Product Management
The Need for Product Management
What are the facts... Producing successful products and services is not easy…
companies are successful less than 50% of the time.
Why?.. Rapidly changing market places with pacing technological developments, pressure to reduce 'time to market' and demands for shorter 'product life-cycles' have resulted in a highly competitive business environment. Companies who succeed in this environment are the ones that take the right products to market more efficiently and effectively.
Solution... Using a systematic approach to Product Management the above statistics are significantly improved.
The Role of the Product Manager - Summary
Product management is the business process that actively manages products throughout their lifecycle. The product manager is the owner or champion of the product in totality and as such managers it like a business in its own right.
Commercial success of the product is the ultimate goal of the product manager and to this end will require support from the organisation in order to succeed. Cross functional process management and an attitude of "making it happen" are key attributes for the product manager. The product manager must therefore have real authority and status (with budgetary responsibility) to carry out this function, otherwise he / she will assume the role of a coordinator and be completely bypassed when important decisions are required.
The Product Management system ensures that sufficient attention is devoted to the Planning , Development and Marketing of each product within the portfolio.
A Product Managers function is one of liaison between the various functional departments of the company to ensure optimum co-ordination of their activities and hence maximise their particular product's contribution to over-all profitability.
The ability of the Product Manager to enlist support from the functional disciplines within the organisation is a key success factor.
The product management activity should operate within the boundaries laid down in the strategic plan and as such is an integral part of the marketing function. The main objective of a Product Manager is to plan and specify a product / product portfolio in line with the long term strategic plan - Business Plans are a fundamental part of this process. Proposed products must provide good synergy within the overall product portfolio i.e. product variants must be planned in accordance to meet market needs (Time to market) and within the scope and capabilities of the company.
Product management is the business process that actively manages products throughout their lifecycle. The product manager is the owner or champion of the product in totality and as such managers it like a business in its own right.
The product management activity should operate within the boundaries laid down in the strategic plan and as such is an integral part of the marketing function. The main objective of a Product Manager is to plan and specify a product / product portfolio in line with the long term strategic plan - Business Plans are a fundamental part of this process. Proposed products must provide good synergy within the overall product portfolio i.e. product variants must be planned in accordance to meet market needs (Time to market) and within the scope and capabilities of the company.
Key Product Management activities...
- Continuously monitor market needs and requirements, taking into account future technology / developments, competitor products/services and the changing requirements of regulatory bodies.
- Produce and own the Product Business Plan.
- Strategically manage and own the product / product portfolio from conception to destandardisation.
- Define and create application packages that bring together products from more than one product portfolio and provide innovative customer solutions.
- Manage the product creation process by chairing multi disciplinary business teams. The emphasis of this activity is to chair the product business team and not to facilitate in problem solving at this meeting. The product business team will meet regularly to review all business goals / objectives taking corrective action wherever and whenever possible.
- Provide sales support material i.e. develop and produce training material (Audio visual presentations, product ordering procedures, technical data sheets, handbooks etc.)
- Plan, organise and participate in product product release presentations - both internal and external to the company.
- Monitor and control product development budgets.
- Produce technology roadmaps for the product / product portfolio.
- Develop and maintain pricing policies for the product.
- Develop and monitor critical success factors for the product in line with the product business plan.
- Plan and manage the product release.
- Develop the after sales support policy for the product - Service philosophy, Spares listing, recommended test equipment, maintenance programmes etc.
To successfully carry out the product management function a Product Manager must be given the appropriate responsibilities, accountabilities and command the…
• Appropriate knowledge base
• Authority to make decisions
• Respect from his / her peers
In addition to the above the Product Manager will achieve their own objectives by duteous helpings of interpersonal skills, influence and persuasion.
For Product Managers…
The corporate entity and its context is mainly a Financial one. How well you handle the Company's money is the most exacting test of your competence… ‘The bottom line is the ultimate measure of your performance'
Product Management Training...
Open Product Management Course Dates and Venues...
Monday 8th - Thursday 11th December 2008
Monday 12th - Thursday 15th January 2009
Monday 9th - Thursday 12th March 2009
Monday 11th - Thursday 14th May 2009
Monday 6th - Thursday 9th July 2009
Monday 7th - Thursday 10th September 2009
Monday 9th - Thursday 12th November 2009
Venue: IPM Training Centre, Corfe Mullen, Wimborne, Dorset, UK
Places are limited, please contact us for further details or Information Request Form.
