Target Marketing – Meaning, Basis and its Need
It is not possible for a marketer to have similar strategies for product promotion amongst all individuals. Kids do not get attracted towards products meant for adults and vice a versa. Every segment has a different need, interest and perception. No two segments can have the same ideologies or require a similar product. Target Marketing […]
A Comparison between Shareholder Ownership and Control
In previous articles, we discussed the roles and responsibilities of the shareholders. In this article, we look at the distinction between shareholder ownership and control and illuminate how this comparison plays out in the corporate world. To start with, many public limited companies have a large body of shareholders who have invested in the company […]
The Marketing Power of a Strong Product Value Proposition
The modern business world is dynamic and fast changing, and today’s consumer is smart, informed, and savvy. With an abundance of information available at the click of a button, they can see straight through flimsy marketing campaigns and overpriced duplicate products. A strong product value proposition that instantly communicates the unique and authentic value of […]
Bargaining Power of Customers
One of the essential requirements in today’s business scenario is to realize and evaluate the bargaining power of customers. The word bargaining here does not only mean price negotiation, it is a much differentiated and broader term. Bargaining can be encompassed throughout the process of deal. The following are some of thes areas where a […]
What is Strategic Brand Management?
The other day I over-heard a conversation generally referred as cooler moment. John was in conversation with Terry around lunch time. John said he was hungry but had to take a quick meal as he was expecting to run a business call. Terry gave alternative of burger as quick and easy meal, to which John […]
Product management is needed in companies that have several products and brands where the need for integrated management of the product lifecycle makes the difference between success and failure.
Hence, these companies need to create the post of a product manager who can help them manage the end to end product development in a seamless and smooth manner.
The value of a product manager for these companies lies in the way he or she can take a holistic perspective of the product lifecycle and ensure that the products and brands are developed and marketed keeping the interests of the company in mind.
Especially in companies that have multiple product lines and several brands, it becomes necessary to have a product manager for each of the products so that the focus on the specific product or brand is not lost in the melange of the several brands that the company manages.
Take for instance, the case of the world famous consumer giant, Proctor & Gamble. The company known as P&G has managed to be ahead of the competition by investing in the time and money needed to grow each product and brand.
The product managers for each of the products and the brands ensure that the bottom line focus on the product and the brand is not lost in the overall drive to push in as many brands as possible into the marketplace.
The point here is that in the rush to be the first and the best, companies often lose their mojo or the will that is needed to focus on each brand and at the same time on all the brands.
Hence, a product manager for each of the products or the product line can ensure that he or she makes the company stick to its core competence by focusing on the specific product or the brand and at the same time focus on the overall bottom line.
The value of a product manager in companies like P&G and Unilever lies in the way they can coordinate with other product managers across the company and ensure that the marketing and advertising is done in such a way that it reinforces the central message of the company without losing track of the need to emphasize the individual differences.
Only when companies can integrate all the products and within the products, integrate the phases of the lifecycle can then ensure micro management and macro focus. This is the job of the product manager and hence such companies realize that they cannot do without a product manager who can play the role that is required.
Of course, a product manager alone cannot guarantee the success of the product and all the teams involved in the development and marketing effort have to contribute their bit.
The point here is that the product manager by virtue of having the big picture focus can concentrate on getting the best out of the individual teams in the overall company and to smoothen the phases in the product lifecycle.
Hence, product managers are a must for managing the top line growth and the bottom line profits.
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