Win Market Share with Advanced Product Management
What is "Product Management"? The Definition of Product Management.
Product management is a highly disciplined and scientific process of managing the marketing mix in order to satisfy organisational objectives AND satisfy the target audience.
Product Management is the utilisation of business skills to maximise the optimal satisfaction of prime target audience prospects with the offerings made from the product portfolio under the administration of that executive.
While roles, levels of authority, responsibility and autonomy vary, the traditional Product Manager manages a group of similar products of product categories, along with a number of other product managers within a medium or larger sized company. All answer to a Marketing Manager, sometimes assisted by a Group Product Manager, both who should have significant operational experience and marketing experience.
Methods including analysis of the 'product', segment strategy, communications management, are demanding skills, requiring specific training.
What functions does a Product Manager perform?
A Product Manager manages all the 8 "P's" of the marketing mix. A Product Manager uses ALL the connections between, and in, the firm, and the market, across the whole Nexus of Marketing, managing these dynamics to optimise results in line with corporate goals and objectives.
Product Managers lacking significant experience in at Product Launch, can often do with some external help, particularly when trying to manage the existing product portfolio under their control.
In this way they are mentored by a product development and management specialist, who delivers skill improvement and training while assisting along the way.
Strategic Product Management Help
The most basic questions for a product manager are "who is our target customer?", "what is our positioning objective?", and "will the positioning create and maintain superior value for the target customer?".
Market share is won by applying better positioning strategy with optimal marketing effort.
Helping Product Managers Optimise their Product Marketing Mix
Using marketing consultants specialising in marketing mix optimisation, you'll prosper from improvements in:
- Product Portfolio Management, Product Development and Product Launch.
- Price Management, Pricing Strategy and overall Marketing Planning
- Increased stakeholder engagement and profit value contribution from customers
- Promotional Management knowledge to increase return on advertising and BTL marketing communications activities
- Trade Partner and channel management strategies for best possible distribution and channel relationships.
A Dynamic product management approach focuses on increasing profitable market share by generating the best balance between increased value from existing customers and the pursuit of new customers, but it is trickier than it sounds.
What skills should a Product Manager possess?
A product manager without formal and substantial marketing qualifications is rarely able to perform as well as an equally talented executive who is trained. However, companies that need high technical understanding will sometimes appoint non-core marketing executives. These executives should be offered practical, relevant training as quickly as possible, and what better way than a collaborative, experienced and qualified executive, providing relevant, on-the-job mentorship, in the workplace environment.
Looking for an Interim Product Manager?
The value and depth of impact that an expert marketing consultant can make in the role of an interim product manager is NOT to be underestimated. Hidden routines and processes, accepted practices and activities that corrode your Net Marketing Contribution can be revealed and removed. At the very least you'll get seamless and proficient Product Management.
A short interim contract can inject long-term profits into your business with contributions to management from treatment of variables such as product differentiation, price, product breadth, new product development, product portfolio management, service quality, brand imagery, and other variables that contribute to the strength of overall product position... Contact us now to find out how valuable our Product Management Core Strategies can be.
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