What Is It? Product Development vs. Product Management
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Transcript of What Is It? Product Development vs. Product Management
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What Is It? Product Management vs. Product Development
Warren M. Gitt Overlook International Group LLC
Columbia MD (410) 456-6282
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Warren Gitt Overlook International Group LLC Background & Experience
35 Years in the Medical Device/Healthcare Arena Products and Services for the Physician, Hospital, Medical Device, IT,
Pharmaceutical, Consumer, and Managed Care Markets Executive Level Roles in Product Management, Marketing and Sales
Management, Business Development and General Management Expertise/Experience in International Markets (Bilingual in German) Public and Private, Start-Ups, Development Stage, Fortune 500 Cos Currently Serving as VP Global Business Development for K2M, Inc.
Education &Training
BA Secondary Education and German Language (Hastings College, NE) MBA International Business (Thunderbird now part of ASU) US Army Defense Language Institute
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Key Takeaways
This session will focus on the respective roles and responsibilities of the Product Manager vs. the Development Engineer from a products inception through its lifecycle maintenance, including: Leveraging the Cross-Functional Product Team to Deliver Results
How to manage and direct the organizations resources to develop a product that will achieve the financial, market and strategic objectives of the products business.
Business vs. Technical Aspects of Product Development If not me, then who is responsible?
Putting the Customer First How to avoid developing the perfectly designed product that doesnt fit the customers needs.
Navigating the Organization and Getting Things Done How to manage all that responsibility with little to no authority via networking, politicking and influencing (situational consultative leadership).
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OMTEC 2016
PRODUCT DEVELOPMENT IS A SUBCOMPONENT
OF PRODUCT MANAGEMENT
WHAT IS IT?
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A Picture Worth A Thousand Words
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WHAT IS PRODUCT MANAGEMENT?
OMTEC 2016
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Product Management What Is It?
Market
Technology Business
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What is Product Management? Strategic Business and Product Planning
Global Strategic Business Planning Long Term Strategic Growth Maintaining a Strategically Healthy Product Range
Product Manage the Product Development Process Forecasting and Product Planning Augmenting/Culling the Product Line
Distribution Competitive Analysis Sales Analysis Sales Support
Product and Customer Education/ Training Pricing and Reimbursement Promotion
Sales and Product Promotions Marketing Communications Trade Shows, Exhibitions, Seminars
UP
ST
RE
AM
D
OW
NS
TR
EA
M U
PSTREAM
DO
WN
STREAM
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Upstream - Product Development Model
Develop a collaborative approach to product development, through
which healthcare providers, opinion leaders, experienced
biomechanical engineers, and product management experts
gather at regular product development meetings, maintaining
constant communication either in-person or via prescheduled audio and video conference.
Development Project
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Upstream - CEO of the Product Line
Product Management
Customers: Distribution
& End-Users
Engineering
Supply Chain
Quality and Regulatory
MarComm Med Ed
Corp Events
OUS vs US
Finance
Sales Management
and Field Specialists
Responsibility but Limited Authority Requires Leadership from the Middle
Execs
Competitors
Govt Regulatory
User Preference
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Downstream Marketing
Medical Education
(Includes Sales Training)
Marketing Communications Field Activities
Global Sales Support
Corporate Events (Trade Shows/ Conferences)
Global Marketing: Product
Management functions as product
CEO
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Sales Support Activities Market and Territory Research and Analysis Sales Planning and Review tools for use by Sales
Management Territory Planning Tools Scorecard Development Inventory Planning and Oversight Tools
Support of National Contracting Activity Visits to the Field
Key End Users Case Coverage Training
Feedback Loop Voice of the Customer
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WHAT IS PRODUCT DEVELOPMENT?
OMTEC 2016
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Product Development Approach (Collaborative Teams)
Development Team
Project Manager Functions as the CEO for Team Develop Business Plan and Market Opportunity, Manages Team s Administration and Logistics
Senior Engineer Functions as the Chief Technical Officer Biomechanical Engineering Intellectual Property Development Regulatory/Clinical Interface
Global Subject Matter Experts Providers (Surgeons, Nurses, Other Clinicians) Sub-Segment Expertise
(CEO)
(CTO)
Structure and Process Are Essential
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Stage Gate Model A conceptual and operational road map for moving a new-product development from idea to launch. It is a product management technique in which any product development process is divided into various stages separated by gates. It is an iterative process in which each stage is unique & independent, consisting of activities necessary before moving to the next gate. Gates serve as quality control checkpoints with 3 Goals: to ensure quality of execution, to evaluate the business rationale and to approve the project plan and resources. At each gate the team leadership determines if more information is required to move forward or whether to abort the project. The Product Manager can switch to any of the previous stages in case of failure to qualify through the appropriate gate.
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Overview of Development (Device Market) Project Initiation Design Inputs Design Reviews Regulatory Planning Design Transfer Prototyping Supply Chain Activities (Planning
and Ordering Products) FDA and CE (Regulatory) Quality Alpha/Beta Product Evaluation/ Intro Changes as result of Alpha/Beta Final Marketing Introduction
DE
VE
LO
PM
EN
T
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KEYS TO SUCCESS Product Management
OMTEC 2016
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What Constitutes An Effective Product Manager?
An effective Product Manager is A person whose product decisions over time consistently
result in increasing market share without a detrimental impact on margins. From the customers perspective it is being constantly "delighted" with the product offering.
How is it done? By developing and honing three critical marketing skills: (1) strategic insight, (2) near flawless tactical execution of strategies, and (3) the understanding and use of financial tools effectively.
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Selection Is Critical PERSONAL QUALITIES AND ATTRIBUTES
Ability to discern between strategic and tactical issues
Meticulous attention to detail, Strong follow-up capability Ability to work alone
Self-discipline, Self-starter, Goal oriented Possesses strong time management skills
Team orientation Able to build team relationships with other business disciplines (e.g. interfaces continuously with engineering, Clinical,
manufacturing, procurement, finance, sales and executive personnel)
Strong oral and written communications skills
Strong analytical and planning skills
Project management skills
Understanding of basic managerial skills Ability to plan and organize work efforts to maintain proper focus and output, yet be able to appropriately
prioritize tasks
PRODUCT MANAGERS HAVE RESPONSIBILITY BUT LIMITED AUTHORITY
FIND/RECRUIT THOSE WITH THE ABILITY TO LEAD FROM THE MIDDLE
Thick Skin Is Essential
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Primary Product Management Responsibilities
Strategic Business and Product Planning Product Development and Maintenance Distribution Support and Planning Product Promotion and Training People Management Financial and Business Management
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Same Skill Sets Required, Irrespective of Level Within Product Management.
Two Development Tracks
Management Subject Matter Expertise
Appropriate Balance of Upstream vs. Downstream Marketing
Frequent, Periodic Feedback
Bonus Compensation Tied To
Financial Success
Category Marketing Assistant
Associate Product Manager
Product Manager
Senior Product Manager
Group Product Manager
Education BA/BS BA/BS, MBA preferred BA/BS, MBA preferredBA/BS, MBA
preferred BA/BS, MBA preferred
Computer/Database Skills - Working knowledge of Microsoft Office, Database Applications, CRM Systems, ERP and Document Control Systems
X X XX XX XXX
Total Experience Required (Years In marketing, sales or related business positions, either internal or, if external, preferably in the medical device business)
0 to 2 1 to 5 3 to 10 5 or more 5 or more
Marketing Experience Required (Years In marketing positions, either internal or, if external, preferably in spine or orthopedics)
0 1 to 3 3 to 5 5 to 10 5 to 10
Global Strategic Business Planning - Write worldwide strategic business plans in assigned product areas to insure that products are consistently managed for optimum growth and margin revenue, that products are properly introduced to the marketplace and to the sales force, that product management mileposts are set, prioritized and achieved according to plan, and that implementation tactics are carefully thought out and planned in advance of execution
NA X XX XXX XXX
Long-Term Strategic Growth - Develop and implement a strategic worldwide business plan the ensure that long-term (3 or more years) growth objectives are achieved. Identify and establish ongoing positive relationships with thought leaders worldwide. Become knowledgeable on current clinical trends. Gain strategic insight for providing product direction. Establish strong clinical partnerships in developing new products. Define and locate ideal products and/or business acquisitions which strategically fit K2M's mission and which provide the necessary growth. Map out tactical programs essential to achieving long-term business objectives, both domestic and international.
NAAssists and
Recommends XX XXX XXX
Strategically Healthy Product Range - Provide direction to insure that the product range remains commercially viable and strong. Specific strategies include auditing the product range on a semi-annual basis for competitiveness and commercial parity, for completeness vs. product gaps, margin contribution, leapfrog opportunities (cutting edge technology for development or acquisition). Insure that direct reports remain up-to-date on customer and market issues. Train direct reports to do reliable primary market research. Insure responsiveness among direct reports to field "noise" on product related issues. Train direct reports on how to drive new product introductions.
NA X XX XXX XXX
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
Educ
atio
n
Tr
aini
ngSt
rate
gic
Bus
ines
s an
d Pr
oduc
t Pla
nnin
g
Well-Defined/ Monitored Expectations
Requirements-Responsibilities
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Education TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills - Working knowledge of Microsoft Office, Database Applications, CRM Systems, ERP and Document Control SystemsXXXXXXXXX
Total Experience Required (Years In marketing, sales or related business positions, either internal or, if external, preferably in the medical device business)0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required (Years In marketing positions, either internal or, if external, preferably in spine or orthopedics)01 to 33 to 55 to 105 to 10
Strategic Business and Product PlanningGlobal Strategic Business Planning - Write worldwide strategic business plans in assigned product areas to insure that products are consistently managed for optimum growth and margin revenue, that products are properly introduced to the marketplace and to the sales force, that product management mileposts are set, prioritized and achieved according to plan, and that implementation tactics are carefully thought out and planned in advance of executionNAXXXXXXXXX
Long-Term Strategic Growth - Develop and implement a strategic worldwide business plan the ensure that long-term (3 or more years) growth objectives are achieved. Identify and establish ongoing positive relationships with thought leaders worldwide. Become knowledgeable on current clinical trends. Gain strategic insight for providing product direction. Establish strong clinical partnerships in developing new products. Define and locate ideal products and/or business acquisitions which strategically fit K2M's mission and which provide the necessary growth. Map out tactical programs essential to achieving long-term business objectives, both domestic and international.NAAssists and RecommendsXXXXXXXX
Strategically Healthy Product Range - Provide direction to insure that the product range remains commercially viable and strong. Specific strategies include auditing the product range on a semi-annual basis for competitiveness and commercial parity, for completeness vs. product gaps, margin contribution, leapfrog opportunities (cutting edge technology for development or acquisition). Insure that direct reports remain up-to-date on customer and market issues. Train direct reports to do reliable primary market research. Insure responsiveness among direct reports to field "noise" on product related issues. Train direct reports on how to drive new product introductions.NAXXXXXXXXX
ProductManage Product Development Process - Lead development efforts for new products by collecting and assessing design inputs, market needs, design and manufacturing limitations, financial constraints. Serve as Project Manager by setting timelines, financial and design controls, adherence to regulatory and quality requirements. Collaborate with production on all operational requirements. Serve as primary end-user customer interface (Voice of Customer) and as feedback loop as regards design, market and clinical needs.NAAssists but has limited authority for decision making XXXXXXXX
Forecasting and Product Planning - Track sales and market history and project additional/new product sales so that accurate production schedules can be developed monthly to drive manufacturing, and so that intelligent marketing decisions can be made to correct sales lags, alter BOMs, instruments, etc.AssistsXXXX
Augmenting/Culling the Product Offering - Continuously monitor the product offering to identify and maintain high margin vs. low margin contributors, high vs. low volume usage, make recommendations for enhancing or improving the existing product offering, identify product gaps in order to maintain competitive parity, make recommendations for complementary product development or acquisitionsAssistsXXXXXXXXX
DistributionCompetitive Analysis - Closely monitor and document competition and competitive activity, evaluates competitive strategy, develop strategies to block competitive activity, insure products are at parity or above on all "customer perceived" critical featuresAssistsRecommends, Limited Decision-MakingXXXXXXX
Sales Analysis - Analyze sales trends and collate sales data to determine effectiveness of selling effort, provide "intelligence" to sales management, identify weak market areas, identify profitable vs. unprofitable product lines, identify ASP, measure effectiveness of promotions, measure market share gains/losses.AssistsXXXXXXXX
TrainingProduct Training - Insure that sales reps and sales management are well-trained so that surgeon questions about the product can be answered intelligently and properly. Insure that sales presentations are informative and cover all salient product features/benefits and surgical technique issues. Provide inservices which are thorough and which address all relevant questions and issues. Train sales managers such that they can answer virtually all general questions posed to and by their reps and surgeons. Collaborate with the training department so that field personnel have a product profile manual to refer back to for refresher training. Train customer service reps so they are knowledgeable regarding products and instruments. Develop professional training aids for use by both surgeons and sales.XXXXXXXXXXX
PricingPricing Administration - Manage the pricing function to insure that all products and instrumentation are priced to achieve K2M objectives, new products are priced appropriately for the market and to meet margin objectives, price increases are based on increases in costs, inflation, etc., short-term promotions or conversion pricing does not violate long-term business objectives, ASP objectives are set for major products on an annual basis and are closely monitored.NAXXXXXXXX
Reimbursement - Research, document and communicate reimbursement strategies so as to ensure market acceptance and reimbursement for products sold (DRGs) and procedures performed (CPT Code)NAXXXX
PromotionSales and Product Promotions - Develops sales promotional concepts that stimulate short term demand, combat competitive tactics as required, secure sales attention and time when needed. Creates promotional programs that are easy to understand and implement, attractive to customers and sales reps, easy to accept and advantageous to use, limited in time to preserve premium margins, professional in all aspects, consistent with overall K2M strategic business objectivesNAXXXXXXXXX
Marketing Communications - Collaborate with Marcom Manager to interface with ad agencies, graphic designers, printers, etc. in the development of promotional and sales support materials.XXXXXXX
Trade Shows, Exhibitions, Seminars - Plan and manage activities in collaboration with other marketing departments. Attend as required. Provide necessary equipment and staffingXXXXX
Management of PeopleManages Associate/Assistant EmployeesNANAXXXXXX
Manages PM'sNANAXXNAXX
Staff Development - Working closely with Human Resources prepare and implement a specific development plan for each direct report, assisting the direct report in developing himself/herself in achieving maximum performance and professional growth. Conduct periodic "performance discussions" to identify areas of strength, opportunities for improvement, jointly s setting short-term business and personal development goals. Provide opportunities for growth which have clear cut objectives with well laid out performance standards. Provide direct reports with learning opportunities such as seminars/schools. Closely monitor time management of direct reports such that they are able to carry out primary responsibilities without distraction from purpose. Aid the subordinate in understanding and realizing the vision of the position and his or her personal contribution to K2M.NANAXXXXXX
Common Responsibilities of Exempt Positions - Develops and maintains the knowledge, abilities and perspnal qualities necessary for the proper execution of assigned duties. Plans and schedules work so that it can be carried out efficiently, effectively and safely. Prepares reports and records promptly. Keeps higher management and staff departments having functional responsibility informed of all significant developments. Assumes complete responsibility within scope of activity for compliance with the spirit and letter of federal and state laws as well as programs for equal employment practices, safety in operations and compliance with Regulatory and Quality requirements. LimitedXXXXXXXX
Financial and Business ManagementSales and Profitability Achievement - Insure that budgeted sales and profitability goals are met for the fiscal year. Track Sales progress by product with marketing staff. Guide staff thinking in due development of sales support ideas. Train staff on how to implement worthwhile programs (dos and don'ts). Establish and enforce policy direction for pricing and promotional programs. Insure sales management is aware of weak sales territories and regions. Challenge sales management to take strong steps to rectify weak sales areas. NA$$$$$$$$
Management of Product FamilyNAXXXXXXXX
Management of Product SiloNANAXXXXXXX
Spending AuthorityNA$$$$$$$$
Personal Qualities-Attributes
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Personal Qualifications and AttributesMeticulous attention to detailxxxxx
Strong follow-up capabilityxxxxx
Self-disciplinexxxxx
Self-starter xxxxx
Goal orientedxxxxx
Possesses strong time management skillsxxxxx
Ability to work alonexxxxx
Team orientation - Able to build team relationships with other business disciplines (e.g. interfaces continuously with engineering, R and D, manufacturing, procurement, finance, sales and executive personnel)xxxxx
Strong oral and written communications skillsxxxxx
Strong analytical skillsxxxxx
Strong planning skillsxxxxx
Project management skillsxxxxx
Self-disciplinexxxxx
Understanding of basic managerial skillsxxxxx
Ability to discern between strategic and tactical issuesxxxxx
Ability to plan and organize work efforts to maintain proper focus and output, yet be able to appropriately prioritize tasksxxxxx
Advancement
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Spending AuthorityNA$$$$$$$$
Advancement Timeline (estimates only)0 to 1 YrsX
1 to 3 YrsX
3 to 5 YrsX
5 to 10 YrsXX
Compensation Guidelines ($) - Subject to changes based on company policy and market conditionsSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HR
Notes
Key/Legend
Xs reflect an increasing breadth and depth to the responsibilities of the position, however, in each case the fundamental responsibility remains the same.
Examples of increasing/decreasing breadth and depth of responsibility include:
More products or product lines, management of a silo
More technically sophisticated products requiring more in-depth analysis, greater engineering interface, increased clinical requirements
Different kinds of products (e.g. implants vs. biologics vs. equipment vs. disposables vs. services)
Greater revenue or margin dollars
A larger span of control in terms of reporting personnel
Brief-Respons-Time Study
PRODUCT MANAGEMENT REQUIREMENTS AND RESPONSIBILITIES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSr. Product ManagerGroup Product ManagerTime Study Reference
Education/TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills XXXXXXXXX
Total Experience Required 0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required 01 to 33 to 55 to 105 to 10
Strategic Business & Product PlanningGlobal Strategic Business PlanningNAXXXXXXXXXD
Long-Term Strategic Growth NARecommendsXXXXXXXXD,E
Strategically Healthy Product Range NAXXXXXXXXXD, E
ProductManage Product Development ProcessNAAssists XXXXXXXXD,E
Forecasting and Product PlanningAssistsXXXXD,E
Augmenting/Culling the Product Offering AssistsXXXXXXXXXD,E
DistributionCompetitive Analysis AssistsRecommendsXXXXXXXA,C,D,E
Sales AnalysisAssistsXXXXXXXXC,D
TrainingProduct Training XXXXXXXXXXXC
PricingPricing Administration NAXXXXXXXXD,E
ReimbursementNAXXXXD,E
PromotionSales and Product Promotions NAXXXXXXXXB,C
Marketing Communications XXXXXXXB
Trade Shows, Exhibitions, Seminars XXXXXC
People ManagementManages Associate/Assistant EmployeesNANAXXXXXXG
Manages PM'sNANAXXNAXXG
Staff Development NANAXXXXXXF,G
Exempt Position-Common ResponsibilityLimitedXXXXXXXXF,G
Financial and Business ManagementSales and Profitability Achievement NA$$$$$$$$C,D,E,G
Management of Product FamilyNAXXXXXXXXC,D,E,G
Management of Product SiloNANAXXXXXXXC,D,E
Spending AuthorityNA$$$$$$$$C,D,E,G
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA10%5%
MarcomB5%NA
Sales SupportC25%15%
Sales and Market Analysis, Business PlanningD20%30%
Product DevelopmentE30%15%
Personal DevelopmentF10%10%
People ManagementGNA25%
PRODUCT MANAGEMENT MATRIXINCLUDINGTIME STUDY REFERENCES
&A
Blank Time Study
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA
MarcomB
Sales SupportC
Sales and Market Analysis, Business PlanningD
Product DevelopmentE
Personal DevelopmentF
People ManagementG
1
Sheet1
CategoryProduct ManagerCurrent Competency Status
Education/TrainingEducationBA/BS, MBA preferredAchieved
Computer/Database Skills XXAchieved
Total Experience Required 3 to 10Achieved
Marketing Experience Required 3 to 5Achieved
Strategic Business & Product PlanningGlobal Strategic Business PlanningXXIn Process
Long-Term Strategic Growth XXIn Process
Strategically Healthy Product Range XXAchieved
ProductManage Product Development ProcessXXAchieved
Forecasting and Product PlanningXIn Process
Augmenting/Culling the Product Offering XXAchieved
DistributionCompetitive Analysis XAchieved
Sales AnalysisXAchieved
TrainingProduct Training XXAchieved
PricingPricing Administration XIn Process
ReimbursementXIn Process
PromotionSales and Product Promotions XAchieved
Marketing Communications XAchieved
Trade Shows, Exhibitions, Seminars XAchieved
People ManagementManages Associate/Assistant EmployeesXXIn Process
Manages PM'sXXNA Currently
Staff Development XXProficiency Demonstrated
Exempt Position-Common ResponsibilityXXAchieved
Financial and Business ManagementSales and Profitability Achievement $$Achieved
Management of Product FamilyXXAchieved
Management of Product SiloXXAchieved
Spending Authority$$Achieved
-
Category Marketing Assistant
Associate Product Manager
Product Manager
Senior Product Manager
Group Product Manager
Manage Product Development Process - Lead development efforts for new products by collecting and assessing design inputs, market needs, design and manufacturing limitations, financial constraints. Serve as Project Manager by setting timelines, financial and design controls, adherence to regulatory and quality requirements. Collaborate with production on all operational requirements. Serve as primary end-user customer interface (Voice of Customer) and as feedback loop as regards design, market and clinical needs.
NAAssists but has
limited authority for decision making
XX XXX XXX
Forecasting and Product Planning - Track sales and market history and project additional/new product sales so that accurate production schedules can be developed monthly to drive manufacturing, and so that intelligent marketing decisions can be made to correct sales lags, alter BOMs, instruments, etc.
Assists X X X X
Augmenting/Culling the Product Offering - Continuously monitor the product offering to identify and maintain high margin vs. low margin contributors, high vs. low volume usage, make recommendations for enhancing or improving the existing product offering, identify product gaps in order to maintain competitive parity, make recommendations for complementary product development or acquisitions
Assists X XX XXX XXX
Competitive Analysis - Closely monitor and document competition and competitive activity, evaluates competitive strategy, develop strategies to block competitive activity, insure products are at parity or above on all "customer perceived" critical features
AssistsRecommends,
Limited Decision-Making
X XXX XXX
Sales Analysis - Analyze sales trends and collate sales data to determine effectiveness of selling effort, provide "intelligence" to sales management, identify weak market areas, identify profitable vs. unprofitable product lines, identify ASP, measure effectiveness of promotions, measure market share gains/losses.
Assists X X XXX XXX
Trai
ning
Product Training - Insure that sales reps and sales management are well-trained so that surgeon questions about the product can be answered intelligently and properly. Insure that sales presentations are informative and cover all salient product features/benefits and surgical technique issues. Provide inservices which are thorough and which address all relevant questions and issues. Train sales managers such that they can answer virtually all general questions posed to and by their reps and surgeons. Collaborate with the training department so that field personnel have a product profile manual to refer back to for refresher training. Train customer service reps so they are knowledgeable regarding products and instruments. Develop professional training aids for use by both surgeons and sales.
X XX XX XXX XXX
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
Prod
uct
Dis
trib
utio
n
Category Marketing Assistant
Associate Product Manager
Product Manager
Senior Product Manager
Group Product Manager
Pricing Administration - Manage the pricing function to insure that all products and instrumentation are priced to achieve K2M objectives, new products are priced appropriately for the market and to meet margin objectives, price increases are based on increases in costs, inflation, etc., short-term promotions or conversion pricing does not violate long-term business objectives, ASP objectives are set for major products on an annual basis and are closely monitored.
NA X X XXX XXX
Reimbursement - Research, document and communicate reimbursement strategies so as to ensure market acceptance and reimbursement for products sold (DRGs) and procedures performed (CPT Code)
NA X X X X
Sales and Product Promotions - Develops sales promotional concepts that stimulate short term demand, combat competitive tactics as required, secure sales attention and time when needed. Creates promotional programs that are easy to understand and implement, attractive to customers and sales reps, easy to accept and advantageous to use, limited in time to preserve premium margins, professional in all aspects, consistent with overall K2M strategic business objectives
NA X XX XXX XXX
Marketing Communications - Collaborate with Marcom Manager to interface with ad agencies, graphic designers, printers, etc. in the development of promotional and sales support materials.
XX XX X X X
Trade Shows, Exhibitions, Seminars - Plan and manage activities in collaboration with other marketing departments. Attend as required. Provide necessary equipment and staffing
X X X X X
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
Prom
otio
nPr
icin
g
Performance Reviews Tied To The Product Management Matrix
Well-Defined/ Monitored Expectations
Requirements-Responsibilities
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Education TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills - Working knowledge of Microsoft Office, Database Applications, CRM Systems, ERP and Document Control SystemsXXXXXXXXX
Total Experience Required (Years In marketing, sales or related business positions, either internal or, if external, preferably in the medical device business)0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required (Years In marketing positions, either internal or, if external, preferably in spine or orthopedics)01 to 33 to 55 to 105 to 10
Strategic Business and Product PlanningGlobal Strategic Business Planning - Write worldwide strategic business plans in assigned product areas to insure that products are consistently managed for optimum growth and margin revenue, that products are properly introduced to the marketplace and to the sales force, that product management mileposts are set, prioritized and achieved according to plan, and that implementation tactics are carefully thought out and planned in advance of executionNAXXXXXXXXX
Long-Term Strategic Growth - Develop and implement a strategic worldwide business plan the ensure that long-term (3 or more years) growth objectives are achieved. Identify and establish ongoing positive relationships with thought leaders worldwide. Become knowledgeable on current clinical trends. Gain strategic insight for providing product direction. Establish strong clinical partnerships in developing new products. Define and locate ideal products and/or business acquisitions which strategically fit K2M's mission and which provide the necessary growth. Map out tactical programs essential to achieving long-term business objectives, both domestic and international.NAAssists and RecommendsXXXXXXXX
Strategically Healthy Product Range - Provide direction to insure that the product range remains commercially viable and strong. Specific strategies include auditing the product range on a semi-annual basis for competitiveness and commercial parity, for completeness vs. product gaps, margin contribution, leapfrog opportunities (cutting edge technology for development or acquisition). Insure that direct reports remain up-to-date on customer and market issues. Train direct reports to do reliable primary market research. Insure responsiveness among direct reports to field "noise" on product related issues. Train direct reports on how to drive new product introductions.NAXXXXXXXXX
ProductManage Product Development Process - Lead development efforts for new products by collecting and assessing design inputs, market needs, design and manufacturing limitations, financial constraints. Serve as Project Manager by setting timelines, financial and design controls, adherence to regulatory and quality requirements. Collaborate with production on all operational requirements. Serve as primary end-user customer interface (Voice of Customer) and as feedback loop as regards design, market and clinical needs.NAAssists but has limited authority for decision making XXXXXXXX
Forecasting and Product Planning - Track sales and market history and project additional/new product sales so that accurate production schedules can be developed monthly to drive manufacturing, and so that intelligent marketing decisions can be made to correct sales lags, alter BOMs, instruments, etc.AssistsXXXX
Augmenting/Culling the Product Offering - Continuously monitor the product offering to identify and maintain high margin vs. low margin contributors, high vs. low volume usage, make recommendations for enhancing or improving the existing product offering, identify product gaps in order to maintain competitive parity, make recommendations for complementary product development or acquisitionsAssistsXXXXXXXXX
DistributionCompetitive Analysis - Closely monitor and document competition and competitive activity, evaluates competitive strategy, develop strategies to block competitive activity, insure products are at parity or above on all "customer perceived" critical featuresAssistsRecommends, Limited Decision-MakingXXXXXXX
Sales Analysis - Analyze sales trends and collate sales data to determine effectiveness of selling effort, provide "intelligence" to sales management, identify weak market areas, identify profitable vs. unprofitable product lines, identify ASP, measure effectiveness of promotions, measure market share gains/losses.AssistsXXXXXXXX
TrainingProduct Training - Insure that sales reps and sales management are well-trained so that surgeon questions about the product can be answered intelligently and properly. Insure that sales presentations are informative and cover all salient product features/benefits and surgical technique issues. Provide inservices which are thorough and which address all relevant questions and issues. Train sales managers such that they can answer virtually all general questions posed to and by their reps and surgeons. Collaborate with the training department so that field personnel have a product profile manual to refer back to for refresher training. Train customer service reps so they are knowledgeable regarding products and instruments. Develop professional training aids for use by both surgeons and sales.XXXXXXXXXXX
PricingPricing Administration - Manage the pricing function to insure that all products and instrumentation are priced to achieve K2M objectives, new products are priced appropriately for the market and to meet margin objectives, price increases are based on increases in costs, inflation, etc., short-term promotions or conversion pricing does not violate long-term business objectives, ASP objectives are set for major products on an annual basis and are closely monitored.NAXXXXXXXX
Reimbursement - Research, document and communicate reimbursement strategies so as to ensure market acceptance and reimbursement for products sold (DRGs) and procedures performed (CPT Code)NAXXXX
PromotionSales and Product Promotions - Develops sales promotional concepts that stimulate short term demand, combat competitive tactics as required, secure sales attention and time when needed. Creates promotional programs that are easy to understand and implement, attractive to customers and sales reps, easy to accept and advantageous to use, limited in time to preserve premium margins, professional in all aspects, consistent with overall K2M strategic business objectivesNAXXXXXXXXX
Marketing Communications - Collaborate with Marcom Manager to interface with ad agencies, graphic designers, printers, etc. in the development of promotional and sales support materials.XXXXXXX
Trade Shows, Exhibitions, Seminars - Plan and manage activities in collaboration with other marketing departments. Attend as required. Provide necessary equipment and staffingXXXXX
Management of PeopleManages Associate/Assistant EmployeesNANAXXXXXX
Manages PM'sNANAXXNAXX
Staff Development - Working closely with Human Resources prepare and implement a specific development plan for each direct report, assisting the direct report in developing himself/herself in achieving maximum performance and professional growth. Conduct periodic "performance discussions" to identify areas of strength, opportunities for improvement, jointly s setting short-term business and personal development goals. Provide opportunities for growth which have clear cut objectives with well laid out performance standards. Provide direct reports with learning opportunities such as seminars/schools. Closely monitor time management of direct reports such that they are able to carry out primary responsibilities without distraction from purpose. Aid the subordinate in understanding and realizing the vision of the position and his or her personal contribution to K2M.NANAXXXXXX
Common Responsibilities of Exempt Positions - Develops and maintains the knowledge, abilities and perspnal qualities necessary for the proper execution of assigned duties. Plans and schedules work so that it can be carried out efficiently, effectively and safely. Prepares reports and records promptly. Keeps higher management and staff departments having functional responsibility informed of all significant developments. Assumes complete responsibility within scope of activity for compliance with the spirit and letter of federal and state laws as well as programs for equal employment practices, safety in operations and compliance with Regulatory and Quality requirements. LimitedXXXXXXXX
Financial and Business ManagementSales and Profitability Achievement - Insure that budgeted sales and profitability goals are met for the fiscal year. Track Sales progress by product with marketing staff. Guide staff thinking in due development of sales support ideas. Train staff on how to implement worthwhile programs (dos and don'ts). Establish and enforce policy direction for pricing and promotional programs. Insure sales management is aware of weak sales territories and regions. Challenge sales management to take strong steps to rectify weak sales areas. NA$$$$$$$$
Management of Product FamilyNAXXXXXXXX
Management of Product SiloNANAXXXXXXX
Spending AuthorityNA$$$$$$$$
Personal Qualities-Attributes
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Personal Qualifications and AttributesMeticulous attention to detailxxxxx
Strong follow-up capabilityxxxxx
Self-disciplinexxxxx
Self-starter xxxxx
Goal orientedxxxxx
Possesses strong time management skillsxxxxx
Ability to work alonexxxxx
Team orientation - Able to build team relationships with other business disciplines (e.g. interfaces continuously with engineering, R and D, manufacturing, procurement, finance, sales and executive personnel)xxxxx
Strong oral and written communications skillsxxxxx
Strong analytical skillsxxxxx
Strong planning skillsxxxxx
Project management skillsxxxxx
Self-disciplinexxxxx
Understanding of basic managerial skillsxxxxx
Ability to discern between strategic and tactical issuesxxxxx
Ability to plan and organize work efforts to maintain proper focus and output, yet be able to appropriately prioritize tasksxxxxx
Advancement
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Spending AuthorityNA$$$$$$$$
Advancement Timeline (estimates only)0 to 1 YrsX
1 to 3 YrsX
3 to 5 YrsX
5 to 10 YrsXX
Compensation Guidelines ($) - Subject to changes based on company policy and market conditionsSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HR
Notes
Key/Legend
Xs reflect an increasing breadth and depth to the responsibilities of the position, however, in each case the fundamental responsibility remains the same.
Examples of increasing/decreasing breadth and depth of responsibility include:
More products or product lines, management of a silo
More technically sophisticated products requiring more in-depth analysis, greater engineering interface, increased clinical requirements
Different kinds of products (e.g. implants vs. biologics vs. equipment vs. disposables vs. services)
Greater revenue or margin dollars
A larger span of control in terms of reporting personnel
Brief-Respons-Time Study
PRODUCT MANAGEMENT REQUIREMENTS AND RESPONSIBILITIES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSr. Product ManagerGroup Product ManagerTime Study Reference
Education/TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills XXXXXXXXX
Total Experience Required 0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required 01 to 33 to 55 to 105 to 10
Strategic Business & Product PlanningGlobal Strategic Business PlanningNAXXXXXXXXXD
Long-Term Strategic Growth NARecommendsXXXXXXXXD,E
Strategically Healthy Product Range NAXXXXXXXXXD, E
ProductManage Product Development ProcessNAAssists XXXXXXXXD,E
Forecasting and Product PlanningAssistsXXXXD,E
Augmenting/Culling the Product Offering AssistsXXXXXXXXXD,E
DistributionCompetitive Analysis AssistsRecommendsXXXXXXXA,C,D,E
Sales AnalysisAssistsXXXXXXXXC,D
TrainingProduct Training XXXXXXXXXXXC
PricingPricing Administration NAXXXXXXXXD,E
ReimbursementNAXXXXD,E
PromotionSales and Product Promotions NAXXXXXXXXB,C
Marketing Communications XXXXXXXB
Trade Shows, Exhibitions, Seminars XXXXXC
People ManagementManages Associate/Assistant EmployeesNANAXXXXXXG
Manages PM'sNANAXXNAXXG
Staff Development NANAXXXXXXF,G
Exempt Position-Common ResponsibilityLimitedXXXXXXXXF,G
Financial and Business ManagementSales and Profitability Achievement NA$$$$$$$$C,D,E,G
Management of Product FamilyNAXXXXXXXXC,D,E,G
Management of Product SiloNANAXXXXXXXC,D,E
Spending AuthorityNA$$$$$$$$C,D,E,G
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA10%5%
MarcomB5%NA
Sales SupportC25%15%
Sales and Market Analysis, Business PlanningD20%30%
Product DevelopmentE30%15%
Personal DevelopmentF10%10%
People ManagementGNA25%
PRODUCT MANAGEMENT MATRIXINCLUDINGTIME STUDY REFERENCES
&A
Blank Time Study
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA
MarcomB
Sales SupportC
Sales and Market Analysis, Business PlanningD
Product DevelopmentE
Personal DevelopmentF
People ManagementG
1
Sheet1
CategoryProduct ManagerCurrent Competency Status
Education/TrainingEducationBA/BS, MBA preferredAchieved
Computer/Database Skills XXAchieved
Total Experience Required 3 to 10Achieved
Marketing Experience Required 3 to 5Achieved
Strategic Business & Product PlanningGlobal Strategic Business PlanningXXIn Process
Long-Term Strategic Growth XXIn Process
Strategically Healthy Product Range XXAchieved
ProductManage Product Development ProcessXXAchieved
Forecasting and Product PlanningXIn Process
Augmenting/Culling the Product Offering XXAchieved
DistributionCompetitive Analysis XAchieved
Sales AnalysisXAchieved
TrainingProduct Training XXAchieved
PricingPricing Administration XIn Process
ReimbursementXIn Process
PromotionSales and Product Promotions XAchieved
Marketing Communications XAchieved
Trade Shows, Exhibitions, Seminars XAchieved
People ManagementManages Associate/Assistant EmployeesXXIn Process
Manages PM'sXXNA Currently
Staff Development XXProficiency Demonstrated
Exempt Position-Common ResponsibilityXXAchieved
Financial and Business ManagementSales and Profitability Achievement $$Achieved
Management of Product FamilyXXAchieved
Management of Product SiloXXAchieved
Spending Authority$$Achieved
Requirements-Responsibilities
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Education TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills - Working knowledge of Microsoft Office, Database Applications, CRM Systems, ERP and Document Control SystemsXXXXXXXXX
Total Experience Required (Years In marketing, sales or related business positions, either internal or, if external, preferably in the medical device business)0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required (Years In marketing positions, either internal or, if external, preferably in spine or orthopedics)01 to 33 to 55 to 105 to 10
Strategic Business and Product PlanningGlobal Strategic Business Planning - Write worldwide strategic business plans in assigned product areas to insure that products are consistently managed for optimum growth and margin revenue, that products are properly introduced to the marketplace and to the sales force, that product management mileposts are set, prioritized and achieved according to plan, and that implementation tactics are carefully thought out and planned in advance of executionNAXXXXXXXXX
Long-Term Strategic Growth - Develop and implement a strategic worldwide business plan the ensure that long-term (3 or more years) growth objectives are achieved. Identify and establish ongoing positive relationships with thought leaders worldwide. Become knowledgeable on current clinical trends. Gain strategic insight for providing product direction. Establish strong clinical partnerships in developing new products. Define and locate ideal products and/or business acquisitions which strategically fit K2M's mission and which provide the necessary growth. Map out tactical programs essential to achieving long-term business objectives, both domestic and international.NAAssists and RecommendsXXXXXXXX
Strategically Healthy Product Range - Provide direction to insure that the product range remains commercially viable and strong. Specific strategies include auditing the product range on a semi-annual basis for competitiveness and commercial parity, for completeness vs. product gaps, margin contribution, leapfrog opportunities (cutting edge technology for development or acquisition). Insure that direct reports remain up-to-date on customer and market issues. Train direct reports to do reliable primary market research. Insure responsiveness among direct reports to field "noise" on product related issues. Train direct reports on how to drive new product introductions.NAXXXXXXXXX
ProductManage Product Development Process - Lead development efforts for new products by collecting and assessing design inputs, market needs, design and manufacturing limitations, financial constraints. Serve as Project Manager by setting timelines, financial and design controls, adherence to regulatory and quality requirements. Collaborate with production on all operational requirements. Serve as primary end-user customer interface (Voice of Customer) and as feedback loop as regards design, market and clinical needs.NAAssists but has limited authority for decision making XXXXXXXX
Forecasting and Product Planning - Track sales and market history and project additional/new product sales so that accurate production schedules can be developed monthly to drive manufacturing, and so that intelligent marketing decisions can be made to correct sales lags, alter BOMs, instruments, etc.AssistsXXXX
Augmenting/Culling the Product Offering - Continuously monitor the product offering to identify and maintain high margin vs. low margin contributors, high vs. low volume usage, make recommendations for enhancing or improving the existing product offering, identify product gaps in order to maintain competitive parity, make recommendations for complementary product development or acquisitionsAssistsXXXXXXXXX
DistributionCompetitive Analysis - Closely monitor and document competition and competitive activity, evaluates competitive strategy, develop strategies to block competitive activity, insure products are at parity or above on all "customer perceived" critical featuresAssistsRecommends, Limited Decision-MakingXXXXXXX
Sales Analysis - Analyze sales trends and collate sales data to determine effectiveness of selling effort, provide "intelligence" to sales management, identify weak market areas, identify profitable vs. unprofitable product lines, identify ASP, measure effectiveness of promotions, measure market share gains/losses.AssistsXXXXXXXX
TrainingProduct Training - Insure that sales reps and sales management are well-trained so that surgeon questions about the product can be answered intelligently and properly. Insure that sales presentations are informative and cover all salient product features/benefits and surgical technique issues. Provide inservices which are thorough and which address all relevant questions and issues. Train sales managers such that they can answer virtually all general questions posed to and by their reps and surgeons. Collaborate with the training department so that field personnel have a product profile manual to refer back to for refresher training. Train customer service reps so they are knowledgeable regarding products and instruments. Develop professional training aids for use by both surgeons and sales.XXXXXXXXXXX
PricingPricing Administration - Manage the pricing function to insure that all products and instrumentation are priced to achieve K2M objectives, new products are priced appropriately for the market and to meet margin objectives, price increases are based on increases in costs, inflation, etc., short-term promotions or conversion pricing does not violate long-term business objectives, ASP objectives are set for major products on an annual basis and are closely monitored.NAXXXXXXXX
Reimbursement - Research, document and communicate reimbursement strategies so as to ensure market acceptance and reimbursement for products sold (DRGs) and procedures performed (CPT Code)NAXXXX
PromotionSales and Product Promotions - Develops sales promotional concepts that stimulate short term demand, combat competitive tactics as required, secure sales attention and time when needed. Creates promotional programs that are easy to understand and implement, attractive to customers and sales reps, easy to accept and advantageous to use, limited in time to preserve premium margins, professional in all aspects, consistent with overall K2M strategic business objectivesNAXXXXXXXXX
Marketing Communications - Collaborate with Marcom Manager to interface with ad agencies, graphic designers, printers, etc. in the development of promotional and sales support materials.XXXXXXX
Trade Shows, Exhibitions, Seminars - Plan and manage activities in collaboration with other marketing departments. Attend as required. Provide necessary equipment and staffingXXXXX
Management of PeopleManages Associate/Assistant EmployeesNANAXXXXXX
Manages PM'sNANAXXNAXX
Staff Development - Working closely with Human Resources prepare and implement a specific development plan for each direct report, assisting the direct report in developing himself/herself in achieving maximum performance and professional growth. Conduct periodic "performance discussions" to identify areas of strength, opportunities for improvement, jointly s setting short-term business and personal development goals. Provide opportunities for growth which have clear cut objectives with well laid out performance standards. Provide direct reports with learning opportunities such as seminars/schools. Closely monitor time management of direct reports such that they are able to carry out primary responsibilities without distraction from purpose. Aid the subordinate in understanding and realizing the vision of the position and his or her personal contribution to K2M.NANAXXXXXX
Common Responsibilities of Exempt Positions - Develops and maintains the knowledge, abilities and perspnal qualities necessary for the proper execution of assigned duties. Plans and schedules work so that it can be carried out efficiently, effectively and safely. Prepares reports and records promptly. Keeps higher management and staff departments having functional responsibility informed of all significant developments. Assumes complete responsibility within scope of activity for compliance with the spirit and letter of federal and state laws as well as programs for equal employment practices, safety in operations and compliance with Regulatory and Quality requirements. LimitedXXXXXXXX
Financial and Business ManagementSales and Profitability Achievement - Insure that budgeted sales and profitability goals are met for the fiscal year. Track Sales progress by product with marketing staff. Guide staff thinking in due development of sales support ideas. Train staff on how to implement worthwhile programs (dos and don'ts). Establish and enforce policy direction for pricing and promotional programs. Insure sales management is aware of weak sales territories and regions. Challenge sales management to take strong steps to rectify weak sales areas. NA$$$$$$$$
Management of Product FamilyNAXXXXXXXX
Management of Product SiloNANAXXXXXXX
Spending AuthorityNA$$$$$$$$
Personal Qualities-Attributes
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Personal Qualifications and AttributesMeticulous attention to detailxxxxx
Strong follow-up capabilityxxxxx
Self-disciplinexxxxx
Self-starter xxxxx
Goal orientedxxxxx
Possesses strong time management skillsxxxxx
Ability to work alonexxxxx
Team orientation - Able to build team relationships with other business disciplines (e.g. interfaces continuously with engineering, R and D, manufacturing, procurement, finance, sales and executive personnel)xxxxx
Strong oral and written communications skillsxxxxx
Strong analytical skillsxxxxx
Strong planning skillsxxxxx
Project management skillsxxxxx
Self-disciplinexxxxx
Understanding of basic managerial skillsxxxxx
Ability to discern between strategic and tactical issuesxxxxx
Ability to plan and organize work efforts to maintain proper focus and output, yet be able to appropriately prioritize tasksxxxxx
Advancement
PRODUCT MANAGEMENT REQUIREMENTS, RESPONSIBILITIES AND PERSONAL ATTRIBUTES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSenior Product ManagerGroup Product Manager
Spending AuthorityNA$$$$$$$$
Advancement Timeline (estimates only)0 to 1 YrsX
1 to 3 YrsX
3 to 5 YrsX
5 to 10 YrsXX
Compensation Guidelines ($) - Subject to changes based on company policy and market conditionsSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HRSee Dir of Prod Mgt or HR
Notes
Key/Legend
Xs reflect an increasing breadth and depth to the responsibilities of the position, however, in each case the fundamental responsibility remains the same.
Examples of increasing/decreasing breadth and depth of responsibility include:
More products or product lines, management of a silo
More technically sophisticated products requiring more in-depth analysis, greater engineering interface, increased clinical requirements
Different kinds of products (e.g. implants vs. biologics vs. equipment vs. disposables vs. services)
Greater revenue or margin dollars
A larger span of control in terms of reporting personnel
Brief-Respons-Time Study
PRODUCT MANAGEMENT REQUIREMENTS AND RESPONSIBILITIES
CategoryMarketing AssistantAssociate Product ManagerProduct ManagerSr. Product ManagerGroup Product ManagerTime Study Reference
Education/TrainingEducationBA/BSBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferredBA/BS, MBA preferred
Computer/Database Skills XXXXXXXXX
Total Experience Required 0 to 21 to 53 to 105 or more5 or more
Marketing Experience Required 01 to 33 to 55 to 105 to 10
Strategic Business & Product PlanningGlobal Strategic Business PlanningNAXXXXXXXXXD
Long-Term Strategic Growth NARecommendsXXXXXXXXD,E
Strategically Healthy Product Range NAXXXXXXXXXD, E
ProductManage Product Development ProcessNAAssists XXXXXXXXD,E
Forecasting and Product PlanningAssistsXXXXD,E
Augmenting/Culling the Product Offering AssistsXXXXXXXXXD,E
DistributionCompetitive Analysis AssistsRecommendsXXXXXXXA,C,D,E
Sales AnalysisAssistsXXXXXXXXC,D
TrainingProduct Training XXXXXXXXXXXC
PricingPricing Administration NAXXXXXXXXD,E
ReimbursementNAXXXXD,E
PromotionSales and Product Promotions NAXXXXXXXXB,C
Marketing Communications XXXXXXXB
Trade Shows, Exhibitions, Seminars XXXXXC
People ManagementManages Associate/Assistant EmployeesNANAXXXXXXG
Manages PM'sNANAXXNAXXG
Staff Development NANAXXXXXXF,G
Exempt Position-Common ResponsibilityLimitedXXXXXXXXF,G
Financial and Business ManagementSales and Profitability Achievement NA$$$$$$$$C,D,E,G
Management of Product FamilyNAXXXXXXXXC,D,E,G
Management of Product SiloNANAXXXXXXXC,D,E
Spending AuthorityNA$$$$$$$$C,D,E,G
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA10%5%
MarcomB5%NA
Sales SupportC25%15%
Sales and Market Analysis, Business PlanningD20%30%
Product DevelopmentE30%15%
Personal DevelopmentF10%10%
People ManagementGNA25%
PRODUCT MANAGEMENT MATRIXINCLUDINGTIME STUDY REFERENCES
&A
Blank Time Study
Correlation with Time StudyTarget % of Time AllottedReference (above chart)With No ReportsWith Reports
Product TrainingA
MarcomB
Sales SupportC
Sales and Market Analysis, Business PlanningD
Product DevelopmentE
Personal DevelopmentF
People ManagementG
1
Sheet1
CategoryProduct ManagerCurrent Competency Status
Education/TrainingEducationBA/BS, MBA preferredAchieved
Computer/Database Skills XXAchieved
Total Experience Required 3 to 10Achieved
Marketing Experience Required 3 to 5Achieved
Strategic Business & Product PlanningGlobal Strategic Business PlanningXXIn Process
Long-Term Strategic Growth XXIn Process
Strategically Healthy Product Range XXAchieved
ProductManage Product Development ProcessXXAchieved
Forecasting and Product PlanningXIn Process
Augmenting/Culling the Product Offering XXAchieved
DistributionCompetitive Analysis XAchieved
Sales AnalysisXAchieved
TrainingProduct Training XXAchieved
PricingPricing Administration XIn Process
ReimbursementXIn Process
PromotionSales and Product Promotions XAchieved
Marketing Communications XAchieved
Trade Shows, Exhibitions, Seminars XAchieved
People ManagementManages Associate/Assistant EmployeesXXIn Process
Manages PM'sXXNA Currently
Staff Development XXProficiency Demonstrated
Exempt Position-Common ResponsibilityXXAchieved
Financial and Business ManagementSales and Profitability Achievement $$Achieved
Management of Product FamilyXXAchieved
Management of Product SiloXXAchieved
Spending Authority$$Achieved
-
MAJOR RESPONSIBILITIES OR TASKS DURING THIS REVIEW PERIOD AND RESULTS DURING THIS REVIEW PERIOD List in order of importance, what this employee was supposed to do (This is not a job description) What did this employee accomplish based on job assignment above, and any goals agreed upon? List significant results achieved. Explain any Major Lack of results
Pricing
Price list update and analysis of competitor pricing
Maintain accurate tables of competitor pricing, develop updated Plates, Biologics, Motion, Interbody and Accesss pricing for price list.
Update as needed, minimum of 1 time per year
Achieved, Worked on 2012 Pricing and on
OUS Pricing/BOM Protocol
Development
Reimbursement Work with pricing team as needed to address any reimbursement issues
As needed None Required at this
time
Training
Create training material and support HCIR trainings and VIP's for Plates, biologics, Motion, Interbody and Access as needed
Training presentations and quizzes complete. Coordination of product for trainings and VIP visits.
Update/support as needed
Prepared on time and as required,
additional products added
Attend and support Global Sales Meeting Attendance and preparation for 2012 meeting.
Complete by date of GSM On time, responsible for 1/3
of content
Support Plates, Interbody and Access cadaver workshops. Provide product management support, logistical support, follow up with all surgeon and sales attendees, track usage after training.
trainings in 2011 and in 2012. Complete analysis of ROI of trainings. (Qty Training TBD by MedEd)
As scheduled; Completed as
required
Support Plates, Interbody, Biologics, Motion and Access product demos. Keep accurate feedback of meetings; follow up with all surgeons and sales agents within an appropriate timeframe after meeting.
Maintenance of feedback, trip reports, completion of follow up activities.
Monthly completed as
required
Weekly/Bi-Weekly 1:1s with the Manager
Quarterly Product Reviews with Sales and Executive Management
Annual Performance Review Tied to Specific Tasks Associated with the Matrix Responsibilities
Well-Defined/ Monitored Expectations
-
Tactical Marketing Downstream Objectives Teach skills for immediate on-the-job application in five product
management areas: 1. Sales Database Analysis Understanding what the numbers mean from a marketing
perspective.
2. Field Sales Support Providing materials so effective they significantly enhance the reps ability to close a sale.
3. Time Management Gaining control of the most precious resource T-I-M-E.
4. Battlefield Competition Dealing with competitors on a day-to-day basis.
5. Market Research Learning the fundamentals of effective market research methods on a shoe-string budget.
Training seminars are available from such organizations as The Medical Product Management Institute, Sequent Learning Systems and others and can be tailored to your specific company and products
Develop Specific Product Management Skills via Training
-
Training - Strategic Marketing Upstream Objectives Provide insight into basic requirements for establishing and maintaining an effective business strategy.
1. Situation Analysis Comparative analysis of we versus theyproduct, distribution, market, and corporate culture.
2. Issues and Opportunities Using efficiency prioritization tools to rank issues and challenges, as well as strategic opportunities and initiatives.
3. Strategic Array What is your strategy? What are the four critical requirements for sustainable competitive advantage?
4. Voice-of-the-Customer How do you use VOC to identify and translate genuine customer needs into superior strategic products? What is your customer's "landscape of demand"? How do you achieve sustainable "customer advantage?
5. Weighing Strategy Evaluating strategic initiatives: Using Tools such as Kano, conjoint, competency analysis, Go/No-Go decisions tools.
6. Positioning Brands Brand building and brand maintenance: How to get products firmly positioned in the mind of customers.
7. Business Plan Fundamentals How does one put together a long-term (3-5 years out) strategic business plan?
Develop Specific Product Management Skills via Training
Training seminars are available from such organizations as The Medical Product Management Institute, Sequent Learning Systems and others and can be tailored to your specific company and products
-
Training Provide an understanding of the fundamentals of accounting and financial measurements used within your business environment and within your market (e.g. general finance, reimbursement, coding, currency exchange).
1. Your Companys Finances Understanding the financial nuances of your company, your market and your customers. Balance Sheet, Income Statements, Cash Flow, Operational vs. Capital Expense, Impact of Currency Exchange.
2. How does money move within your market Understand the complexity of your market, where complicated marketing and financial issues exist. Recognize the interaction and sensitivity of volume, costs, and financials (In the medical market, where reimbursement issues control payment it is critical to understand the interaction between payers, physicians and hospitals).
3. Planning for New Product Introductions Forecasting and working through the financials in a product introduction scenario where risk alternatives must be correctly determined and prioritized.
4. Measuring Success the Right Metrics Different kinds of measuring tools and the attributes of each. Understand how different metrics work. Putting it all together comfort in understanding the financial management of your company.
Financial Management Skills
Understand FINANCE and how to FOLLOW THE MONEY
-
Microsoft Office Suite Excel Word Powerpoint
Training Specific to ERP System Microsoft Access Microsoft Project Document Control System Presentation Skills Clinical Applications DATA, DATA, DATA - Learn how to transform Data first into
Information and then into Actionable Intelligence
Additional Skill-Specific Training
-
LESSONS I HAVE LEARNED Product Management Vs. Product Development
OMTEC 2016
-
Bad Product Manager Always makes lots of excuses. A bad product manager is not the product's CEO. Lacks in communication skills. Bad product managers don't communicate well
with the engineering team and others, and tend to blame others when things go wrong.
Puts out fires all day and complains about being swamped by questions and interruptions.
Bad product managers focus the team on the feature that the competition is building.
Bad product managers get confused about how to position their products. Bad product managers always want to be told what to do. Bad product managers don't adhere to schedules or process. Bad product managers don't take responsibility and tend to blame others.
Good VS. Bad Product Managers
-
Good Product Manager Knows the product, the market and the competition really well. Is the CEO of the product. Takes responsibility for all aspects of the product. Manages him/herself based on the product's performance on the market. Takes responsibility for devising and executing a winning plan. Good product managers manage the product team and not every detail of every
aspect of everyone's work. He/she knows how to delegate and manage the team effectively.
Good product managers are focused on strategic decisions, ensuring that the product is flexible and adaptable to a changing business environment.
Good product managers create materials to support the day-to-day operations of the team. He/she is not swamped by questions about the product and ensures that the product manager is not the only one that can answer questions about the product.
Good product managers focus the team on revenue and customers. Good product managers focus on delivering value to the market place and not
on just matching the competition. Good product managers are disciplined and maintain schedules.
Good VS. Bad Product Managers
-
To some degree, Product Managers are born, not made leadership skills are a prerequisite
Draft well dont skimp on training (its about process, the product can be learned) Some Engineers can be successful Product Managers (Must be out of box thinkers and an
MBA is recommended. Beware the Engineer with no creativity!) A good Salesman will not necessarily become a good Product Manager but a good Product
Manager must be a good Salesman If unable to Multi-Task, forget about Product Management Product Managers must be expert communicators, have exceptional interpersonal
skills and be comfortable in their own skin (and the skin better be thick). Good Product Managers are not necessarily Good People Managers
Dont make the mistake of promoting someone to a position managing others just because they are Subject Matter Experts.
Product Management activities should create a One to Many effect There should be leverage in everything a Product Manager does.
Sales, Engineering and Marketing must share an integrated approach and must not operate independently
Empowerment is essential Product Managers have limited authority, others in leadership must not undermine their efforts
Unfortunately, great Product Managers move on to leadership positions or get lured away (always have a succession plan)
Product Management is a terrific training ground for General Management
My Advice To You
-
QUESTIONS/DISCUSSION
What Is It? Product Management vs. Product Development
Special Thanks to Sequent Learning Systems and to the Medical Product Management Institute whose training materials and practical experience are the basis for much of this presentation and whose approach to Product Management is quite similar to mine.
OMTEC 2016
-
THANKS!
Overlook International Group LLC 8732 Sage Brush Way Columbia MD 21045
410-456-6282 [email protected]
WARREN GITT
-
http://www.bonezonepub.com/subscribe
What is it - Product Development vs. Product ManagementOMTEC-2016_Gitt_Product-Dev-vs-Mgmt.pdfSlide Number 1Warren Gitt Overlook International Group LLCKey TakeawaysPRODUCT DEVELOPMENT IS A SUBCOMPONENT OF PRODUCT MANAGEMENTA Picture Worth A Thousand WordsWhat is PRODUCT MANAGEMENT?Product ManagementWhat Is It?What is Product Management?Upstream - Product Development ModelUpstream - CEO of the Product LineDownstream MarketingSales Support ActivitiesWhat is PRODUCT DEVELOPMENT?Slide Number 14Stage Gate ModelOverview of Development (Device Market)Keys to successWhat Constitutes An Effective Product Manager?Selection Is CriticalPrimary Product Management ResponsibilitiesSlide Number 21Slide Number 22Well-Defined/ Monitored ExpectationsDevelop Specific Product Management Skills via TrainingSlide Number 25Slide Number 26Additional Skill-Specific TrainingLESSONS I have LEARNEDGood VS. Bad Product ManagersGood VS. Bad Product ManagersMy Advice To YouQuestions/DiscussionThanks!
Online closing side OMTEC 2016 speaker presentationsRoom 49_Thursday_Warren Gitt_Product Development EDITED VN.pdfSlide Number 1Warren Gitt Overlook International Group LLCKey TakeawaysPRODUCT DEVELOPMENT IS A SUBCOMPONENT OF PRODUCT MANAGEMENTA Picture Worth A Thousand WordsWhat is PRODUCT MANAGEMENT?Product ManagementWhat Is It?What is Product Management?Upstream - Product Development ModelUpstream - CEO of the Product LineDownstream MarketingSales Support ActivitiesWhat is PRODUCT DEVELOPMENT?Slide Number 14Stage Gate ModelOverview of Development (Device Market)Keys to successWhat Constitutes An Effective Product Manager?Selection Is CriticalPrimary Product Management ResponsibilitiesSlide Number 21Slide Number 22Well-Defined/ Monitored ExpectationsDevelop Specific Product Management Skills via TrainingSlide Number 25Slide Number 26Additional Skill-Specific TrainingLESSONS I have LEARNEDGood VS. Bad Product ManagersGood VS. Bad Product ManagersMy Advice To YouQuestions/DiscussionThanks!