Product and Brand Management

Product Management: Understanding the Basics of Successful Product Planning and Development

by | Feb 3, 2022

If you’re interested in the world of business, you’ve probably heard of the term “product management.” But what exactly is it, and why is it important? In this blog, we’ll provide an overview of product management, its scope, and why it’s essential for any company that wants to succeed.

Product management involves the planning, development, and marketing of products or services. It is the process of managing a product from ideation to market launch and beyond. The goal of product management is to create products that meet the needs of the target market and generate revenue for the company.

The Scope of Product Management

Product management encompasses a broad range of activities, including:

  • Conducting market research to understand customer needs and preferences
  • Developing product strategies and roadmaps
  • Creating product specifications and requirements
  • Collaborating with cross-functional teams to develop, test, and launch products
  • Defining pricing and positioning strategies
  • Developing marketing plans and campaigns
  • Analyzing product performance and making improvements based on customer feedback

Why Product Management Matters

Effective product management is critical for the success of any company that wants to develop and sell products. By following a well-defined product management process, companies can:

  • Identify and develop products that meet customer needs and preferences
  • Create products that differentiate themselves from competitors
  • Improve the chances of success for new product launches
  • Increase revenue and profitability through product sales
  • Enhance customer satisfaction and loyalty by delivering products that meet or exceed their expectations

Conclusion

Product management is a vital function for any business that wants to succeed in today’s competitive market. By following a well-defined product management process, companies can develop products that meet the needs of their customers, differentiate themselves from competitors, and generate revenue and profits. Whether you’re a seasoned product manager or just starting, understanding the basics of product management is essential for achieving success.

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Product and Brand Management

1 Product Management Basic Concepts

  1. Product Management – Meaning and Scope
  2. Product Management: An Overview
  3. What is a Product?
  4. Product Classification, Differentiation
  5. Product and Brand Relationships, Product and Brand Systems
  6. Product Planning
  7. Role and Responsibilities of a Product Manager

2 Product Life Cycle (PLC)

  1. Product Life cycles Implications of Product life cycle
  2. Product Life Cycle (PLC) an aid to Product Planning
  3. Operationalising the Product Life Cycle
  4. Product Life Cycle as a Guideline for Marketing Strategy
  5. Product Life Cycle as a Guideline for framing Market Share Strategy
  6. Summary of PLC Objectives, Characteristics and Strategies
  7. Evidence and Critique for the Life Cycle Concept
  8. The Diffusion of Innovation Theory – A Parallel theory

3 Product Line Decisions

  1. Product Line Analysis
  2. Product Line Extension
  3. The Disadvantages of Line Extension
  4. Factors Influencing Product Line Decisions
  5. Category Factors Influencing Product Line Decisions

4 Product Portfolio

  1. The Portfolio Concept
  2. The Logic of Portfolio Approach
  3. Types of Display Matrices
  4. The BCG Growth-Share Matrix
  5. GE’s Strategic Business Planning Grid
  6. Shell’s Directional Policy Matrix
  7. PIMS Model
  8. Arthur D Little Co. Matrix Model
  9. Hofer’s Market Evolution
  10. Utility of Display Matrices

5 Organizing for New Product Development

  1. Setting Responsibility for New Product Development
  2. Structural Units for New Product Development
  3. Function of the New Product Development Units

6 Generation, Screening and Development of New Product Ideas

  1. Innovation and the New Product Development Process
  2. Generation of New Product Ideas
  3. Sources of New Product Ideas
  4. Methods of Generating New Product Ideas
  5. Screening of New Product Ideas
  6. Criteria for Screening New Product Ideas
  7. Development of New Product Ideas

7 Concept Development Testing and Physical Development of the Product

  1. Introduction to Concept Development
  2. New Product Development
  3. Business plan: A tool to fetch financial assistance for new product development program

8 New Product Launch

  1. Types of New Products
  2. New Product Launch the Marketing Plan
  3. Defining and Selecting the Target Market
  4. Product Strategy and Positioning
  5. Pricing the New Product
  6. Promotion of the New Product

9 Branding Concepts and Evolution

  1. Branding
  2. Strategic Relevance of Branding
  3. Branding Policy Decisions
  4. Brand Name
  5. Brand Name Selection Process
  6. How to Build a Brand?
  7. Brand Image
  8. Branding of Commodities

10 Brand Equity

  1. The Concept of Brand Equity
  2. Measurements of Brand Equity
  3. Composite Measure of Brand Equity
  4. Customer Based Brand Equity
  5. How Brand Equity is created?
  6. Building Brand Equity

11 Brand Building Blocks: Identify, Image and Positioning

  1. Introduction to Brand Building
  2. Brand Building Blocks

12 Brand Architecture and Brand Extension

  1. Developing a Brand architecture strategy
  2. Brand Architecture guidelines
  3. Brand Portfolios
  4. Rationalizing the Brand Portfolio
  5. Brand Hierarchies
  6. Levels of Brand Hierarchy
  7. Brand Hierarchy Decisions
  8. Corporate Branding
  9. Brand Extensions
  10. Types of Brand Extension
  11. Advantages and Disadvantages of Brand Extension
  12. Launching a Brand Extension

13 Enhancing Brand Equity

  1. Brand foundation-authenticity and believability

14 Managing Brands Over Time and Across Geographies

  1. Expanding to International Markets
  2. Global Marketing: Standardized vs Customized Approach
  3. Planning the Global Marketing Strategy
  4. Factors Impacting Customization
  5. Developing the Global Branding Strategy
  6. Managing Brands Over Time
  7. Levers for Sustaining Brand Value
  8. Augmenting the Brand Offering
  9. The Pricing and Distribution Levers
  10. The Communication Lever

15 Measuring Brand Equity

  1. Measuring Elements of Brand Equity
  2. Frameworks for Brand Equity Measurement
  3. Brand Report Card
  4. Need for Brand Valuation
  5. Methods of Brand Valuation