Product Management Exam

Things involved in Product Management:

• focus on the design and features of a product

• improve, upgrade, and maintain functioning of a product, with a strong emphasis on how customers actually interact with it and how it fits into the market

• deliver the products that people use

Things involved in Brand Management:

• focus on the perception of a particular brand

• strategic, involving high level management of both their brand image and the practical steps needing to maintain that image

• enhance, maintain, and inspire interest in their brand —- inspire feelings, reactions, and loyalty

product management

the general business structure within a company that supports and manages all the activities related to developing, marketing and selling a product – or even more than one – all through its lifecycle

general business purpose of product management

create the product value for its targeted customer while producing measurable benefits that make every business viable such as revenue, profit margins, etc.

Factors that impact product management

industry, focus (B2B or B2C), age of business, company size, company heritage, product life cycle

Product management activities for a new product

• define the product

• manage development

• manage the launch

Product management activities for an established product

• define ongoing improvements

• branding

• customer relationships

product definition

anything that can be offered to a market for attention, acquisition, use, or consumption that can satisfy a want or need

good definition

tangible physical entityi

idea definition

a concept, philosophy, image, or issue

service definition

an activity, benefit, or satisfaction offered for sale that is intangible and does not result in the ownership of anything

customer experience

how customers perceive the totality of their interactions with your company

product experience

the customer’s perceptions about the product, quality, its differentiation, the utility it offersbr

brand experience

the totality of all sensations, emotions, feelings, thoughts, and actions evoked by a brand

whole product

viewing your product as more than just a sum of its features, but rather as everything involved with the experience customers have with your product. Include augmented and og.

layered product model

• core product: benefits

• actual product: features, quality, packacking, style, color, fashion

• augmented product: standards, installation, integration, warranties, etc.