product management

Product Management

Involves activities related to product planning, development, brand building, and management.

Product

The tangible or intangible offering by a firm to meet consumer needs and generate revenue.

Core Benefits

Signifies what the product means to the customer.

Tangible Specifications

Include features, design, quality, materials, and price of a product.

Augmented Features

Additional aspects like brand image, warranty, delivery, and repair services associated with a product.

Consumer Products

Categorized into convenience, shopping, and specialty products based on nature, durability, and utility.

Product Line

Group of related products with various models, sizes, and styles offered by a firm.

Product Mix

Collection of all products offered by a company, including different product lines.

Width

Number of product lines a company carries.

Length

Total items in the product mix of a company.

Depth

Variety of sizes, colors, and models within a product line.

Consistency

Relationship among product lines based on end use, production, or distribution channels.

Line Stretching

Adding or dropping items to extend product lines for profitability.

Line Filling

Adding more items within the existing product range to enhance the product line.

Major Responsibilities of Product Management

Include product-related activities, STP strategies, production planning, promotional planning, sales forecasting, and coordination with external agencies.

Elements of Marketing Program

Encompass product line decisions, product life cycle, STP strategies, branding, new product development, test marketing, product launch, business environment, competition, and market forces.