Challenges in New Product Development
February 12, 2025
The main purpose of marketing research is to lower the uncertainty and risk in marketing decision-making. To achieve this, several stages are followed which are depicted in the flow diagram below. Let us look at each stage meticulously. The research process begins with a brief from the client. Client may find a research partner if […]
International Retailing is seeing exciting times. With globalisation and availability of new market opportunities, we see a lot of aggression from International Retailers in consolidating their operations within the country and setting up new outlets in emerging markets such as South East Asia. International buying and supply chain has undergone a series of evolution since […]
Business Managers now a days are going back to the business schools to un-learn some of the lessons they had learnt during their class time days and build their ability to make paradigm shift in thinking. In today’s environment where technology and global business scenarios are changing, business rules are being re written. There is […]
Various marketing intermediaries are used in transferring the products from the hands of producers to the final consumers or industrial users. These marketing intermediaries carry alternate names such as wholesalers, distributors, retailers, franchised dealers, jobbers, authorised dealers and agents. Such marketing intermediaries compromise the distribution channel. These distribution channels minimize the gap between point of […]
Introduction Diversification is one of the strategies pursued by firms wishing to grow in newer markets and by launching newer products. Diversification usually entails the firms entering new markets in the industry in which they are already present by launching newer products. Note the emphasis on new markets and new products as diversification is not […]
Astute product management requires the product manager’s involvement at every phase of the product lifecycle. Starting with the initial conceptualization and coordination with the different departments, including liaising with finance, legal and other teams, and finally, driving the product to launch and after sales service by interacting with the sales and marketing functions.
To take each of these phases and analyze the functions of a good product manager, the following points need to be underscored:
Of course, this does not mean that the product manager has to be a jack of all trades.
The point here is that the product manager (in small companies) and the product management (in big companies) has the responsibility of being the point of contact or the go to person as far as overall responsibility of the product is concerned. Hence, without putting a finger in each pie, the product manager nonetheless should not lose sight of the big picture nor the attention to detail that separates effective product management from pedestrian product management.
The important thing to note is that the product manager must establish credibility with the different teams and the customers. In a way, the product management function is both external facing (customer centric) as well as internal facing (satisfaction of the internal stakeholders). So, a product manager must essentially be customer focused and at the same time must be cognizant of the needs of the internal stakeholders.
In conclusion, it is all about finding the right balance between the needs of the marketplace and the capabilities of the company. Only by matching these two and balancing the restraining and driving forces can there exist equilibrium in the organization in its internal and external dealings as far as product launches are concerned. So, product management is like a soap opera where the product manager is the conductor and the different teams the players or the members of the orchestra. Unless a product manager directs all the stakeholders to act in unison can there be music. Otherwise, there would be noise.
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