Chapter 1-4

Chapter 1-4 - Ch 1: Product Manager o (Book)Term applies to...

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Unformatted text preview: Ch 1: Product Manager o (Book)Term applies to different kinds of organizational structures and different kinds of companies, whether they provide consumer goods, industrial products, or services. o In charge of a single product or closely related product line, they are not concerned on a day-to-day basis about the health of the general business area in which they operate. o Key decisions are tactical and revolve around the marketing mix. (ex. how much to spend on advertising). o Focus on short run market share, volume, target profits o (Slides) Collecting and analyzing background product category data o Utilizing the background analysis for marketing strategy development o Implementing the marketing strategy through marketing mix and related decisions Planning activities related to the product, product line, or services o Analyzing the market o Analyzing customers o Analyzing competitors o Analyzing the external environment o Developing product/product line/service strategies and plans Getting the organization to support the strategies and plans internal marketing The primary role of the Product Manager is to satisfy customer needs better than competition. Product Management Skills o Communication skills = key to success o Analytical skills o Teaching skills o Negotiating skills o Team working ability Product Management o Scope of Responsibility Narrow-single product or product line o Nature of Decision Making mainly Tactical o Time Horizon Short Run- Annual or shorter General Marketing Management o Scope of Responsibility Broad-managing a portfolio of products or a brand o Nature of Decision Making Mainly St rategic o Time Horizon Long run An Assistant Product Manager o Reports to and assists the Product Manager (may or may not exist) o Can (should) be involved in: Market and share forecasting Executing promotions Packaging Budgeting Organizational Approaches to Marketing o Product-focused orientation Commonly used in packaged good industries Treat the product manager as a m ini-CEO a good breeding ground for future senior managers Most common when different products use the same channels of distribution Most commonly associated with effective cost control Advantages Clear locus of responsibility Good training for future executives Effective center for product advocacy Clear source of product knowledge and information Weaknesses Narrow product focus Heavy reliance on short-term marketing tools Several sales people from the same firm call on customers A short term focus that stifles innovation (Summary) Clear focus on product information/responsibility - (Summary)Produces a centralized, narrowly focused organization, a short term focus, and insufficient use of the sales force o Market- focused orientation May define Market segments in a number of ways Industry, Channel, Region, Customer size, etc.Industry, Channel, Region, Customer size, etc....
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This note was uploaded on 03/02/2009 for the course MKT 461 taught by Professor Llette during the Spring '09 term at Bryant.

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Chapter 1-4 - Ch 1: Product Manager o (Book)Term applies to...

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