The products of any organization must have utility to the customer. Based on the utility to him customer values a product and offers it to the producer in return for the product.
Product conception, development and design and its further marketing activities are part of product management. Within the marketing discipline product management is popularly used. Within the product development and design areas product development management is the term more popularly used.
The managers of the company have to see that the products utility is more to get higher value for it. The value given for a product depends on other services also that are provided along with the product like delivery location, warranty offered, the retail environment etc.
Product Management is a technical capability in marketing and it deals with the planning, forecasting, production and marketing of a product, proposition or portfolio of products, throughout a product life cycle.
Below are 5 levels of this competence in the area of innovation and management
Level 5
Leads organisation wide co-operation in the development of customer value propositions, identifying strategic opportunities for innovation.
Leads and directs the management of projects related to the delivery of customer value propositions and product/service portfolios
4
Manages cross-functional processes for the development of customer value propositions and their progression to market
Manages and maintains customer value propositions and product/service portfolios through cross-functional teams
3
Contributes to the development of customer value propositions
Contributes to the management of customer value propositions and product/service portfolios
2
Provides information to support the development of customer value propositions
Assists with the management of customer value propositions and product/service portfolios
1
Recognises the importance of analysing product portfolio performance and innovating new customer propositions
Recognises the importance of developing, launching and monitoring customer value propositions
CEO has to develop level 5 competence in development of customer value proposition and managing to provide value to customer.
http://www.cim.co.uk/more/professional-marketing-competencies/
Top Management Challenges
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