MKT-3050 Chapter Notes - Chapter 9: Oral-B, Total Quality Management, Walgreens
Document Summary
Product management: the systematic and usually team-based approached to coordinating all aspe(cid:272)ts of a p(cid:396)odu(cid:272)t"s st(cid:396)ateg(cid:455) de(cid:448)elop(cid:373)e(cid:374)t a(cid:374)d e(cid:454)e(cid:272)utio(cid:374). Organization members that coordinate these processes are called product managers or brand managers. They have to multi-task when it comes to product management. Product objectives need to specify how product decisions will contribute to reaching a desired market share or level of sales. To be effective, product related objectives must be measurable, clear, and unambiguous- and feasible. Steps to manage product: develop product objectives, for individual products, for product lines and mixes, design product strategies, make tactical product decisions, product branding, packaging and labeling design, organize for product management. Strategies for individual products may be quite different depending on the situation: new products, regional products, mature products, or other differences. For new products, the objectives relate heavily to producing a very successful introduction. Product planning means developing product line and product mix strategies to encompass multiple offerings.