Product Management and
Development
Nature of Products and Services
Product Management
Product Branding
Product Packaging
The Product Life Cycle
Extending and Expanding the Product Life Cycle
New Product Development
Definitions
• Product management and development cover the entire process of creating, refining, and
managing products from their initial concept to the end of their life.
• Product Management is the process of overseeing a product's journey from its initial
concept to its end of life. This involves guiding a product through various stages, including
development, marketing, improvement, and customer support. The role of product
management is to ensure the product meets customer needs while aligning with business
goals, managing profitability, and staying competitive in the market.
• Product Development refers to the systematic process of bringing a new product to
market or improving an existing product. This includes idea generation, design, testing,
and launching the product. Product development focuses on innovation, solving customer
problems, and refining features to ensure the product’s success and sustainability in the
marketplace.
• In short, product management focuses on strategy and lifecycle management, while
product development emphasizes creation and improvement of products.
Nature of Products and Services
• Products: Tangible items (e.g., smartphones, cars, clothing) that can
be seen, touched, and used.
• Services: Intangible actions or activities (e.g., consulting,
maintenance, healthcare) that provide value without a physical form.
• Both products and services need to fulfill customer needs and deliver
value. The key difference is that products are consumed physically,
while services are consumed through experiences or performances.
Product Management
Product management is the ongoing process of overseeing the entire lifecycle of a
product. Product management is about ensuring that the product remains
competitive and profitable across its lifecycle.
A product manager is responsible for:
• Understanding market needs and customer desires through market research
• Coordinating development, marketing, and sales strategies.
• Managing costs, pricing, and profitability.
• Updating or phasing out the product when necessary.
• Working with teams like marketing, sales, engineering, and customer support.
• Product management ensures that the product aligns with both the company's
objectives and the customer's expectations.
Product Branding ✨
Branding is about creating a unique identity for a product that differentiates
it from competitors. It includes:
• Brand Name: The name or label by which the product is recognized.
• Logo: A symbol or design that visually represents the brand.
• Brand Image: How the product is perceived by customers (quality, trust,
innovation, etc.).
A strong brand:
• Creates recognition and trust.
• Adds value beyond the product's basic functionality.
• Builds customer loyalty over time.
Product Packaging 📦🎨
Packaging is not just about protecting the product—it's also a critical marketing tool. It involves:
• Design: Visually appealing designs that catch the customer’s eye. The design and appearance of
the package, which should align with the brand’s identity and appeal to the target market.
• Functionality: Packaging that protects the product, makes it easy to use, and is eco-friendly
where possible.
• Information: Labels and instructions that provide essential details about the product ie provide
details such as product ingredients, usage instructions, and legal disclaimers.
• Protection: Ensuring the product arrives safely and maintains its quality.
• Sustainability: Modern consumers increasingly value eco-friendly and recyclable packaging.
Well-designed packaging can enhance the customer experience, convey the brand's values, and
even encourage impulse purchases.
The Product Life Cycle (PLC) 🕑📉
The Product Life Cycle describes the stages a product goes through from introduction to withdrawal from
the market:
• Introduction: Product is launched. Sales are low, marketing costs are high.
• Growth: Product gains acceptance, sales rise rapidly, competition increases.
• Maturity: Sales peak, growth slows, competition is intense.
• Saturation: This phase is marked by fierce competition, market saturation, and the need for creative
tactics to uphold relevance and continued expansion. Here, your strategies dictate your capacity to
restore interest and capture demand.
• Decline: Sales fall, product may become obsolete or be replaced.
• Revival stage: The revival stage marks renewed hope and opportunities. Amid product declines, revival
is possible with effective strategies. This stage offers the chance to rejuvenate products, recapture
consumer interest, and breathe new life into what was once fading
• Each stage of the PLC requires different strategies for marketing, pricing, and managing costs.
Extending and Expanding the Product Life Cycle
🔄♻
To avoid the decline phase, companies can implement strategies to extend
the life cycle, such as:
• Product Modification: Updating features, adding new technology, or
improving the design.
• Market Development: Entering new markets (e.g., international
expansion).
• Rebranding: Changing the brand image to appeal to a new audience.
• New Uses: Encouraging consumers to use the product in different ways.
• These tactics can refresh consumer interest and extend the product's
profitability.
New Product Development
(NPD) 💡🚀
New Product Development is the process of bringing a new product to market. It involves
several stages:
• Idea Generation: Brainstorming and gathering ideas from various sources (customers,
competitors, R&D).
• Screening: Evaluating ideas to filter out unfeasible ones.
• Concept Development: Turning the best ideas into a detailed product concept.
• Business Analysis: Estimating the financial viability of the product (costs, profits, pricing).
• Product Development: Turning the concept into a physical product or service.
• Test Marketing: Introducing the product on a small scale to gather customer feedback.
• Commercialization: Full-scale launch, supported by marketing and distribution strategies.
Successful NPD can give companies a competitive edge and tap into new market segments.
