Product/Service Management LAP 17 Nature of Product/Service Management.
Product management
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Transcript of Product management
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PRODUCT MANAGEMENT
The sessions will include: Definitions Scope Reasons for Failure Process
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PRODUCT MANAGEMENT
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Definition
A Product is anything that can be offered to the market to satisfy a want or a need.
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Definition…………..
A Product is anything that is potentially valued by a target market for the benefits or satisfactions it provides.
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Definition…………..
A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers which they receive in exchange for money or some other unit of value.
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Product Scope…
Physical goods
Services
Experiences
EventsPersons
PlacesProperties
OrganizationsInformation
Ideas
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New Product Development Process
Idea Generation and Screening Concept Development and Testing Marketing Strategy Business Analysis Product Development Test Marketing Commercialization
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Reasons of Product FailureCost of Product DevelopmentCompetitive Actions
Overestimation of Market Size
Product design problems
Product incorrectly positioned,priced or advertisedPoorly priced or overpricedLack of sufficient capital
Slow from idea to market,losing out to others
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Classifications of Product
Durable Non – durable Services
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Product Levels
Customer value hierarchy
Core benefit
Basic product
Expected product
Augmented product
Potential product
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Convenience goods
Shopping goods
Specialty goods
Unsought goods
Consumer goods classification
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Convenience Goods
These are the products that the customer wants but is not willing to spend much time shopping for such as candy bars,cigarettes, soaps and most grocery items.
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Shopping goods
These are the products that are considered worth the time and efforts needed to carefully evaluate them and to compare them with competing products like refrigerators and furniture and fixtures.
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Specialty goods
These are the products that consumer will make a special effort to buy,usually specific branded items of special importance to the consumers.
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Unsought goods
These are the products that consumers do not yet know they can buy or the products that they usually do not want.
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Industrial goods classification
Materials and Parts
- raw materials
- manufactured materials and parts
Capital items
Supplies and business services
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Material and parts
These are basic commodities such as logs ,iron sand and fresh fish on which processing is to be done to transform them into final products.
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Manufactured material and parts
Automobiles batteries Wires Small motors cement
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New Idea Spoilers
I have got a better idea It will not work here It has been tried before This is not the right time It cannot be done It is not the way we do things here We have done all right without it. It will cost too much Let us discuss it at the next meeting
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Product Strategy
Total Market share Consumer behaviour Product positioning Sales plan Profit targets Product price
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Continued….
Market channels Marketing expenses Long range market and profit plans Launch of the new product