A product manager role requires a unique set of skills, experience, and knowledge. The job demands a person who can be both creative and analytical. He or she must have considerable technical understanding while being able to communicate effectively with everyone from senior leadership to engineers on the ground floor.
In addition to these qualities, there are certain characteristics that every successful product manager should possess:
3. Ability to work independently and as part of a team.
4. Drive to achieve success.
5. Commitment to quality product development and user experience .
Product managers must be passionate about their products, even if they’re replacements for existing ones (which is usually the case). They should never settle for “good enough.” If there’s an opportunity to make something better, then that’s exactly what it should be – better, not just good . The best product managers are those who strive for perfection; they know that by doing so, excellent products will emerge in the end, which can only serve to make them look good too… right?
Some of the Product Manager functions in the industry are:
1. Product concept and definition
2. Product roadmap planning, market analysis, budget approvals
3. Product positioning, pricing & packaging
4. Product roll out plans including training for the product or service
5. Product management through all stages of product life cycle – conception, development, launch and maintenance which includes monitoring competition and customer feedback to assess product positioning throughout field release
6. Translating requirements into product requirements/specs & Development of new products to meet business needs
7 . Stay fully informed about one’s product performance in comparison to objectives
8 . Marketing strategy
9 . Prevents future problems by monitoring competitors
10 . Sets up long-term plans for improvement
11 . Final decision making authority
13. Forecast the future of the product
14. Propose new products to meet business needs
15 . Monitor customer satisfaction
16 . Resolving customers’ problems, complaints and negative feedback
What are the key elements in creating a new product?
1. Identifying market needs through market research
2. Product name
3. Product concept
4. Product description
5. Product packaging
6. Product positioning
13. Sales/Ordering Process
Product Development Process Types: Customer-led vs Company-led
Company-Led – strategy is developed by focusing on a company’s criteria or requirements.
Customer Led Company: Usually a company that markets existing products to a broad range of customers, each with different needs and preferences.
Company led Company : It is a type of firm whose primary goal is to produce new items for sale to other businesses, government agencies, schools and other institutions, rather than direct sales to consumers. Market research focuses on collecting data from the target market about their interest in the product category . It also helps understand customers’ needs closely so as to know what they want.
Marketing research is the fundamental basis on which decisions related to product planning, pricing, promotion and distribution are made. Marketing research can be defined as a systematic process of data collection ,analysis and interpretation for the purpose of drawing inferences and arriving at valuable conclusions about marketing problems .It helps in decision making on several aspects like market structure , needs & preferences of customers etc . It includes both primary research – where data are collected first hand from customers-and secondary research – where existing statistical information available in public domain is used for analysis .
The following are some objectives of conducting marketing research:-
– To determine customer requirements.
– To analyze & segment markets.
– To analyze the data.
– To study and then plan for one or more actions .
To list out few examples of companies which conducted marketing research & achieved significant success: –
Amul (Milk revolution in India):- In 1967 , Amul was not a multi million $ company as it is today but still decided to conduct market research which led to the development of chocolates and ice cream . As a result today we see people queuing up at amul stores across cities everywhere !! Not only this , even the government has contributed towards the improvement of quality of milk by promoting white revolution through organizing dairy cooperatives at village level and these all successful initiatives were taken after conducting customer surveys in many areas.
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