Kotler, P. & N. Lee. (2007). Improving public sector performance by seizing opportunities to meet citizen needs. In Marketing in the Public Sector: A Roadmap for Improved Performance. (pp. 41-64). Upper Saddle River, NJ: Wharton School Publishing.
Theme: understanding product management.
Summary
Product management involves the development of strategies for a product and other activities by the manager to enhance product performance. The manager is responsible for advertising and improving the product quality so as to meet the market requirement. The manager achieves these by a systematic approach of product development where a product undergoes various steps or stages before being offered to the public.
- Idea generation: is when various ideas from different stakeholders are combined to figure out a product that is competitive enough, within the financial limits and meets the consumer needs.
- Idea screening: this ensures the idea chosen aligns with the agency goal, objectives and mission. This stage involves the choice of which idea to keep or to do away with depending on its effectiveness or satisfaction the resultant product would yield.
- Concept development and testing: is a detailed description of the idea is created and the targeted consumer base involved in expressing their opinions on the concept created and giving suggestions on how to improve the product in order to meet their needs.
- Marketing strategy: the product manager develop an initial strategy regarding the target market, market mix and product position and the estimated sales.
- Business analysis: these analyses the business benefits both monetary and nonmonetary in relation to the incurred production cost.
- Product development: the theoretical product is created to physical form after passing the analysis stage.
- Test marketing: the product is tested in the market with a chance to improve on its target market, price, quality and availability as well as its promotional strategies.
- Commercialization: the last stage where the company decides on the where and when to launch a new product into the market.
Other reading
Understanding how to come up with a product that meets the quality, price and availability expectation of the consumer is very important for product management.
Annacchino, M. A. (2003). New product development: From initial idea to product management. Amsterdam: Butterworth-Heinemann.
Application: the product manager can use these stages in ensuring he/ she comes up with a product that meets the consumer needs.
References
Annacchino, M. A. (2003). New product development: From initial idea to product management. Amsterdam: Butterworth-Heinemann.
Kotler, P. & N. Lee. (2007). Improving public sector performance by seizing opportunities to meet citizen needs. In Marketing in the Public Sector: A Roadmap for Improved Performance. (pp. 15-38). Upper Saddle River, NJ: Wharton School Publishing.
