Summary of Product Management Notes

  • Focus on the Value of the Product, not cost
  • Factors affecting value: Quality of Product, Support Services, and Perceived Features
  • Segmentation, Differentiation, and Positioning: Different from a competitor, serve the market better than the competitor, better features
  • Intangibles differentiate the product (75% while tangible is 25%)): Brand attachment, Customer engagement, supply chain, human capital who serve the customers, IP of the product.
  • Value Migration →Initital phase: R&D, Design, Core Parts. Later Stage → Brand and Service, Customer Solutions
  • Market development is also important: Initial phase is product development and the later stage is market development
  • Defining the scope of the product (book on Kindle can also be read on mobile)
  • Design thinking → starting from the customer, develop the market
  • Management issues change with the product life cycle
  • The role of design thinking in building an effective product portfolio.
  • The importance of understanding customer needs in an efficient/effective product development process.
  • How customer value dimensions positively influence the final product portfolio.
  • Understand the role of marketing in the product development process, understand the concept of customer value, and the crucial role it plays in developing superior solutions.
  • Create superior value for customers.
  • Understand markets and define them.
  • Explain market segmentation and targeting.
  • Describe a customer or user persona.
  • Define and illustrate the customer journey.
  • The importance of product positioning strategy in new product success.
  • How to conduct a competitive analysis to know about the products within the same category.
  • The different types of position strategies and how to manage a crisis that can impact the position of your product.
  • Disruptive positioning strategies for market advantage.
  • Managing a product’s position in the digital world.
  • The challenges when introducing radical innovations to consumer markets.
  • Distinguish products, the commonly considered types of new products and the factors impacting their success and failure.
  • The implications of the context of a new product development process or NPD process on its applications.
  • How to make decisions about how fast or slow the NPD process should be in any given context.
  • How during the NPD process, a company uses marketing research to obtain information from potential consumers to improve a product concept.
  • The framework of opportunity cost and development risk.
  • Understand what information is needed from potential consumers, the means to get the same, and when you can go to market with a minimum viable product or MVP, given the context of your NPD process.
  • Causality, reasons for conducting experiments, and issues of validity in the experiments.
  • A/B and A/A testing and growth hacking.
  • The importance of the concept testing process during a new product launch.
  • The different types of concept tests and how to conduct the most common type of concept test.
  • The Long Tail Effect: How digital technologies are changing new product development.
  • Understand potential and forecast.
  • Estimate the market potential and forecast sales.
  • Apply metrics to evaluate model forecasts and compare models.
  • Analyse strategies and frameworks for developing and marketing a new product.
  • Evaluate product road-mapping and prototyping decisions using various product management techniques and practices.
  • Identify the most important attributes/features in the product/services through the explicit response methods.
  • Determine the priority features for product design to satisfy customer needs by using the Kano Model.
  • Discover the consumers’s latent needs through the factor analysis method.
  • Understand conjoint analysis.
  • Predict market shares for a new product.
  • Estimate the market share of a product using the market simulator.
  • Design a product by choosing the best attributes.
  • Common pricing approaches.
  • Determine product price by using the Van Westendorp Price Sensitivity Meter.
  • Implement the concept of strategic pricing to maximize the profitability.
  • Innovate beyond the product.
  • Balance brand positioning, pricing and distribution.
  • Build differentiated brands in sectors like FMCG markets, fintech services and consumer durables.
  • Understand the role of marketing and brand strategy in enhancing brand equity
  • How to manage product launches.
  • Importance of managing price competitions.
  • How to manage distributors.
  • How to integrate pricing and distribution strategies.
  • Measure the value created by marketing activities.
  • Understand the limitations of short-term efficiency metrics.
  • ROMI, EVA and NPV.
  • Manage B2B customer and distribution relationships.
  • Measure and manage growth and resilience via platforms.
  • Understand the value of product-centric and customer-centric brand platforms.
  • Develop business models by integrating value creation and appropriation processes.

Note: These are notes from the ISB Executive Education – Product Management program for my personal consumption.

In case you are looking for a Product Management course, I would highly recommend joining this cohort-based course.

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Categories: Product Management