How to develop good product management
Product management is one of the four areas of the marketing mix. The other three are Price, Promotion, and Distribution.
Product Management comprises the following:
- What products should be produced and sold from the conclusions of a marketing plan
- What new products to add to the portfolio
- The integral design of new products
- Which products in the portfolio should be removed
- How to balance a product portfolio
- What brand to use
- What logo to use
- Product Obsolescence Planning Considerations
The head of a product or product line is called the Product Manager.
Kssnk Technologies (Kssnk) Product Management Strategies
Product administration is one of the most important functions of the business activity, it implies the definition of the characteristics and benefits of the products or services through processes of development, manufacturing, and product design, marketing, sales, and the appropriate after-sales Service to the final customer.
The product administrator is equivalent to the account manager in a service company. The roles of product administration, in both cases, are similar, with the only difference that exists in terms of the product (which is physical) with the service (which is intangible).
Our Product Management Benefits
- It allows clarifying clearly, the objectives of the product in terms of volume or market share, which serve to make decisions about strategies and operations, whether at the company level, of a product line or a specific product.
- It allows the identification of competitive strengths and weaknesses, opportunities, and risks in the markets for the product or product line.
- It helps to design the product or line strategy that includes aspects of segmentation, positioning, growth, development for existing and new products.
- It helps to control and monitor product marketing activities.
The main function of product management in marketing
The execution of product management tasks allow companies to know the opportunities in the market, develop products of a certain nature and utility concerning them and their offer to potential consumers. In that sense, it could be summarized that the management of products pursues the profitability of the companies. As well as their commercial success adapting their activity to the needs of the markets.
On the other hand, this basic discipline in the field of business marketing focuses on the long term, since it seeks the adaptation of firms in the markets, their growth, and durability.
Essential Aspects of product management
Choice of goods and services: It is to be marketed, taking into account the size and nature of the company. It means, as well as its market power and presence in a certain sector. Research and knowledge of the markets are required.
Product design: Physical and chemical characteristics, way of operation, how it will be offered to the market, a form of use, packaging, label, wrapping, and packaging. Companies are looking for opportunities in the market or those sectors where they can count on a greater degree of competitiveness. Both in the creation of new products and in all stages, from production to distribution, final sales, and subsequent services for customers.
The brand design: The name (which should be easy to remember), the logo (font), and isotype (symbol). Brand control, through its use in the products, offered. Good product management should serve to reinforce the brand and give your company economic, competitive, and reputational benefits.
The product line extension: It is a common practice in the distribution of mass consumption products.
Product life cycle management: In other words, modernization, new presentations, and launches, special promotions, according to the product life cycle.
Our product management strategy
For Kssnk Technologies (Kssnk), the design of the product strategy, it is important to consider:
- The importance of products and services for buyers. The importance of the products and services of the companies vary concerning the needs and demands of the buyers. It is important to know the value of the Product or Service for the client, the stages, or cycles of purchase of the client.
- Product life cycle. The conditions under which a product is sold change over time, it is important to pay attention to technological development and the evolution of consumer needs.
- Development of the product. Product management requires an effective marketing administration that directs, plans, and controls the development of products.
The role of our product manager
The role of the product manager is to develop products for the markets and for the consumer segments. To optimize the sale of the product line and strengthen the commercial positioning in each product category. Its mission is focused on long-term maintenance Product term, for this, you must:
- We develop adequate planning, coordination, and communication support for product management.
- Kssnk Technologies (Kssnk) develop products to the evolution of sales, participation and market penetration, and their profitability.
- We conduct advertising and promotional campaigns related to the respective positions of each of the products.
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