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.
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