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An Overview of Product Management

The document provides an introduction to product management. It discusses the definition of product management as ensuring a product meets customer needs profitably over time. It outlines the inbound and outbound responsibilities of product managers in converting value propositions into market offerings. Key responsibilities include understanding customers, planning product releases and launches, and supporting marketing and sales. Strong planning, customer analysis, and strategic product planning skills are important for product managers.

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Ripudaman Singh Randhawa
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1K views27 pages

An Overview of Product Management

The document provides an introduction to product management. It discusses the definition of product management as ensuring a product meets customer needs profitably over time. It outlines the inbound and outbound responsibilities of product managers in converting value propositions into market offerings. Key responsibilities include understanding customers, planning product releases and launches, and supporting marketing and sales. Strong planning, customer analysis, and strategic product planning skills are important for product managers.

Uploaded by

Ripudaman Singh Randhawa
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Introduction

to
Product Management

Presented by:
Ripudaman Singh Randhawa
Topics covered
2. Introduction & Definition of Product management
3. Cross functional roles of product manager
4. Planning skills
• Customer value management
6. Product skills
• Strategic product planning
• Responsibilities of the product manager
• Conclusion
Introduction
Introduction
 Product management concept was created the company named
Procter & Gamble
 In 1931, Camay soap was languishing while Ivory soap was
thriving & then the P & G executive suggested that an individual
manager be assigned the responsibility for Camay , in effect
pitting
the brands against each other
 Thus , this brand management system was so successful that it was
copied by most consumer packed goods industry
Definition

Product management :
It is the function of ensuring over
time,that the product or service profitably meets the
needs of customer by continuously monitoring and
modifying the elements of the marketing mix
Two faces of product management
Convert the value proposition
into a market offering
Inbound
Product Development

Capabilities of Voice of
the Company The Customer
Outbound
Product Marketing

Take the offering and the


value message to market
Inbound Responsibilities
 Understand customer needs and requirements
 Understand the market and competition for the product
 Research feature enhancements and upgrades for future
releases
 Create Marketing Requirements Document (MRD)
 Create the product release plan
 Help to develop product roadmap and competitive
positioning
Outbound Responsibilities

 Manage product launch


 Support marketing with outbound marketing
communication and PR
 Support sales with product training, demos,
customer presentations, data sheets, competitive
positioning
 Support sales on key customer deals and
accompany sales personnel on key customer visits
 Monitor and improve customer satisfaction
Responsibilities vary by context
Maturity of product-market
LARGE
“Outbound/Tactical”
• Outbound-heavy role
• Understanding of product
• Understanding of vertical markets
Company Size

• Less authority and direct influence


• Ability to communicate internally

“Inbound/Strategic”
• Inbound-heavy role
• Close interaction with engineering
• Defining target markets
• Generating customer wins
• Broad authority and influence
SMALL • Ability to think strategically

EMERGING Market Maturity MATURE


The new P’s
Product Management

Problem
Price Who owns this?

Product Development & Services

Promo Marketing Communications

Place Sales Channel


Product manager
Definition :

A product manager is a middle manager, usually within the


marketing organization,responsible for successfully bringing
new products (or services/brands)to market and ensuring the
ongoing success of existing products over their lifecycle by
orchestrating all functional areas that impact the
development, manufacturing, sales, and support of products.
Role of product manager
advertising
Finance Top management

Production & Product sales


R&D manager

Legal &
logistics purchasing

customer
Deliverables for Product Managers
Product Product Product Product
Conception Development Launch Sustaining

Responsibilities: Responsibilities: Responsibilities: Responsibilities:


• Market research • Refine market • Product • Sales training
• Target market requirements introduction plan • Customer promotions
definition • Customer research • Customer demos • Trade promotions
• Competitive • Trade-off schedule • Refined forecasts • Product updates
analysis vs. features • Sales training • Next version
• Positioning • Trade shows planning
Planning skills
_______________________
Customer Value Management

The corner stone of an effective business strategy is the ability to


attract and retain high-profit customers
Thus it is the job of the product manager to:
• Do the customer analysis
• Balancing the customer retention & customer acquisition
• Firing your customers
Customer analysis process
Identify and profile best customers

Develop customer value profile

Increase profitability of
Attract new customers Existing customers

Increase the amount of Extend the length of


business they do with you relationship with you
Checklist
 In profiling good customers factors such as : profitability ,market
size,growth rate, price sensitivity are considered
 Evaluation of the ability to satisfy customer needs better than the
competitors is to be done
 In developing strategies ,decide what you want various customer
segments to do as a result of your marketing efforts
 Practicing the art of saying no to customer by designing specific
policies and products for targeted customers
Product skills
________________________
Strategic product planning
Strategic product planning
It requires the understanding of the corporate and divisional
strategic goals

It includes :
• Fostering the customer mindset
• Understanding past success & failures
• Developing product ideas
• Targeting current tangential and new markets
Personal skills for product managers
• Passion for the product
• Intellectual curiosity
• Communication skills
• Listening skills
• Negotiation skills
• Analytical skills
• Selling skills
Competencies for product managers
• Ability to think strategically about the product by
understanding how the product fits into the company’s business
• Ability to clearly define and communicate the vision, goals,
and value proposition of the product from the customer
perspective
• Ability to understand customer requirements, and to map
customer requirements into product specifications and features
• Ability to understand technology broadly (architectural
knowledge) as well as deeply (inner workings) to dialog
effectively with developers
• Ability to evaluate cost/quality/time-to-market trade-offs and to make
appropriate trade-off decisions under uncertainty

• Ability to effectively communicate with, tactfully collaborate with,


and
forcefully convince people in diverse functional areas

• Ability to analyze data and trends to produce effective plans and


accurate forecasts

• Ability to juggle competing demands on time and to prioritize


activities
There's a difference between
being busy and being
productive.
Kristen Lippincott, Curator,
National Maritime Museum, Greenwich, England
Key points
 Responsible for orchestrating all product-related activities
 Should act as “general mangers” for their products
 Success requires art of influence without authority
 Need to be able to think across functional boundaries
 Business context and organizational culture impacts role
definition, responsibilities and authority
 A good product manager should be the “go-to” person for
his product.
Any Questions ??????
……………

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