareness and the attitude toward the
brand held by the target market
Differences arise from value added endowed to a product
as a result of past marketing activity for the brand
This value can be created for a brand in may ways
Brand equity provides a common denominator for
interpreting marketing strategies and assessing the value
of a brand
The value of a brand can be manifested and exploited inmany ways to benefit the firm (e.g. greater profit, lower
cost, etc)
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Identify and establish
Brand Positioning Develop a clear
understanding of what the
brand is to represent and
how it should be
positioned compared to its
competitors
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Plan and Implement Brand
Marketing Programs. They
depend upon:
Initial choices of brand
elements comprising thebrand and how they are
combined
Marketing activities and the
way the brand is integrated
Other associations leveragedby the brand by linking it to
some other entity
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Measure and Interpret
Brand Performance
A Brand Audit helps to
assess brand health,uncover its sources of
equity, and suggest
ways to improve and
further leverage that
equity.
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Grow and Sustain Brand Equity Define the Brand Strategy
Using the brand-product matrix and the brand
hierarchy Manage Brand Equity over Time
A longer term perspective recognizes changes in
both the external environment and internal goals
and programs
Manage Brand Equity over differentGeographies and Market Segments
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Anything we can offer to a market for attention,acquisition, use or consumption that may satisfya motivation (toward pleasure or away from
pain). 5 different levels of meaning (See Fig 1-1): Core benefit level
Generic product level
Expected product level
Augmented product level Potential product level
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Product management
is an organizational lifecyclefunction within a companydealing with the planning/forecasting/ marketing of a
product or products at allstages of the product lifecycle(PLC)
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Product management (Supplyfocused) and product marketing(Demand focused) are differentyet complementary efforts withthe objective of maximizingsales revenues, market share,
and profit margins. The role of product management
spans many activities fromstrategic to tactical and variesbased on the organizationalstructure of the company.
Product management can be afunction separate on its own anda member of marketing orengineering.
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While involved with the entireproduct lifecycle, productmanagement's main focus is ondriving new productdevelopment .
According to the ProductDevelopment and Management
Association (PDMA), superiorand differentiated newproducts ones that deliverunique benefits and superior
value to the customer is thenumber one driver of successand product profitability.
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Product Management in theOrganization
Depending on the company sizeand history, product managementhas a variety of functions androles.
Frequently there is Profit andLoss (P&L) responsibility as akey metric for evaluating productmanager performance.
In some companies, the productmanagement function is the hub ofmany other activities around theproduct. In others, it is one of
many things that need to happento bring a product to market.
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Product management often serves aninter-disciplinary role, bridging gapswithin the company between teams ofdifferent expertise, most notably betweenengineering-oriented teams andbusiness-oriented teams.
For example product managers often
translate business objectives set for aproduct by Marketing or Sales intoengineering requirements.
Conversely they may work to explain thecapabilities and limitations of thefinished product back to Marketing andSales.
Product Managers may also have one ormore direct reports such as a ProductExecutive who can manage operationaltasks or a Change Manager who canoversee new initiatives.