INTRODUCTION TO PRODUCT MANAGEMENT

Product Management

Generating, organizing, planning, implementation and control of the firm’s existing and new product efforts so to satisfy the needs and wants of the chosen customer segments while fulfilling organizational objectives – Yoram Wind

Product Decisions

New products to introduce Existing products to modify Existing products to be dropped Branding policy to be followed

Factors affecting product decision Customer Competition Environment Firm’s Internal position Marketing efforts

Characteristics of successful products

Product Quality Product cost/ Competitive Pricing Development expertise Short Development time

Challenges of Product Management

Dynamic market environment Time pressure Investments needed

Barriers to New Product Management

Resistance to change Resource constraints Specific orientations

Reluctance of customers to buy Reluctance of trade to carry the product Competitors trying tricks Government policies

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