Production Management

Engineering Economics And Management

Prepared by :Ghanshyam Prajapati (13CV088)

Contents

Definitions Objectives1. Plan2. Customers3. Success4. Delivery5. Marketing

Definition Product Management is the process of managing

your products throughout their life cycle.

Objectives

Plan:- A key objective for product management is

planning and developing the specification for a range of products portfolio that meets your long term strategic plan.

The strategic plan may require development of new products to meet the needs of new market sectors for improvements and extensions to the current product range to increase in your existing sectors.

Customers

Product manager must ensure that products meet or exceed customer needs.

according to pragmatic marketing, enhancing user experience is an important objective for product management .

That means working with your customers and utilizing their feedback to ensure that your products are easy to use, simple to maintain and capable of delivering value to your customers .enhancing the user experience helps product manager to meet the important objective of maximizing customer satisfaction

Success

The ultimate measure of product management is commercial success, according to innovation process management .

although product managers may not have specific profit and loss responsibility, they must recognized the importance of financial result.

to achieve commercial success ,they need to co-ordinate the activities of other specialists in your company who contribute to the products performance in the market place, in including product development teams, marketing executives, quality managers and sales representatives.

Delivery

Product managers have to meet time and budget objectives .

To meet the demands of the market and counter competitive pressures, they must be able to conclude product development programmes on time and on budget .

That enables your company to reduce the time to bring you or improved products to market and stay ahead of your competitors .

Marketing

Product management and marketing management share similar objectives, which are to maximize revenue and profit by meeting customer needs.

some companies combine the role of product manager and marketing manager.

In others, product manages work closely with marketing managers, using results from the market place to plan and prioritize product development programmes ,and briefing marketing times on the benefits of new product so that they can develop effective customer communications.

Thank you