24x7 Support Available
To Get the Best Price Chat With Our Experts
In A Hurry? Get A Callback
Product management is basically the lifecycle of any product, starting from the designing, planning, forecasting, marketing etc. It is basically all the stages of product development and the product marketing. Product Development involves the designing of the product, testing of the product, developing a finished product and product marketing involves the branding and promotional activities of the product so that product is made as per the customer requirements and they are completely satisfied with it. Product, if manufactured is as per the customer needs then it would be admired by the consumer and hence would be always in demand and create maximum value for itself in the market.
The features of the products are made as per the requirements of the customers and after implementation and launching of the product, a survey is being carried out so that the loopholes and problems persisting with the product could be resolved and a better and modified product is developed which satisfies the consumer requirements. The entire life cycle of the product has to be taken care of and monitored so that the problems persisting in the earlier stages only are eradicated so that the final product or the finished product is the one which satisfies the consumer requirements.
The various processes involved in the Product management are as follows:
a. Product Differentiation – It is said to be a process of differentiating the product features from various other products existing and persisting in the market. Product Differentiation helps in creating the value of the product in the existing market where there are so many similar products existing.
b. Product naming & branding – It is very important that the product emerges as a brand in the market and hence for it, it has to be marketed and branded well among the various customers and in the market among the competitive products.
c. Product Positioning – The product should target the right customers, at right time and right place. For it firstly the analysis has to be done in the respect that the product is being liked by the customers or not then the same product is positioned well accordingly and hence value for the product is obtained.
d. Conducting Consumer Satisfaction Survey & analyzing the data – Once a product is launched in the market, it is imperative to take the feedback of the product from the consumers who are using them, whatever suggestions and view points are obtained, could be introduced as a modified product and hence then launched as a new and modified product meeting the customer expectations.
e. Monitoring the competition – Beside the self product by a company, it is also required to study the market and various other competitors and hence making changes and introducing changes in the product so that the product stands alone and most preferred among the various competitors and the clients.
Product management is essential to be done in order to make the product life cycle a successful, life cycle and accordingly modifying the product as the requirement arises in order to make maximum market share and the customer preference.
There is no deadline that can stop our writers from delivering quality assignments to the students.
Get authentic and unique assignments by using our 100% plagiarism-free services.
The experienced team of Live web tutors has got your back at all times of the day. Get connected with our customer support executives to receive instant and live solutions for your assignment problems.
We can build quality assignments in the subjects you're passionate about. Be it Engineering and Literature or Law and Marketing we have an expert writer for all.
Get premium service at a pocket-friendly rate. At live web tutors, we understand the tight budget of students and thus offer our services at highly affordable prices.
The service is largely beneficial and has been really helpful for uplifting my grades. It helped me acquire the right boost that my academic career required.
15 Mar 2021
Got the best editing experts in the market. I am overly satisfied.
15 Mar 2021
Academic writing service incomplete package! They have the best writers, the best researchers, the best editors, basically everything that you need.
15 Mar 2021
Prompt support, great writer, and timely feedback. Recommended for all students.
15 Mar 2021
The Mathematics expert was astounding. They completed my mathematics assignment in just 45 minutes. I have never experienced anything like this ever before.
15 Mar 2021