People choose a brand because they find the product, product features, services, and price compatible with their needs. A product is the face of a brand. Therefore, the system of incepting and realizing a product into a finished one is complex. Further, the product manager in a company manages the 4Ps of the marketing mix (product, price, place and promotion) by conceptualizing the idea in conjunction with the costs and resources involved. A product can be both: Tangible and Intangible. The intangible products are services and experiences; for example, insurance, hotels, luxury vacations. All the production takes place by using an approach of Customer Value Hierarchy. To elaborate, the core benefit (solution) is at the heart of the product. Following that are the; basic product (product designed), expected product (improvised product with variations), augmented product (differentiation + added benefits), potential product (best version of the product). With a strategic mindset, an organization is ready to build its brand with the right product. Considering the steps involved in developing and managing a product, knowing the scope, functions and challenges of the process is essential.
Scope of Product Management
The scope of product management is broad enough, encompassing complex skills and execution. But, as the term suggests, it is the management of a product. With the synthesis of the meanings, it is relevant to chunk the process into planning, organizing, leading and controlling the product per se. In an organization, product management distils the following activities to yield the desired goals:
Inbound Activities: They account for forming a vision, product planning and product strategizing.
Outbound Activities: They account for analyzing the competitive difference, market research, positioning the product, pricing, monitoring sales and analyzing reach.
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