Questions and Answers
What is the date of the Mid-Exam?
11/08/2023
What is a product?
A collection of benefits that can be either tangible or intangible.
What does product management involve?
Guiding every step of a product's lifecycle from development to positioning and pricing.
Which of the following are stages in the product life cycle?
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What does product development aim to achieve?
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Product upgrading aims to improve product quality and increase consumer value.
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What are the main activities in the product management process?
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The stages include vision development, customer understanding, strategy development, product development, marketing and sales, and _____ tracking.
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What is SWOT analysis used for in product management?
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Who is a product manager?
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Which of the following are responsibilities of a product manager?
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Study Notes
Introduction to Product Management
- Purpose of course: Understanding product and brand management.
- Mid-exam scheduled for 11/08/2023.
Definition of Product
- Consists of tangible items (physical goods) and intangible services (experiences).
Understanding Product Management
- Key organizational function guiding a product through its entire lifecycle: development, positioning, pricing.
- Focus on new product market entry and the enhancement of existing products.
Product Development
- Involves creating new products or modifying existing ones to meet customer needs.
- Targets newly defined customer requirements or niche market segments.
Product Life Cycle (PLC)
- Broken into four stages: introduction, growth, maturity, decline.
- Important for determining marketing strategies, prices, and packaging.
- Introduction: Increase market share.
- Growth: Feasible to modify pricing/image.
- Maturity: Limited product differentiation; sales start stabilizing.
- Decline: Focus on cost control; prune underperforming items.
Product Upgrading
- Enhancements based on shifts in market demand or customer preferences.
- Aims to improve quality and add value.
Key Activities in Product Management Process
- Vision Development: Establishes the core idea behind the product.
- Customer Understanding: Identifies customer needs and preferences.
- Strategy Development: Outlines a clear plan with milestones; defines main product features.
- Product Development: Technical specifications, prototypes, and designs created.
- Marketing and Sales: Campaigns to build awareness, set pricing strategies based on competition, and timing of product releases.
- Metrics Tracking: Monitor financial performance, user engagement, and retention metrics.
Market Research
- Involves gathering data on the market and potential customers.
- Primary research: Tailored to specific company needs, can be qualitative or quantitative.
- Secondary research: Utilizes existing data from various sources like statistics and journals.
SWOT Analysis
- Strategic planning tool considering internal (Strengths, Weaknesses) and external (Opportunities, Threats) factors.
Role of a Product Manager
- Responsible for establishing product vision and leading development efforts.
- Engages with team collaboration, identifies market opportunities, and drives marketing initiatives.
- Focus on constant product improvement to ensure market relevance.
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Description
This quiz aims to familiarize students with each other by asking about their names, majors, and reasons for choosing Product and Brand Management. Also, it includes information about the course syllabus and upcoming mid-exam dates.
