FUNCTIONS OF A PRODUCT MANAGER :
1. MANAGEMENT FUNCTIONS:
These are associated with the administrative process beginning with the establishment of objectives and ending with the year end plan employed during the previous year. Tasks are:
- To set marketing objectives .
- Planning marketing activities.
- Determining budget.
- Scheduling marketing activities.
- Control overview process.
- —Communicate plan to responsible persons .
- —Monitoring .
- Specify corrective action .
- —Report to the management at the end of the year .
- Measure the plan revaluation .
2. CUSTOMER ANALYSIS :
Product Manager perform root cause analyses of problems being reported by the customers including any strange issues that have surfaced. Product management also requires agile perception management wherein customers are satisfied and comfortable with the products and hence, any problem or issue that appears out of the ordinary has to be treated with urgency.
3. MARKETING DECISION FUNCTION :
- —Product .
- —Packing .
- —Pricing .
- —Advertising .
- —Advertising media selection.
- —Marketing research.
- —Types of promotions.
- —Timing of promotions .
4.BUDGET AND MARKETING PLANS :
A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms.
‣Communicates with customers & prospective customers .
‣Conducts usability tests .
‣Surveys .
‣Keeps an ongoing record of compliments/complaints .
‣Actually uses the product regularly.
2 .Develops Market-Based Product Strategies:
‣Research .
‣Is aware of, and understands, the competition...
3. Creates Relevant, Usable Documentation :
‣BRD: Business Requirements Document - Identifies business problems, solutions.
‣MRD: Market Requirements Document - Functional, non-functional requirements.
‣PRD: Product Requirements Document - Feature details, user interface, flow.
‣FSD: Functional Specifications Document - Engineers, screen by screen.
‣Note: Not every company uses these acronyms--or documents--in the same way!
1. Responsible for providing the sales team with the necessary
technical expertise to enable them to sell the product. This involves
printed and electronic promotional material, product training, and
relevant clinical papers.
2. Responsible for reviewing product data to ensure that the field force is kept up to date on new developments regarding the companies or competitors products.
3. Act as point of first reference for all product related enquiries and work collaboratively with colleagues in Clinical Research and Regulatory to address any issues that may arise.
4. Close liaison with the field force to assess the response to and suitability of current promotional material and to ensure that the printed promotional material is being used optimally.
5. Design market research projects to assess customer attitudes to the current product range and new product introductions with in-house staff or manage an outside agency .
6. Assist with the development of the annual marketing plan and for controlling advertising, promotion and sales aids in accordance with the annual marketing plan.
7. Responsible for preparing product forecasts, and constantly monitoring inventory levels held at central and interstate warehouses including liaison with production (locally and globally) to ensure supply timelines.
8. Liaise with the advertising agency regarding the product campaign including journal advertising, direct mail and conferences.
A budget is a quantitative expression of a plan for a defined period of time. It may include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows. It expresses strategic plans of business units, organizations, activities or events in measurable terms.
ROLE OF A PRODUCT MANAGER :
1 . Understands The Market :
‣Conducts usability tests .
‣Surveys .
‣Keeps an ongoing record of compliments/complaints .
‣Actually uses the product regularly.
2 .Develops Market-Based Product Strategies:
‣Research .
‣Is aware of, and understands, the competition...
3. Creates Relevant, Usable Documentation :
‣BRD: Business Requirements Document - Identifies business problems, solutions.
‣MRD: Market Requirements Document - Functional, non-functional requirements.
‣PRD: Product Requirements Document - Feature details, user interface, flow.
‣FSD: Functional Specifications Document - Engineers, screen by screen.
‣Note: Not every company uses these acronyms--or documents--in the same way!
4. Brings Products Into (And Out Of) The
Market :
‣The job is to meet market demands and actually make it to market .
‣Realize that pioneering doesn’t always pay…
‣Examples: Xerox’s Star computer (’81), Lycos TV (’99).
5.Develops Customer Relationships :
RESPONSIBILITIES OF A PRODUCT MANAGER :
2. Responsible for reviewing product data to ensure that the field force is kept up to date on new developments regarding the companies or competitors products.
3. Act as point of first reference for all product related enquiries and work collaboratively with colleagues in Clinical Research and Regulatory to address any issues that may arise.
4. Close liaison with the field force to assess the response to and suitability of current promotional material and to ensure that the printed promotional material is being used optimally.
5. Design market research projects to assess customer attitudes to the current product range and new product introductions with in-house staff or manage an outside agency .
6. Assist with the development of the annual marketing plan and for controlling advertising, promotion and sales aids in accordance with the annual marketing plan.
7. Responsible for preparing product forecasts, and constantly monitoring inventory levels held at central and interstate warehouses including liaison with production (locally and globally) to ensure supply timelines.
8. Liaise with the advertising agency regarding the product campaign including journal advertising, direct mail and conferences.
