Challenges in New Product Development
February 12, 2025
If you scan the developments in the business world that have taken place in the last fifty years or so, you will find that business Organisations have had to reinvent themselves and write new rules of games. Everything about the business is changing rapidly. Introduction of IT has brought in, undreamt of changes in markets, […]
“Mass demand has been created almost entirely through the development of Advertising” Calvin Coolidge in the New York Public Library. For the development of advertising and to get best results one need to follow the advertising process step by step. The following are the steps involved in the process of advertising: Step 1 – Briefing: […]
According to American Marketing Association, “Marketing Research is the function that links the consumer, customer and public to the marketer through information-information used to identify and define marketing opportunities and problems, generate, refine and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.” Marketing Research is systematic problem analysis, model […]
Simply put, E Commerce is ‘Using Electronic Platform for Business Transactions’. It is also called a ‘Virtual Market Place’. Every minute millions of people from all over the world are logging into the Internet looking for some information, for product, services, to look for news, download music, for online shopping and so on. Every individual […]
In CRM the alphabet ‘R’ means relationship. But there is always an ambiguity to understand the actual meaning of this relationship. This relationship between supplier and customer is not a personal relationship or a one-time transaction relationship; for example buying a refrigerator from a consumer’s outlet would not be called as a relationship. Relationship between […]
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.
Your email address will not be published. Required fields are marked *