Product manager’s task

Introduction

A product manager performs the qualities of analyzing, selecting and developing products for a company. He/she checks the market potential for that product and fits its nature to the company’s structure.

Steps in developing a brand

First is to design a logo for the company making sure it is easily distinctive; works well with the company’s image and vision, able to be noticed at a glance and appears good in colored and uncolored versions. Next is to form a tag line that is memorable and speaks for the company in few words and simple terms. http://sbinfocanada.about.com/od/marketing/a/brandingks.htm

Good marketing

Good marketing is about sharing relevant information between producer and customer; passing the right message to the right person at the right time for better results. Marketing skills would mean the producer listens to the consumer to able to under their needs.

Brand awareness

In this case I would try to identify the position of the brand in the market whether it is operating under the franchise or recognition stage.

Identify the scope of the brand whether it is a local brand, ambient or global.

Branding approaches

There are various branding approaches that may be used either singularly or in combinations. They include:

The company name; where marketing is shifted to highlight the company.

Individual branding where each brand from the same company does its own advertising.

Attitude brands which appear to give some inspiration or pass some message while iconic brands are derived from great figures and achievers through history

Then there is a group of brand that is mainly derived from groups- crowd sourcing brands.

Private labels may also reach recognition levels that are high to be identified as a brand.

The company may also launch a multi brand of close related products, products that are almost similar just to increase its market share in the type of commodities.

The company may also use brand extension by launching related products for example a producer of computers may decide to come up with printers which it did not produce earlier.

Product design

Product design involves the process of coming with a new product which can be an idea generated from consumer needs, research or imagination. Then there is the stage of designing the form the product will take and the materials that would be used; which we can call industrial designing. Next is the real good production and the launch which creates awareness for the new product by being introduced to a group who are first to experience. (Morris, R. 2009). A product should be economical to manufacture in that it has sustainable sources of raw materials, not like sale of whale meat. It should have the potential to at least break even or all the best be profitable to produce and sell. It should be safe and meets the customers’ needs, opinions and attitude.

Effective brand strategy (probably what they could be doing)

Build a reputation of quality products and the price would follow after as it is known customers do not mind paying higher prices to goods they perceive to be of high quality. So the “first impression is paramount” and a company has to make the launch as successful as possible. Effective brand strategy maintains brand loyalty. http://www.bakerecommerce.com/brand-strategy.html

The modern product manager has to accept the change in environment with the entry of online business. New features in retailing, marketing and interactive shopping are now being conducted through websites. The new media is sensitive and the product manager must respond to the consumer opinions as soon as possible or the will be imitated and mimicked over a short time, if not acted upon then it turns to be the verdict. The product manager must have clear understanding and make good judgment through the same media. This subjective attribute could have a more destructive than the objective of price, location and quality. But they could as well have been derived from the objective attributes or misconceptions.

What I must decide

I must decide to utilize the “white space opportunities” to broaden revenues base without much resistance from competitors and if compelling ideas then guard them using patents. Create meaningful differentiation in the product from competitors. Develop features and other support images that may help to make the consumers memorize the experience. This may be derived from consumer attitudes and what the product performs. (Robert Kincaide)

http://www.marketingpower.com/Calendar/Pages/2011%20-%20TS%20-%20StrategicBrandDevelopment-SanFrancisco,CA.aspx

Dimensions in product management

Product management involves all the activities that maintain and sustain the profitability and production of a product through out its life cycle in the company. It involves two major aspects: planning and marketing. Planning for designer brands involves positioning and being identified with certain features. But to increase the range for sales revenues, the company can decide to launch varieties to match the culture of heterogeneous regions and boundaries. For example a company that produces boots for winter could as well manufacture sandals for summer and market them at different seasons, this will ensure there are earnings the year round. If food we have had Chinese food prepared in American hotels; it makes them feel at home and a good marketing strategy. Collecting data on customer response is necessary to make modifications. (Kahn, Kenneth B. 2005) Companies are continuously coming up with new products or even slight variations. It is a good strategy as it keeps building the brand while also increasing the market share such that if there were 2 out of 7 in the total market and you add another third with good market reception then it becomes 3 out of 8 and 3/8 > 2/7.

In planning, involves carrying out a feasibility test, ensuring the product is within the price margins below which it no longer profitable and above which consumers will shy away from purchasing it. Ensuring the distribution channels can absorb the new product and deliver it on schedule to outlets in line with the launch and production. (Kahn, Kenneth B. 2005)

Product factors that affect product design

The cost, value and price become the first factors to be considered. Some products are made from particular materials to make them affordable or even prestigious. The size and shape may also be influenced by this factor also considering the brand too has value irrespective of the good.

The attitude of the customers towards related products may influence the product manager to come up with corresponding designs. If it is an easily available commodity then the design shifts to enhancing quality and with it prices rise and a particular brand emerge with mark of quality. The consumer preferences also decide whether a good is a necessity or luxury which will influence the design. http://tomorrowsbounty.org/factors-affecting-sales-of-various-products.html

Other factors that influence product development include company identity, aesthetics, culture, fashion, functions, industrial production and environment. V. Ryan © 2005 – 2009 All these factors influence the product design and pricing. For example a good linked to fashion may be expensive despite being of low quality and it has to be modified periodically to fit with upcoming trends. A company may choose a trendy product because despite relatively low production costs, the prices could be high. But the company has to incur costs of paying designers who fetches more prices if his/her label dwells in recognition or franchise.

Conclusion

The tactics that I would use are not unique in this age of marketing courses and training only that I have to use them effectively and efficiently, avoiding what is not necessary and designing trends that would save on advertising in the future since cost has to be reduced from some product factor to put us ahead of competitors.

 

References

1. Morris, R. (2009). The Fundamentals of Product Design. AVA Publishing.ISBN 2940373175
2. httRobert Kincaidep://www.bakerecommerce.com/brand-strategy.html
3. Robert Kincaide,strategic brand management, http://www.marketingpower.com/Calendar/Pages/2011%20-%20TS%20-%20StrategicBrandDevelopment-SanFrancisco,CA.aspx
4. Kahn, Kenneth B. (Editor2005) The PDMA Handbook of New Product Development. Second Edition. Hoboken, NJ: John Wiley & Sons.
5. http://tomorrowsbounty.org/factors-affecting-sales-of-various-products.html
6. V. Ryan 2005 – 2009 Factors that influence product development, http://www.technologystudent.com/joints/prddes1.htm