Introduction
In present times markets are nearly always flooded with a plethora of products to satisfy a single need of the customer. Competition is intense as the market is saturated with options for customers. In such a case how does a product stand out? What should a company do to attract customers to its products? Here is where management comes into focus. Product management begins with identifying customers’ needs and then planning product features set accordingly. It continues with devising strategies and marketing tactics through all the stages of a product life cycle. There are numerous aspects and phases a product has to move through to ultimately land in the market. Simultaneously the company has to put in efforts regarding providing an enriched customer experience, developing promotion strategies, and ensuring smooth
Course Objectives
The course aims to fulfil the following objectives:
- To prepare the participants regarding managing products in such a manner that market needs are successfully aligned with the organization’s objectives and vision
- To inculcate customer value in the developed product through sustainable product management
- To develop an innovative mindset of participants to promote exploration of new ideas for product development
- To help the organization in striving a balance between manufacturing, marketing and sale of a product
- To develop skills useful in designing, building and maintaining a product
- To educate participants with diverse strategies useful in different stages of a product life cycle along with their practical application
- To inculcate knowledge regarding analyzing market potential, sales forecasting, creating brand equity and developing customer loyalty
Who Should Attend?
- Marketingmanagers/Marketing heads
- Product managers
- Product developers
- Sales managers
- Brand managers
- Start-up founders/entrepreneurs
Course Outline
Module 1: Basics of a Product
- Product classifications
- Product decisions: attributes, packaging, labelling
- Product line decisions: product line width and length
Module 2: Product Management
- Product managementscope
- Product planning
- Product marketing
- Steps in product management
- Product customization
- Role of product manager
Module 3: Product Development
- Marketing research
- Idea generation
- Idea screening
- Test marketing
- Product upgrade
Module 4: Product Lifecycle Strategies
- Introduction stage
- Growth stage
- Maturity stage
- Decline stage
Module 5: Marketing Planning of a Product
- Defining competitive set
- Category attractiveness analysis
- Environmental analysis
- Positioning of the product
Module 6: Competition Analysis
- Identifying competitor’s objectives and strategies (Porter’s framework)
- Sources of competitor information
- Differential advantage analysis
Module 7: Brand Equity
- Value to customers
- Brand awareness and brand loyalty
- Brand image
- Customer-based brand equity
Module 8: Promotion and Pricing Planning of a Product
- Promotion objectives
- Media and advertising planning
- Pricing objectives
- Pricing strategies
Module 9: Product Distribution
- Designing of channel
- Role of distribution channels in product management
Module 10: Product Innovation
- Innovation objectives
- Feature-based and process-based innovation
Module 11: Challenges and Recent Trends in Product Innovation
- Engineering dependencies
- Accelerated innovation cycles
- Time constraints
- Recent trends: digital products, building customer relationships, product proliferation