PRODUCT MANAGEMENT

Product Concept

A clear definition of the customer pain point or need the product aims to solve.

A brief overview of what the product is, how it works, and its primary function.

The specific group of customers the product is designed for, including their demographics, behaviors, and needs.

The main functionalities or attributes that define the product and deliver value to users.

A statement that communicates the unique benefits the product provides and why it is better than alternatives.

An assessment of competitors, highlighting their strengths and weaknesses to identify opportunities for differentiation.

The process of turning new ideas into commercial success.

Involves creativity, invention, and exploitation.

Types of Product Innovation

The creation or significant improvement of a good or service to better meet customer needs.

The development of new or improved methods for producing or delivering products and services to increase efficiency or quality.

The redesign or introduction of new ways to create, deliver, and capture value, transforming how a company operates and generates revenue.

Importance of Innovation

is a subset of innovation.

Stages of NPD:

is broader, encompassing strategy, processes, and culture.

New technologies and processes.

Solutions to societal challenges.

New business models and structures.

Challenges in Innovation Management

is the practice of planning, developing, marketing, and continuous improvement of a company’s product or products.

The main objective of ________ is the development of a new product.

Its ultimate goal is making sure you’re building the right product and building the product right

Building the right product

Building the product right

Product Management

is anything that can offered to market for attention, acquisition, use, consumption that might satisfy a wants or needs

Feautures of Product

Physical products that can be seen, touched, and measured, such as electronics or clothing.

Non-physical products like services or digital goods that cannot be touched but provide value.

The ability of a product to meet or exceed customer expectations and fulfill their needs.

The worth of a product, determined by what customers are willing to pay in return for its benefits.

Types of Product

Longer Period Multiple Uses Expensive

Convenience Specialty Shopping Unsought

MAterials and Parts Suppliers Capital Items Business Services

Everyday items that consumers purchase frequently with minimal effort, such as groceries or toiletries.

Goods that consumers compare on quality, price, and style before purchasing, like clothing, electronics, or furniture.

Unique or high-end products with distinctive features that consumers are willing to make a special effort to buy, such as luxury cars or designer items.

Products that consumers do not actively seek or think about until a need arises, like insurance policies or emergency medical services.

Intangible services that support business operations, such as maintenance, consulting, or IT support.

Long-term assets used to produce goods and services, including machinery, equipment, and buildings.

Consumable items used in daily business operations that do not become part of the final product, like office supplies or cleaning materials.

Raw materials and manufactured components used in the production of finished goods, such as steel, wood, or engine parts.

also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm.

Width Depth Length Consistency

The number of different product lines a company offers.

The variety of products within a specific product line, such as different sizes, colors, or models.

The total number of products across all product lines.

The degree of similarity or relatedness between product lines in terms of use, production, or distribution.

is the foundation of the entire product lifecycle.

It should answer 3 main questions

A long-term, aspirational statement that outlines what the product aims to achieve and the value it delivers to customers.

How the product is uniquely placed in the market to address customer needs and stand out from competitors.

Specific, measurable objectives and key actions that guide the product’s development, growth, and success.

A detailed profile representing the target customer, including their needs, behaviors, and pain points.

The unique features, benefits, or experiences that distinguish the product from competitors and attract customers.

Why are you building it?

What are you building it?

How are we building it?

What is your purpose for creating the product? Which positive change should it bring out?

How is the product going to benefit the company? What are the business goals?

What product is it? What makes it stand out? Is it feasible to develop the product?

What problem does the product solve Which benefit does it provide?

Which Market or market segment does the product address? Who are the target customers?

A computer on every desk and in every home.

To capture and share the world’s moments.

Goals Buying Motivation Role Buying Concerns Challenges Company Size Industry