In order to get your business to success, you need to make transactions on your product. For that to happen, you need to first have a great product. What makes a product great and who makes sure that the product is great?
How do you plan the success for a product? All these are done by the product management team in the organization. And this is completely done under the control of the product manager who's often marked as the CEO of the product.
as he is considered to be the sole person behind the performance of a product. This video helps you to know more about product management, how to develop and guide a product to success. I'm Tony Tom and I'll be taking you around to make you understand what product management is all about. Stay tuned and let's get started.
If you haven't subscribed to our channel yet, I want to request you to hit the subscribe button and turn on the notifications bell so that you don't miss out on any new update or video releases from great learning if you enjoyed this video show us some love and like this video knowledge increases by sharing so make sure you share this video with your friends and colleagues make sure to comment on this video any queries or suggestions and I will respond to your comments hello friends welcome to this course on product management In this course we'll be learning about managing a product right so that is what product management means right so how should you manage a product why should you manage a product actually why are we launching a product so we are launching a product which solves the customer needs or customer problems or issues which the customer is facing right and by launching the product you need to be getting maximum sales for that product in the market so that you will be able to bring in money or revenue and thereby profit for the company so that company will be Having a profit and company will be able to run or company will be able to make profit by selling that particular product, right? So in order to get that you need to be driving the product to success. How can you drive the product to success? What are the things that a product should suffice in order to be a success in the market? And how do you define product success?
All those things are being dealt by a department specifically for developing or managing a product called product management. So they are the sole team responsible for the product success and how is it being done? So that is what we are going to be covering in this particular course on product management. And if you think that you are not actually a person into management or product management, I would suggest you to continue watching this course so that you'll be able to have an idea, take out some takeaways from this course and implement in your workforce, even if you're not into managerial sectors.
So the issues which you are facing right now, or issues which you can be facing in the future, all those things can be handled by the inputs which you are getting from this particular course on product management. Now let's move on to agenda and see what are the different topics which we are being covering in this particular course on product management. So we'll be starting the course with the first topic by explaining what is product management. I already briefed you regarding product management right.
So in detail we'll be seeing on product management what is product management, what is their aim or objective and how are they being implementing that, how are they doing that, how can they do that and what are the strategies or steps they are taking in order to achieve that. So that is what we'll be learning initially in this course by explaining to you what is product management and then we'll be moving on to the benefits. Why do we need a product management system or why do we need a specific team for product management in your particular organizations. So in order to have a team, hire people and manage we are having higher expenses right. So is it tallied?
So are we getting the return on that particular expenses? So we'll be talking about the advantages or the benefits or the need for you to have a product management system or product management team in your company in order to get your product to success or to drive your product to success and after this we'll be moving on and see product life cycle what are the different phases in which the product will be going through over the period in our childhood we have already learned about life cycles of several animals like frogs fish and all those things right even when you consider human beings we are having life cycle right we are going through different phases in our lifetime as infants as teenagers as adults and as old age people so like that for products also they will be having life cycle they will be going through different phases throughout their life so what are their phases and how we'll be able to learn them and how we'll be able to take advantages of all those phases the product is going through that is what we'll be covering in the product life cycle then we will be moving on to marketing mix what is the marketing mix and how does it help in understanding a product better and how does it drive to the success of a product The marketing mix is nothing but four piece we'll be learning that on when we come to the topic on marketing mix. So after covering marketing mix, we'll be moving on to one of the main topics which we are going to be covering in this particular course that is product management strategy. What are the strategies which we'll be able to implement in order to drive the product of success. So we'll be making studies and we'll be getting our analysis done.
After all those things we'll be studying and we'll be getting to a conclusion that these are the strategies which needs to be implemented in this particular product. And even in different products, we need to be using several strategies of different strategies. So how can that be done?
So we'll be talking on that in product management strategy. Right after that, we'll be moving on with product design. How should you be designing a product? What are the things that you should be keeping in mind while you are designing a product? And what is the actual need of your customers?
How can you actually convince the customers through your designs to buy your product? So how can that be made possible? So that is what we'll be able to learn. by going through product design.
Then we'll be moving on to product leadership. How can your product stand out from all the other products in the market? So it is not just your product there in the market right?
You're having a lot of competitors in the market in the present scenario especially. So how can this product be a market leader? So how can that be made possible?
So we'll be covering all those things in this particular topic that is product leadership. Then we'll be moving on to product innovation. What is the novelty? What is the innovation that your product is having? So how is it standing out?
So what are the special features or advantages of buying your product? So there should be some innovations and there should be some novelty in your product in order to get your product a success, right? So how can that be done?
What is the things that you should be taking care of in that particular sector? So that is what we'll be learning in product innovation. Right after that, we'll be learning on product manager and his role So the product manager is actually the person who's running the product management, right? So in order to drive the product to success He is the main sole person who is responsible for the product. So what are the responsibilities and what are the skill sets which he requires and what are the tasks and responsibilities which he is facing on daily basis.
And how is he facing all those things? So how is he managing and how is he driving the product to success? So we'll be seeing in detail on all of that by coming to that particular topic on product manager and his roles. Finally, we'll be moving on to the last topic that is lean in manufacturing. How we'll be able to Produce maximum out of the minimum possible.
So how will you be able to take the maximum out of the minimum possible? Just by spending minimum you need to be attending maximum for that, right? So how can that be made possible just by without wasting money or without wasting any resources or without wasting any raw materials? So how can that be done?
All those things will be covered in lean in manufacturing technology So these are the various topics which we are going to be covering in this particular courses on product management Let's dive deeper into each of these topics. Now let's have a look at our first topic in this particular course. That is, what is product management? Product management is actually an organizational function which makes sure the success of a product.
So I've already mentioned that every product tries to attain success, right? They try to become the market leader or the product leader in that particular domain. So how is that made possible? That is through product management.
and how are they trying to achieve that so basically how they do that is by identifying the goal and their objective and they'll be working towards achieving that so by understanding their product the every team member in that particular team that is product management will be knowing complete idea on that product so what is that product what's the specifications or features of that product and what is the problem the product is trying to solve and who are the targeted audiences All those things are completely being made aware to those team employees, right? So by understanding that, they'll be having a clear clarity where they stand right now. What are the sales like? If the product is already launched right now, what is the sales looking like right now? And what is the kind of strategy they are trying to achieve?
Or what is the kind of sales figure they are looking at? So they'll be knowing where they are standing right now. And they'll also be knowing what their objective is or what their target is. So this is all about trying to eliminate the gap between where you stand right now at the same time where you want to be. So if you're standing here right now and this will be a target.
So product management aims at eliminating this gap not by bringing down the target to the low but by bringing up your current situation to what you're actually looking for. So it's just about bridging the gap between where you are right now to what you are actually trying to achieve. So that is what a product management tries to achieve. And it involves actually a completely integrated methodology of working. Because these product management area needs to be working with all the departments which are associated with the product.
So let it be a research and development that is R&D, production, manufacturing, production line or even after the production is done. So what are the customer satisfaction, customer support, services which is being offered, are the actual targeted customers knowing that there is this kind of product having these many features which solves their problems or issues which they are facing that needs to be taken care of by the marketing team and how is the sales team working, is the sales team working efficiently in order to promote the product and in order to increase the sales of that particular product. So whichever topics or whichever domains or whichever departments are actually associated with the product need to be inculcating or incorporating with the product management team in order to have a better success for that particular product.
That will be accounting, finance or any department which is associated with the product. So we need to be getting feedback from all these departments on what the customer requirements, customer feedbacks, the accounting data, what is the amount of revenue which the product has tried to get in, what is the number of sales they have tried to get in. all those things so whichever department which is actually associated with product that is pre-production and also post-production so all those departments are trying to be inculcated or incorporated in product management so that they will be able to achieve maximum success for that particular product so that is what product management is all about let's move on to our next topic that is nothing but benefits of product management why do we need product management or how are we getting benefited out of product management you or what is the necessity of product management and what are the advantages which we are getting by implementing product management because in order to implement product management the company is actually getting expenses because they need to hire the people they need to pay the employees they need to manage the team and they need to be looking after a particular department right so it actually costs for the company and even then if the companies are actually spending on product management and implementing product management it simply means that the company is actually benefiting from product management in much larger way right so that is why they are actually following or implementing product management and that's exactly what we are going to be talking right now that is benefits of product management so in the benefits of product management the first thing which i have mentioned here is results in growth of the product and the firm so actually every product which is launched aims at being success in the market right in order to get more sales more revenue and bring in more profit So that is what product manager also tries while they are focusing on that particular product.
So they are trying to design or they are trying to implement the product in such a manner that that can be a hit in the market. Thereby get more number of sales, get attracted by the people and then thereby bring in more revenue to the company. Bringing more revenue to the company simply means that more profit for the company or the firm which is following product management, right?
So the company is actually benefited. or a company is actually benefiting out of product management through more sales, more revenue and more profit. That is the first point which I have mentioned here. The next point is that delivers customer needs. So the product is actually aiming at satisfying the customer's needs or addressing the problem which the customer is actually facing.
So identify the problem which they are facing and we are trying to provide a solution to them so that they can be adopting or they can be buying our product which satisfies or resolves their problem which they are facing. So, when we are actually able to solve those things, people will be satisfied by the product which we are offering to them. So, they will be happy, we will be able to provide happy customers.
That is one advantage of having product management. Then the third point is that, results in word of mouth marketing strategy through our happy customers. I have already mentioned that, by satisfying the customer needs and addressing their problems, we will be having a lot of number of happy and satisfied customers.
And these satisfied customers will be able to will be promoting our product or our brand to their relatives, friends and colleagues or neighbors. So whomever they know, they'll be talking about our product which they are actually used or they are actually using even now. So actually that is a word of mouth marketing strategy and it is one of the best marketing strategy which is available in any market. That is because you know it is having higher advantage over any people because the actual customers is actually talking about our product and we are not spending any money on that. and thereby we'll be also knowing that it is actually genuine review by the customers.
So people will be actually tend to buy more of our product and more people will be getting to know our product. So all these things happens by promoting happy customers and through them we'll be getting more customers by word of mouth marketing strategy. So that is also one advantage of having happy customers which is being provided with the help of product management.
The next thing is that increase your customer base. So when you're actually satisfying the customer needs, when you're addressing the problem, and we're actually getting more customers, even through word of mouth marketing strategy, right? So all these things helps you to build your customer base, increase your number of sales, increase the customers who are actually using your product. The more number of people will be knowing about your product and your company or the brand which you are actually working on or the brand which actually the product is manufacturing. All those things can be implemented by using product management and it helps you to increase your customer base significantly through product management.
And lastly we'll be able to seize the market, capture the market and become the market leader. in that particular product market segment. We will be able to capture the market completely in that particular segment. Our product will be standing out from the all the other competitors product. So we are having people will be using our product, they are happy by using our product, we are able to solve their problems or issues which they are facing.
By all these things, we will be able to stand out in the market and seize the market and also become the market leader in that particular category or in the particular segment which we are actually working on. These are the various benefits which we are getting out of by implementing product management in our organization. Moving on to the next topic, we are having product life cycle.
I've already mentioned that we have gone through certain life cycles in our childhood, right? We have learned about life cycles of certain animals like frogs and fish. And if you're comparing human being life cycle, you can see we are infants initially, and then we became teenagers, we became adults, and then we moved on to the old age. So these are the four phases which we are humans are going through or we are supposed to go through right? So similar to that we are having product life cycle in which products are supposed to be going through different phases in their lifetime So let's learn about what are the different phases each of the products are supposed to be going through.
In product life cycles There are actually four phases that is introduction phase, growth phase, maturity phase and finally coming on to decline phase So these are the four phases which each of the product are supposed to be going through. Coming to the first phase that is introduction phase. In introduction phase, the product is actually newly launched to the market. People are not familiarized with the product. It's completely a beginning phase for the product because they need to be capturing the market and people are not knowing about the product very familiarly and they need to be starting to know the product and you know we need to be spending more time on more effort and more money.
on that particular product so that people will be familiarized on this particular product. So we need to be having proper marketing and promotion strategies to be followed in order to make the people aware that there is a product like this which is provided by us which solves these and these problems. So that is what we should be doing in the initial phase that is introduction phase.
So here in order to get the promotions and marketing done in the right way, we need to be spending some amount of money for the marketing, promotion, advertisement, sales, and targeting a running campaign and all those things right so and this is the phase where very low number of sales are happening because of the same reason which i have already mentioned that is people are actually not knowing about the product people actually just started to familiarize the product and it is completely new to the market and you tell everyone which are there in the market and there are already other competitors who are actually building the market so since that this is the time when there is actually low number of sales coming and low number of revenue coming to the company and they are very low amount of profits. So these are the things which we are concerned about in the initial phase and it is supposed to be like that because the product is just being launched in the market. And right after this phase we will be moving on to the next phase that is growth phase.
This is the phase where we will be able to get more number of sales. In the initial phase which we discussed that is the introduction phase there will be no much demand for the product because people don't know the product. But while coming to the growth phase There will be high demand for the product or it should be like there should be high demand for the product because it has already been familiarized. They have already spent some time in the market in order to get the people familiarized and try out the product.
So this is the time when the demand goes high, the sales goes high, the revenue goes high and the company is able to get profit by selling the product. And thereby the customers are also happy by buying their product. They are willing to pay for the product and this is the time when you should be exploring new markets, moving. to new markets and extending your market values and extending or expansioning your market so that you will be able to have a higher reach to the people who are surrounded in the different locality and also these are the various things that can be happening in the growth phase you should be completely expanding and at the same time you're not only getting more revenue and more profit by selling the product in the growth phase at the same time you can reduce the expenses as well because we're already manufacturing in the good flow in the full swing you are able to manufacture it you are able to add assemble it you are able to ship it right so there is no much investment or resources which need to be put into the company on getting product made out right at the same time there needs to be less amount of money spent on the marketing and promotions for that particular product because the people are actually familiarized with the product and you don't need to be spending much on the marketing and sales at the same time you are able to bring in more revenue and more profit as the sales are getting increased and you are getting exposed to new markets and you're expanding your boundaries so that is what is happening in growth phase right after growth phase we are going to the maturity phase maturity phase is the place where you've actually acquired all your targeted customers.
All the targeted customers which you had in mind while launching the product are owning your product and they are your customers. And this is the time when the sales gradually starts reducing. If you are selling 100 units of items in a month, it starts declining slowly.
If you are able to sell 100 units in a month, it starts reducing to 90 to 80 to 70 and you know this is the time when you should be taking the necessary action. in order to continue the growth phase. Because if you're not continuing the growth phase, if you're landing into maturity where you are in a position where the sales are reducing and you're at the maximum peak or saturation point, this is the time where new products are launched in the market and they are trying to grab the market and they are trying to grab the position of the market leader. So this is the time for you to innovate something, add new features to your products and bring in more specifications which the customers would like to have in this particular product. So act efficiently and effectively in this maturity phase or else you know you will be landing up in a place where you have actually reached the saturation point and you have actually you have got maximum out of that product by selling that particular product to all your targeted audience or targeted customers.
So either you go forward with accompanying new features, new specification to your product which satisfies and which attracts the new customers or else this is the time for you to start thinking of launching your new product. The next phase is decline phase. This is the phase where you have actually lost the control of the market and this is the phase where you have actually extracted everything that you can get out of by selling this particular product.
And this is the time for you to focus completely on launching your new product and you need to be working on that. This is because by this time, you have actually exploited the market to the fullest. You have gained maximum profit, you have had maximum sales, you got the saturation point, you have all the customers who you targeted. be your customers, own your product and slightly you know there's no scope of expanding because all of them are actually your customers and you have actually utilized or made use of maximum opportunity of your product by selling it to your customers and this is the time where you should be focusing on launching your new product with better options, better variants or better models so that is all what we have in the product lifecycle that is the four phases which are reduction phase, growth phase, maturity phase and decline phase. So briefly describing about the four, introduction phase is the phase where you know the product is actually launched to the market, it's completely new to the market and people don't know regarding the product and you know people takes time to know the product and then it's the time when you are actually investing more on the product.
The next phase is growth phase where you are actually familiarized in the market, people know your product and people are actually having interest in buying your product and they are willing to pay for your product. They are also having high demand for your product. So and you're also trying to expand to new markets, new areas, new arenas as well.
So this is where you can bring in more revenues and your expense also reduces because you're already working on full swing and you need not spend much on your marketing and promotions. The next one is maturity where you know you have actually reached a saturation point, you've actually completely exploited the market and you have got all your targeted customers own your product. And then the decline phase where you know you need to be focusing on launching your new product.
which satisfy the customer's needs in the new scenario or under the present standards. So these are the four various phases in a product life cycle. Marketing Mix.
That is our next topic in this particular course. So what is marketing mix? And actually as the name suggests, it's actually a mix of several things.
What are the things which is being mixed in this marketing mix? Here we're actually talking about four P's. And let's move on to the next slide and understand what are the four P's in this marketing mix.
The four P's which I have mentioned in the marketing mix are Product, Place, Promotion and finally Price. Starting off with Product. What is product?
In this course, it's completely about product management right? So it is important to understand what a product is. As simple as that, anything and everything which satisfies customer needs can be called as product. Right, next comes Place.
Place talks about the accessibility. Are people having access to the products which we are offering? people are scattered in different locations right so are they able to reach out to us or to our product in order to avail our services through our product or are we in a position to deliver our products to all those people in various locations that is all about place next comes promotions talking about promotions are actually people knowing regarding this product are they actually aware of our product which offers these many features these many solutions for their problems so are they actually aware of it Marketing and promotion is completely based on increasing the reach, increasing the awareness so that people will be knowing about the product and they'll be buying it. That is all about promotion. And finally comes price.
Price actually plays a huge role because that is what determines whether the people are able to buy the product. Can they afford it? Will they be able to afford the product with our pricing strategy?
We should be making sure that the price should not go too high so that the people will not be able to buy it because it's not affordable for them. and it should not go very low because we should be making profit by selling those product. So we should be strategizing our pricing strategy in such a manner that we will be able to make profit at the same time the people who are needing the product will be able to buy it as they are affordable for them.
Now let's see on detail on all of these points that is product, place, promotion and price. Coming to product, as i said before product is something which tries to fulfill your customer needs. So, anything and everything which tries in fulfilling their needs or their requirements or the issues which they are facing can be called as a product. It can be any item or any object. Any item which comes into place in such situations can be called as a product.
And every product development team should be thinking in this perspective. In terms of customers, what are the issues they are facing? What are the problems they are facing?
What are the issues they are attending to? All those issues and all those problems which they are facing can be collected and people can be working on them in helping the customers out of that situation so that they can be working on creating a product which help them to overcome from that particular situations or make them a easy journey to overcome that particular situation so all those things or all those ideas can be implemented or put together by the product development team in order to achieve a great product which satisfy the customers needs or to the troubles which they are facing only then a product would be successful because it is actually helping them out so what are the issues or whichever issues they're facing if they are able to overcome that situation or that issue they'll be happy to own your product they'll be happy to pay you for the product which you are offering to them in order to get that situation avoided or in order to overcome that particular situations so that is how you should be developing a product for example can you imagine to walk on the road without shoes especially during 12 pm to 2 pm so Just for 10 minutes can you walk? You can imagine how hurtful it will be right?
You will be hurting your leg, you can even get burned and all those things can be happening. It is not a cool thing or a happy thing to do right? So that is why we are having shoes. It keeps us protected, it keeps our leg protected, it covers us from any of the objects which is lying on the road. It can be any nail or any insects or any of that sort right?
It can be even water. So it keeps our feet protected while you're walking. So that is why we need a shoes.
We need to keep our legs or we need to keep our food safe from all the other objects. That is why we are having shoes. So that is actually a problem which they focused on and they tried to eliminate that problem by providing a product that is shoes.
So that is simple as that. Now the next thing is simple to use. Each and every product which you are trying to create or which you are trying to give or offer to your customers should be simple to use. Only then people will be able to you know adapt to those situations and take up those products and make use of that product. So that is why I am saying it should be simple to use.
If you are actually offering the solution for that issue which you are addressing to and say your item or your product is very heavy. It cannot be transported. It is very complicated to operate. People will not be choosing your product right.
They will be looking for other products which are light in weight, which are easy to use, which does not have any complications to be applied. All those things right. So you need to be keeping it simple as possible so that people will be easily be able to use that product to the maximum. So that is also one thing that you should be keeping in mind while you are generating or while you are developing a product. The next point is that your product should be exceeding your customers expectations.
How can that be done? That can simply be done by providing great features in your product which the customers thinks that it is absolutely useful for them. For the amount of price which they are paying for you.
They should be knowing that you know it's actually worth buying this product it is actually worth spending this much amount for this particular product it is actually value for money this product is actually giving me value for money by buying this product and it is actually completely useful for me it is easy to use and it helps me to avoid certain certain situations so if you're trying to fulfill all these things you will be able to succeed in the product which you are developing That is how you should be developing your product. And by doing all these things, you will be able to create an emotional attachment to that particular person with the particular brand or with the particular product which you are actually offering to them. So they will be staying loyal to the firm, loyal to your product and they will be just using your product and will not be even thinking of moving to any other competitor's product. So if you are making them happy, they will be supporting you, they will be staying loyal to you and they will be actually making use of your products which you are actually offering them. That is how a product should actually be developed and you know thereby you will be able to help create a Successful product now coming to place.
Place here talks about the accessibility Are the customers having access to your products which you are offering or are you able to ship your items to your customers? Who are in different locations? So only then you will be able to make the sale right So only if you make the sales you will be able to get the revenue get the amount from them and thereby create or generate profit for your company by selling your product. So are you having access to the customers who are actually needing it? So what if you create a very special product, innovative product and you solve all the problems which the customers are facing with all the features that you're providing and it is not costing much also.
People are able to afford it and you are giving it a low price and you are able to you know somehow make profit by selling it at a low price. Even then customers are not able to buy it because because it is not accessible to them. If that is the case, you will not be able to generate profit, you will not be able to make a sale, you will not be able to bring in money to your company. So in order to develop that special product which satisfies all the requirements or all the issues they are facing in the minimal cost, in order to achieve that, you have spent a lot of amount on research, on development, on planning, on implementing the things, on manufacturing, on designing the aspects, on all of these.
you and your team has put in a lot of effort, time and also money. You have invested all these things to this particular product and then what if you're not able to make the sale because your product is not accessible to the customers. So that should not be the case right. So you should be it is very good that you are creating such a product but if you're creating but it is no longer accessible to people then it will be all going in vain. So you should be making sure that the product which you are delivering or you are creating for the customers are getting to the customers or the customers are having access to whatever you are producing you should be knowing where is the demand coming from in which locality are the high demands so you should be placing your products in such localities so that people will be able to access to your product and they will be able to buy and you will be able to make the sale and generate profit from them so that is how you should be planning your location next point is inventory management So after getting an order, what if you got the order placed for the sale and you are selling your product to the customers.
What if you get a bunch of orders and you're not able to deliver them because you're not having the stock. That is where you need to be managing your inventory. You need to be forecasting your demands.
What will be the demand for this particular month or this particular week. So based on your strategy which you are applying, you should be forecasting your demands and managing your inventory in such a manner. Whenever you're getting any demands from the customers. You should be in a position to deliver to them. You should be having all the stocks within your inventory so that you are able to meet the demands which the customers are actually having.
So you should be forecasting it rightly in the first place because over storing and over buying and over keeping can be a dead money. So you should be in ordering in such a quantity that you should be forecasting in the right way so that it just meets the customer needs so that so that you should not be overloading your inventory with a lot of product which is actually not required. So all those things comes into place in inventory management. And what if you are able to access and you are able to provide the inventory and you are able to store the items which the actual customers are actually requiring or demanding and even then you know you should be having a distribution channel in order to get those items delivered to their location. So if you are providing a washing machine, fridge or any electrical items or it doesn't be any product or devices which you're offering.
What if after making the payment and after ordering and even when you're having that inventory in within you You should be able to deliver it to their location wherever they are staying wherever they are located You should be having a well-maintained distribution channel so that you know people will be able to manage the logistics People will be able to you know transport items from one location to another location So all those things have to be managed so distribution channel should be working in an efficient manner So that all those demands and all those issues can be solved at that particular point of time itself so that maximum number of items can be shipped within less duration. So that the lead time after ordering your product can be minimized. As longer the lead time, the more that product is going to be staying within you and as long as the product is staying with you, you will not be able to make the transaction happening and you will not be able to bring in money. It is actually dead money if you're not actually able to get that shipment out to the customers on time. So only then you will be able to have an easy transaction and easy cash flow within your account so that you will be able to manage all such things.
At the same time, final point talks about digital platform. What is digital platform? In digital platform, we will be able to sell each and everything right.
E-commerce is there, Amazon, Flipkart and such, Myntra, Jabong, all those items and platforms are there right. So similar to that, you know, we'll be able to sell our product in digital platforms as well. But one thing which you need to be having there is the Supply Chain Management and Logistics.
After getting the order placed, you need to be delivering to that location within the estimated time period, right? So you should be making note on that. And one more thing which I would like to say in digital platform is that, Tesla is one company which sells car online, which is unlikely by any other car manufacturing companies.
They have limited number of car showrooms let it be in US or any other country. They only have a minimal amount of car showrooms where people will be able to come and see and then buy the product. Which is electric cars. So they are actually a team of people or a company which executes purchase and sales through digital platform.
Can you imagine how people are able to buy cars online? It's not a fashion store, it's not a cloth, it's not a digital product. It is a car which is being bought online. So that is the kind of opportunity which digital platforms are also offering us in this kind of scenario.
Coming to promotion. What is promotion? Promotion is actually nothing but sharing genuine information regarding the product.
In order to share genuine information regarding the product, the first thing that you should be doing is educating your marketing and sales team. So they are the person whom are directly involving with customers before actually buy the product right so if they are passing on the false information you will not be reaching the right audience so people who are actually buying their product getting to know the false information they are actually not the customers who are actually needing the product and if you sell it to them you will be getting bad remarks on that particular product and you will be having a problem saying that you know this is not what i should be getting or this is not what i was expecting from this particular product so you make sure that You are keeping your staffs in sales and marketing team updated regarding the product. What is the specification? What are the features which the product accompanies? And what is the problem with the product is actually trying to implement or solve?
And who are the targeted audiences? Who are they actually trying to deliver this product to? All those things should be updated to your team members in the sales and marketing team so that the promotion can be done in the right way possible. As I said before, promotion is to increase the reach.
Having higher reach means that having higher promotions to your product, right? But that is not actually important. It is not how much reach you are getting to the product. It is actually how much reach you are getting to the relevant customers who are actually thinking of buying the product, who are actually needing this particular product, who are actually facing the issues which this particular product is addressing to. So initially, you should be targeting those customers who are actually needing this particular product.
And you should be promoting or you should be increasing the reach of this particular product to the right customers. those categorized people who are actually needing it. So that is how you should be promoting it. And one of the most important marketing strategy for promotion or promoting your product is through user-generated content. What is user-generated content?
User-generated content is actually nothing but promotion to the customers who are actually using your product. When the actual users of the product are actually talking about the product, they'll be knowing or each of the viewers who are actually viewing this product will be knowing that This is a genuine product. We are getting feedbacks from the customers who are actually using it.
So these are the feedbacks or these are the thoughts about this product from the people who are actually using the product and actually this is their feedback. So people will be trusting them more and if the customers are actually happy with the service and happy with the features which you are providing in the product, people will be sharing good remarks on your product. And that is also one of the best marketing strategies as well. That is nothing but word of mouth marketing strategy there. People who are actually using the products or who are happy customers who are using the product will be talking about your products in a good manner to their neighbors, friends, relatives, cousins or colleagues or any other person who are actually needing this particular product.
So by word of mouth strategy also you will be able to promote your product freely without any cost and that is also one of the best strategy because you're not paying anything for them at the same time you're also getting genuine and relevant customers through genuine sharing of information by using your product. So that is how you should be promoting your product. Coming to the last feed that is Fries. Price actually plays a huge role in getting your product sold.
It affects your sale of the product in a huge manner. That is because the price at which you are selling the product should be actually affordable for the customers who are actually needing to buy it. They should be having that much amount in order to buy it and they should be in a position to spend that much amount on buying this product. So actually it should be affordable for them and the price in which you're actually selling the product should be affordable for the customers.
At the same time, you need not go down so low that you will not be able to bring back the amount of money you have invested in getting a product out. You should be getting a return on investment for the amount of money you have spent on producing the product. At the same time, you need not go very high which is not affordable for the customers to buy it. So you should be strategizing your pricing strategy in such a manner that you are getting return on investment and at the same time it is being affordable for the customers to actually buy it. So you should be covering all the costs of production.
The cost for raw materials, for cost for power supply, water supply, labors, machinery and after production what all are the costs associated. You need to pack it, you need to label it, you need to supply it, you need to have a logistics team, you need to have a supply chain management and in order to afford that, all those money, all those return on investment on all these things should be coming by selling your product. So you should be planning on how much should be the selling price of those particular product which you are selling in order to get the return on earned investment. You should also be knowing when will you attain break-even point and you should be doing your break-even analysis so that you will be knowing by what time you will be able to get back the money which you have actually invested.
So what is break-even point or what is break-even analysis? Say if you have spent one lakh rupees one lakh on investment in getting this product out and the selling price of the product is rupees one thousand. You need to be selling 100 such products with the selling price of Rs.1000 in order to get back that 1 lakh which you have actually invested.
This is a simple calculation which I have present before you so that you will be able to get an idea on what is the break-even point or break-even analysis. Apart from that, you know the other costs also come into picture. As time progresses, you need to pay the salary, you need to pay the rent, you need to pay for the supply charges, you need to pay for the power, you need to pay for the water bills and all those things, right?
So all those things are being added up as time progresses. So even then, when will you be able to get the amount of money which you actually invested? That is the point called breakeven point or breakeven analysis which helps you determine when will you be able to get the amount of money which you've actually invested in getting the product out.
Next comes freemium strategy. Freemium strategy is being followed by most of the digital platforms right now. Let it be Spotify, let it be YouTube, let it be Netflix, let it be Amazon prime.
Or all such platforms use the form of strategy called freemium strategy where people will be able to access the services which they are offering with their products for free. People should not be paying any penny for accessing this but this is actually for a limited time period. Maybe for 30 days, maybe for two weeks, maybe for one month. Depending upon their pricing strategy they'll be allowing you to access their contents for free for a limited time period and after that they will be charging you for it. If you need to get that services or you need to own that particular product, you need to be paying for that.
So this is also actually a pricing strategy which is put forward in the recent scenario. So that people will be actually be introduced to the product which they are actually offering for free. Because since it's free, people will be tending to use it. And after using it, if people like it, people will be willing to pay. That willingness to pay is what you are creating value to your product.
If people are willing to pay to your product, You can then know that your product creates value in their life. So you should be developing products in such a manner that they are actually willing to pay, they are actually happy to pay for your services or the products which you are giving. So if they are actually getting benefit out of the product and you know they are actually happy with those products, they will be happy to pay you. What is the problem in paying you if you are actually able to help them out. And when customers are happy to pay you or if they are willing to pay you, you can understand that they are happy with the product.
and they'll be able to continue your services which you're offering for them. The next one is competing with your competitors. The prices which you are putting on your product should be matching with your competitors. If you're putting the price way high from your competitors, no one will be buying it.
They'll be thinking, the customers will be thinking that when I am getting the same qualities, same features and same options available in a different product with low price. Why should I go for a brand or why should I go for a product which is offering the same exact things with a higher price? When I am able to achieve all those things in the same quality, same features, same strategies.
When all those things are available to me at a cheaper price, the customers will obviously be going forward to cheaper products. Because they are not compromising on the quality, they are not compromising on any features, they are not compromising on anything. So they will be going forward with a company who is offering them the product with a lower price.
So make sure that you are matching the price of the competitors and at the same time don't go very low beyond the competitor's price this is because people will be tending to think that your price has been gone down because it is of poor quality that is one thing that you should be keeping in mind if you are planning to reduce the price from the competitors or the market price so if it is going way too down people will be obviously thinking that the price is going down because That is the kind of quality which this company is offering in their particular product. So make sure that you match with the competitors, you match with the features which they are offering in that particular product. By assessing all those things, you should be pricing your particular product so that people will be happy to pay you for what you are offering. Product management strategy. What is product management strategy which we are talking about right now?
Why do we need a product management strategy? Actually, while launching a product, we will be having some expectations on the particular product, right? So we'll not be simply launching a product saying that these are the uses for that particular product.
So we'll be having a clear plan on that. What is to be done? How it should be implementing?
And how are the customers being benefited out of it? And you know whom are we actually targeting to sell the products? So we'll be having a clear clarity on the plan. And based on the plan we'll be working it out in order to launch the product and make the product a success.
So in all these things you'll be having a plan. So product management strategy is all about the plan which you have to implement in your product so that you will be having certain targets during each of the phases in their life cycle. So we already talked about life cycle and the phases which we are having in a product life cycle that is introduction, growth, maturity and decline. So in each of the phases according to product management strategy you will be having certain targets in each of these phases. So that is what product management is all about in brief.
And coming to the advantage of product management. There are three main advantages of having a product management strategy. Starting off with the first point that is clear clarity.
We'll be having clear clarity on the product and what is to be done on the particular product in achieving that final product which we actually desire to create. And all the employees in the team and all the team members will be having a clear clarity on that. And they'll be having a clear clarity on what is the contribution which the company is expecting out of them.
What are the tasks? What are their responsibilities and how should they be performing? All those things will be clearly mentioned to your employees by having a plan on the product. So they will be knowing what are their job roles, what is their responsibilities. All those things can be clearly conveyed to your employees so that they will be working in the right manner.
Especially when it comes to the sales and marketing team, they need to be informed very well on the particular product. Only then they will be able to perform according to that so that we will be having or we will be achieving a state where the product is actually a success. So make sure that there is no communication gap within the employee or within the team. So that is the first point that is clear clarity among the group members or team members. And the second point is prioritizing your roadmap.
You will be knowing what are the priorities you should be doing or you will be given several tasks at the same time point of time because there are several tasks or processes which you need to be going in your workplace right in order to develop a particular product. And product management strategy helps you to work on the plan, helps you prioritize which are the tasks which you should be doing first. Say for example, you are given five tasks, A, B, C, D and E. So these are the five tasks which are given to you. And this is the particular order.
First A, second B, third C, then D and then comes C. This is the order in which you are given the tasks. And all these tasks need to be done by you based on the priority. Maybe A, B, C can wait.
Maybe the high priority task is D. So in that particular case, you should be knowing which is the task. that should be done on priority.
So if you initially spend time on getting the task A, B and C done, the urgent product or the task on priority is being delayed. And without after completing the task D, you will not be able to make use of A, B and C. So you should be knowing which are the tasks that you are having on your table or on your plate which is of high priority. So you should be able to recognize the prioritized tasks and then work on them accordingly.
So that is how you will be able to implement a product and you will be able to come up with a product of success within an estimated amount of time. Because if you're not working on priority, you should be spending a lot of effort, time and again money on all those things because you are not working on the prioritized task. So make sure that you are working on the priority. You will be getting a lot of tasks which is up to you to handle and if you're not working on the priority, you will not be able to give a success at your workplace. So having a clear plan helps you to prioritize your tasks.
That is your second advantage of having product management strategy. And what is the third one? Third one is decision making skills.
We'll be able to have high decision making skills and ability if you're having a plan initially. We are already having a predefined plan, we are having an objective, we are having a goal and also we are having what are things to be done. And since we are having all those things in front of us, we will be able to take or we will be in a position to take informed decision.
With the information, we'll be able to take the right decision with the informed way. So that is how important it is to make a decision in any management company, right? So that is also one advantage of having a product management strategy where you'll be able to take an informed decision. For example, if you come across a place where you don't know where to go, you are in the middle of the road and you are confused whether you should take left or you should take right and the time is going, you don't have much time to decide upon also.
So what you should be doing is, you will be confused whether to go left and whether to go right and you will be talking to the people who are actually around you and you know finally coming up with the decision whether to take left or take right. How do you know whether that was the right decision? Having complete information on the task and priorities, you will be able to take the right decision. What if you actually didn't have to take left or right? What you had to do at that particular point of time is go straight, go forward.
If that was the right path, you will be knowing only that by having a plan in front of you. So these are the three main advantages of having product management strategy, which is nothing but having clear clarity, having prioritized roadmap, and also having decision-making skills or decision-making ability. I've already mentioned that product management strategy is all about planning for the success of the product. How can the people or the how can the right customers be benefiting out of the product? So that is all about product management strategy.
But there are different kinds of product which offers different solutions to the people right. So since different products are offering different solutions for example water bottle is a product, car is a product, shoes is a product. All these are products which offers different solutions or different applications for the users. So based on different domains you know we'll not be able to categorize or we'll not be able to strategize a product management strategy for each of the product. in a generalized manner.
So what we do is, here I have categorized the products based on the phases in which they are falling under in the product life cycle. That is, introduction phase, that is the initial phase and the growth phase and also coming to the mature phase. So every product will be going through each of these phases. These are the common facts or common thing which is being enabled in each of the product, irrespective of which domain or what solution the product is offering. So I'll be able to categorize the product management strategy based on these elements to all the product in a generalized manner.
So I am categorizing based on the phases in the product life cycle. So the three phases which I am talking here about are introduction phase or the initial phase, the growth phase and also the mature phase. Let's dive deeper into each of these phases or each of the strategies which we are applying for the product which are coming under each of these phases. Let's start off by looking at the products which are falling under the initial phase or the introduction phase.
In initial phase or introduction phase, the products are actually just launched the market. So even before launching a product, You should be doing thorough market research whether this product is actually having a need in the market. Are customers looking for this particular product?
Are customers facing any issues which the product is actually solving? So you need to be having a thorough market research whether this product is of high importance or high benefit for the customers who are needing it. That would be the first case which you should be doing for all the products that is considering or coming under the initial phase. That you should be having a thorough market research.
Then You know, in the introduction phase, you should be making sure that the people are coming to understand about the product. People are knowing regarding the product. What is the product actually offering to all those customers? So people should be having an awareness on the product and people should be knowing that, Hey, there is a product called this, which offers us these many solutions and this is having these many features.
So people should be actually knowing about the product in the introduction phase. That is also one thing which you need to be concentrating on. That is promotions or marketing on the product.
And while doing the promotion, We should be making sure that all the employees in the Sainson marketing team are aware of the features and aware of the solutions which the product is actually offering. So on all of these basis only you know people should be knowing the product. That is the first thing people are getting to know the product and if you're passing on false information of the product people will be actually not buying it and if people are buying the product getting to know the false information people will be not satisfied by using the product right.
Because their actual intention of buying the product was completely different. And sometimes the product will not be able to suffice the requirement which that customer was facing. So you should be making sure that all the product features are rightly mentioned and rightly conveyed to your customers especially during your initial phase, right after the product is launched in the market.
And finally, you should be having a thorough analysis on the sales of the product. How many products have been sold? And how long did it take to achieve the first milestone?
How many products are being sold in a daily basis? And which are the customers who are actually interested? Are they male?
Are they female? and which category are they belonging to and all these complete analysis should be done in the initial phase when the product is actually launched in the market. So these are the things or these are the strategies which you can follow for a product which is actually going through the introduction phase or the initial phase.
Now let's see regarding the product management strategies which we'll be able to implement to the products who are coming under the phase of growth that is the second phase in the product life cycle. Let's see. So initially, in order to reach the growth phase, we have to cover or we have to move from the introduction phase after that only we'll be able to move to the growth phase, right? So by completing the introduction phase, we'll be able to get some learnings from the market, how the product has been performing in the introduction phase, how many sales have we managed to get, and did it actually meet the target, which we actually had in our mind. So we'll be able to get all those learnings, how many sales did we get, how many customers did buy our product.
how many customers showed interest in buying our product and all those things we'll be able to calculate or we'll be able to analyze from the data in the introduction phase itself. So from the data which we got from the introduction phase, we'll be able to analyze and thereby we should be implementing all those learnings in this growth phase so that we'll be having more customer base. So in order to increase the customer base, we should be actually implementing what all went wrong.
So what are the differences which we can incorporate in the marketing strategy. or the sales strategy and if there is anything we should be incorporating it as soon as possible so that we'll be able to increase the customer base we'll be able to get more customers and thereby we'll be able to get more sales for the product and bring in more revenue and profit and make the product as success especially this can be implemented in the growth phase because the product is already familiarized in the market and people are knowing the product and people are willing to buy the product so you know we should be implementing all those changes which we should be accompanying in the growth phase so that we'll be able to make the product a success and after that we should be making sure that the customers who are actually buying the product are actually sticking on to the brand and sticking on to the product which they are actually using it. So they don't need to be buying the product for once and then moving on to a different product which is provided by a different brand right. So they should be sticking on to our product itself, they should be loyal.
So in order to make that we should make sure that they are coming back to our product itself. That is we need to be having higher customer retention. That is also one thing that we should be keeping in our mind in order to continue the growth phase. If people are not coming back to buy our product again after using our product, then the growth phase will be declining.
The number of sales which we are getting will be declining slowly and we will be moving sooner to the maturity phase. That should not be happening. So in order to achieve more growth phase or in order to continue the growth phase, we need to be having customer retention. So that is also one thing that you should be keeping in mind. And thereby in the growth phase, we'll also be able to be recognized in the social media platforms as well.
Our products will be flourishing in the social media platforms. people will be talking about our product, people will be sharing regarding our product and in the online market also we'll be able to sell our product. So e-commerce is there, social media marketing is there and through all those platforms also we'll be able to promote our product and people will be talking about our product even in social media. So thereby which gives even more boost to our product and more sales to our product and more promotion to our product.
Now let's talk on the strategies which we'll be able to apply to the products which are coming under the maturity phase. So here what you should be knowing is that you know product becomes a success only when the customer is being successful by buying the product. Can you get me?
That is the product becomes a success only by making your customer successful by buying your product. That is how you should be working on. That is how you should be approaching to sell the product. That is how you should be approaching in order to develop a product.
In order for that product to be a success, you should be making the customer successful by selling it to them. That is one thing that you should be keeping in mind while you're developing any product so that you will be able to make the product a success. And then you should be understanding the value of a customer.
We already know that the product is having value. The product is offering solutions to the problems which the customers are facing. And hence we'll be thinking that the valuable thing in our case would be the product. But that is not the case.
Customers are the one who are valuable more than the product. Because even if the products are valuable, it is not of actual value if it is not being sold to the customers. So we should be making sure that the customer are the sole person who are valuable here and only through them we will be able to make the product valuable and unless and until the product is making useful or product is able to solve the problems of the customers the product will not be valuable.
It is by the customers and it is through the customers how we will be able to make the product valuable. So in the first place we should be keeping the customers and we should be making them valuable to us so that we'll be able to make the product a success and make the product valuable. And the last point is, Happy customers brings in profit and brand name to the firm over the time.
It is as usual right, when happy customers are paid, they will be working for the company. They will be spreading news about the company and the product which they have been used. That is nothing but word of mouth.
I have already mentioned about the word of mouth marketing strategy which is one of the best marketing strategy. And happy customers will always be happy to provide user generated content and we will be able to market through UGC as well. I have already explained regarding UGC as well in the previous slides.
So you will be able to relate to whatever I have said before and whatever I have told right now. So happy customers are the key. Happy customers are the key for the success of any product. So make sure that you're making your customers happy so that they tend to come back to your product and we'll be having higher customer retention as well. And in the mature phase, we have already reached the maximum number of sales which we will be getting for a particular product and we have actually reached the saturation point and this is how or this is what maximum we can get out of the product from the market.
We have actually targeted or we have actually acquired all the customers which we have actually targeted for this particular product. And now this is the time for you to launch the new product. So that the momentum goes on to the new product and this is time for you to launch a new variant of the similar product. Because by mature phase when the product is actually starting to get in the mature phase, you should be creating or you should be thinking that hey this product has got us maximum which that particular product can do. And now is the time to launch a new product, introduce new variations to the existing product or you know bring up with a new product which will be actually useful for the customers.
And you should be working on or you should be planning and researching and developing your completely new product after completing or after getting into a mature phase. Now let's start talking about product design. How should you be designing a product and what are the things that you should be following in order to come up with the perfect design for your product. So the first thing regarding any product is that the product should be solving the problem or it should be addressing to the issues or the problems or any circumstances the customers are facing so that is what a product basically is right so the design also should be in such a manner that it makes it simple for them to use it so the first thing is that it should be solving the problem the design in which the product is being delivered to the customers should be addressing and solving the problem and then you when you come to applying the product or using the product should be easy for them it should be simple for them to use so that It will be actually helpful for them and at the same time they will be able to easily use that particular product. If it's heavy, if it's not portable, if it can't be transported from one location to another location and if it's complicated to use, people will not be using your product.
People will be tending to move to a different product where it will be much easier for them to use it. So, a lightweight product, a product which can be transported from one location to another location and you know depending upon different types of product, these many things will be varying. So the types of complexity the product is having, so in order to get the result done, how easily can be done?
Is it so complex? You know, will old age people will be able to use a product? All those things will be there.
All those people who are not technologically at once, so will they be able to easily adapt to the usage of the product? All those things are the concerns which you should be making sure while you design a product. Because when people are finding it difficult to use your product, they'll be tending to move to a different product where it will be easy for them to use, it will be simple to use and you know, they'll be able to handle the things in much more proper manner and that is one thing and then you should also be making sure that the product is having an aesthetical appearance so it should be pleasing when they look at the product and people should be happy by seeing the product and you know the design the dynamics the color coding then the color patterns and all those things should be in such a manner that it attracts the product and the customers are being driven in order to buy the product that is how you should be designing the product in such a manner that People should be happy to buy the product, they should be willing to pay you for the product and you know the design in which you are making should be elegant and should be aesthetically appearing and you know it should be simple to use and you know thereby following all those things people will be automatically tend or they will be driven to own the product and they will be willing to pay any much amount of price if you are following all these things. So these are the basic things which I would like to let you know when you are designing any product.
Now let's talk about product leadership. How can you become a leader in your product? How can you develop or how can you help develop a product in the right manner?
What are the leadership skills or abilities that you should be possessing or you should be following while you are developing any product so that the product will become a success in the market? Let's see regarding that. The first thing which I have put forward for you is building a strong team.
Team is the basic essential which you should be having in order to create a product because the product is an outcome of the team. The team is working together in order for the success of the product. They are designing, they are doing the research, they are marketing it, they are selling it, and they are helping in the production line, they are helping packaging it, they are distributing it.
All of them are coming under the team. So it is not just one person's effort which results in the product success. So you should be having a strong team who is capable of doing things, getting things done in the right manner, getting things done on the right time, and able to cooperate, and able to approach, I'm repeating, and who are approachable.
These are the various qualities which every team member in any team should be having. So make sure that while you are having a team for your product development, make sure that you are developing a great team for your production or your product which you are actually planning Next point is measuring performance. Measure performance or measure your performance each and every time possible.
After completing one stage and while moving on to the next level, next level, next level or next stage. You should be performing or you should be analyzing where you stand. How you are improving? How much cooperation are you getting?
And what is the feedback you are getting from other departments as well? So that you know after getting an evaluation done or self-evaluation. You should be able to analyze where you're standing right now.
And where you should be going. Are you in the right track? Are you in the right path?
Or are you diverting from the... actual goal or are you diverting to a different scenario and all those things can be analyzed only by measuring your performance and evaluating yourself and your team that is also one thing that you should be keeping in mind while you're developing any product and the third point is implementing new approaches we all know that products are already existing in the market your competitors are producing several products which are similar to our product and we're having a lot of competitions in the market right so it is always good or better for you to involve or inculcate new new approaches apart from the traditional approaches. All the people are using traditional approaches nowadays but it will be really helpful for you if you are thinking out of the box. Think in an unconventional manner so that how will you be able to incorporate new new changes, new new challenges and how you will be able to face them by incorporating new new methodologies and what are the new things that you will be able to inculcate to make the product access.
There is nothing as such you know you should be following a traditional path. You can be inculcating several methods. For example you can take e-commerce 10 to 15 years back you can't even think of buying any product online making payment online and without seeing the product without wearing in a t-shirt without trying it out on your body you know does it fit you and all those things you will be going to that particular shopping complex and then buying it from the particular store you'll not be even thinking of buying any product online but now that is not the case right most of us are now especially since it's corona and it's a pandemic you're not able to move out right so in most of the cases you're actually ordering and making use of the e-commerce platform That is how things are changing.
So it is always good and adaptable for you so that if you're trying to inculcate new new methods so that you will be able to find success and find any highlighting points so that you will be able to develop or innovate a new product. That is also one point which you will be able to implement. Then comes to sharing the right information.
Keeping everyone updated. What is the things which is going on in your team? What are the updates? What are the new information which are passed on? What are the feedback which you have got on the product?
What are the additional things which you're planning to implement to your product all those things can be inculcated and can be shared with your team so that they'll be having a clear clarity on what they must be doing what are the contributions which you guys are expecting out of each of the employees have a shared information share the right information and have it all clear to all of the employees and next comes aligning product management with the firm product management is actually a department which actually needs to be working parallelly with several other departments let it be r&d department production manufacturing production lines let it be packaging supply chain marketing sales accounting finance you know you should be inculcating with all those people from several departments so that you'll be getting feedback how much sales have you got how is the marketing going how are you getting the feedbacks so how the customer is happy by using your product other products reaching the customers right on time through the supply chain logistics you should be having knowledge on all these things so that you will be able to improve if there is any problem in one particular department if one particular department is saying that these are the issues which we face, you should be making sure that problem is resolved so that the product can be reaching to lot of people and product will be able to accessible by all the people in around the location. So that only by then you will be getting sales, only then people will be able to buy your product and all those things drives the product for the success. And these are all the categories which you should be following.
Because you know it is not that one department which inculcates in the product success. It is actually each and every department which is associated with product in any single manner. all those departments plays their pivotal role in leading the product to success.
Now let's talk about product innovation. How can you bring innovations to your product? Let's see on that.
We already know that while you're launching any product there might be already existing products similar to you produced by your competitors. You know your product is not just the product which is available to your customers. There'll be a lot of product in the market which the customers are being shown to.
and the participants are aware of. And out of these products, your product needs to be standing out. So how are you making that possible? How are you differentiating your product from all the other products which is already existing in the market which is being produced by your competitors?
So what are the methods or what are the strategies which you are inculcating? So you need to bring in your own innovation. And what is the novelty of your product? What are the extra features which your product is having when compared to other products?
So all these things actually add up to your product success. Your product should be innovative. Your product should be bringing in some novelty in the product. So if your product is just similar to other products, then why should the customer pick your particular product?
it should be standing out right so thereby it is a complete must so that you should be bringing in some innovations and novelty to your product so that customers will be coming to your product searching for your product waiting for your product and buying your product so that is how innovation plays a role and if you think there is no such competitors for you if you think yours is the only product which satisfy the customer needs then that itself is a novelty that itself is an innovation because you are the only one who is producing that product or you are the only one who is able to solve that particular problem which the customers are facing which none other company is able to do so and in such situations you are the only company and yours is the only product which is able to solve that particular situation or that particular problem so that itself is an innovation and novelty and people will be completely depending on you in order to get the problem solved so that is the novelty that is the innovation that you can bring in and then by bringing a novelty and innovation to your product You will be able to scale your business. You will be able to grow in your business. Whatever you are doing.
Let it be any sector or any domain or any category which you are belonging to. Let it be marketing. Let it be anything. You know, based on anything, if you are trying to inculcate innovation.
And if you are trying to bring in new new technologies and new new features to your product. Which your competitors are unable to do so. Then there lies your success.
There lies your winning point. If then you will be able to expand your customer base. You will be bringing more customers, more sales and more revenue and more profit.
So that is how you will be able to scale your business by inculcating or involving innovations and novelty to your product. To achieve that, you should be having a great team. You should be acquiring talented employees.
And if you're already a company which produces innovative products and novelty into your products, high quality people and high standard people will be trying to come into your company because it will be opportunity for them to learn more because it is already a company which provides high innovative products. which provides high novelty to your products and if they are actually able to help or they are actually able to come into your team and learn things from you they'll be happy to work for you they'll be determined they'll be actually dedicated for you working you and they'll be able to put extra effort on learning things and thereby you will be getting high talented and high skill people and by having a really good team you will be able to develop even more quality products that is how innovative products can scale your business and bring in more revenue for your company Now let's talk about product manager and his roles. So we know product management is something which we have to implement in order to get the product to success right.
So how is it being handled or who is the main person behind product management who takes care of all those things and the sole person who is behind product management that is the product manager. And what are his roles? How is he maintaining or how is he managing product management so that they will be able to drive the product to success. So we'll be knowing in detail on product manager and his roles.
Product manager he's actually considered as a CEO of the product. He's often called as the mini CEO. So that is the kind of power a product manager is having on that particular product. Since you're having the power on the particular product or particular position since you're the CEO of the product right.
So simply power doesn't come into picture. With power you're having responsibilities. With great power comes responsibilities.
You have heard about that in some movies. I don't remember exactly which movie I came to know about this. With great power comes great responsibilities.
So when you're having power in order to control the product, you are having a lot of responsibilities. You need to be driving the product to success and you are the sole person who is responsible for the product's success. Not just the success of the product.
If the product is actually an utter failure, you are also the person who is completely responsible for the failure of the product as well. So, with the power, you should be making sure that the product is being driven to success and not failure. And we can understand that by mentioning product manager as the sole person behind the success of a product cannot be just the product manager right.
It is not just one person who is completely maintaining or completely handling the product or developing the product and making the product a success. It is actually a team. A team of people or team of employees working for that particular product or associated with that particular product in order to make that product a success. But the product manager is actually the sole person who's controlling it, who's actually making decision, who chooses whether what to do at what particular point of time, analyzes things and implementing the things.
So he's actually the ultimate decision maker on that particular product. He takes a decision whether the product should be released in such a manner or in a completely different manner. How this approach should be, how the people should be working on, how are the processes and how are the strategies which you need to be focusing on in order to drive that product for success. So all those things are being controlled or are being decided. by a product manager.
That is he is the ultimate decision maker in the product management. And he also has to maintain the sync between several departments for the perfect functioning of the organization in that particular department so that they will be able to get out the best product that they will be able to make it out to the customers to the market so that we will be able to make the product a success. So he not only has to work for that product but also needs to make sure that the employees are working together as a team.
There may be times when you need to be inculcating people or employees from other departments as well. Since you're completely owning the product, you need to be taking it on all of such situations so that you will be able to drive the product because it's not just one department who's actually involved in the product development. It is completely on research, development, manufacturing, engineering and you know supplying, management and also even marketing and sales. So you need to be calculating and you need to be coordinating with all those people around.
And you are the sole person responsible for maintaining that several departments and maintaining the functioning of that particular department so that the product can be a success. So that is what a product manager is all about. Now coming to the roles of a product manager. He is actually the central point of communication.
I have already mentioned that we have to inculcate or we have to sync several departments in order to make a product and make it a success. So when we are actually inculcating with a lot of departments in the company in order to make the product a success, you need to be having perfect communication within each of the departments and each of the team members or employees in that particular department so that there is no communication gap. And this person that is the product manager central point of communication.
Every decision is being made by the product manager and in order to make a decision you need to be communicating with the different departments and he is the central point of contact or central point where people should be informing to or addressing to regarding any concerns any issues or any changes which is to be required in order to make a product success so he is the point of communication he is central point of communication and he also makes a study on the performance of that particular product if the product is actually launched to the market in the initial phase that is in the introduction phase which is the first phase of any product life cycle so in the initial phase the product manager actually needs to analyze how the product is performing study whether the people who are actually needing to buy the product is actually liking the product. Are all those issues being solved by this product which we are actually delivering them? We are actually promising all those customers that this product will help you solve all these things out. Right?
So are the product actually able to do that? Are the customers happy with the kind of response they are getting from the product? Or are we happy by the response the customers are giving on that particular product?
Is it happening? So, an analyzing should be done by the product manager. the product after the product is launched in the market. So you should see the number of sales, number of strategies he have used and which strategy has clicked in the market in order to get more number of sales and are the customers happy and what are the changes the customers are actually liking to have in that particular product so that it will be more convenient easy for them to use a product and make the product even more meaningful. So he should be analyzing all those things and he should be making a study on the particular product and how the product is performing so that he will be able to inculcate various changes in the upcoming variants of that particular product.
That is also one of the roles a product manager is supposed to be handling. He is the sole person who's actually defining the product management strategy. I have already mentioned regarding product management strategy, right?
So it's all about the planning for the success of the product. You are delivering a product, you are making a product and you are designing a product and delivering to your customer saying that these are the issues which we are going to be solving in that particular situation, right? So how can you be implementing that?
How can you drive the product to your success? So what are the strategies which you can be doing? All those complete planning is being made by product manager.
Not just alone, he can be talking to different people within the team. That's what I told by mentioning central point of communication. He needs to be communicating with the people who are actually in different departments so that he'll be able to get idea, he'll be able to get feedback from the customers and he'll also be able to get the feedback from the person who are actually directly being engaged to the customers who are actually using it.
So by getting all those things, the product manager sees What is the strategy that can be used in order to increase the sales? How can you convince the customers to buy the product? These are all the several factors that can be affecting the growth of the product and also the life of the product.
And how the product can make an impact in the market. All those things are being managed by product strategy right. How we plan it, how we plan implementing in order to make the product a success.
All those things are defined by a product manager. He also looks at managing the operations. What are all the operations which you need to incorporate in order to make a product. You need to be doing the research, you need to be managing it, you need to be producing it, that is you need to be manufacturing or production unit should be handled, you need to be handling the machinery, you need to be analyzing what are the requirements that is needed there and how is the operation handling and after the product is actually being manufactured and is it ready to be shipped and is it being shipped to the right location. And all the such operations which is involved in product in getting the product manufactured and also getting the product ready to your customers in their locations.
So all those operations which are being involved related to a product or associated to any manner which is at least one person related to the product. All those operations are to be controlled or are to be overviewed by a product manager. He also needs to look at the financing and budgeting.
You need to have raw materials, you need to have employees working for your company in order to get that product out. You need to be having power supply, water supply, electricity. You need to be having a warehouse facility. You need to be having warehouse facility, storing facility, making sure that the product is not being damaged while they are being manufactured or stored. All those situations or all those things are to be maintained.
So in order to attain that, you need to be investing on that, right? You need to be managing your finances. You need to be managing the money or amount which you are having with your department so that you are actually spending it in the right manner.
You are not overspending it. You are not spending it in the wrong area. You should be actually budgeting it.
How much amount can we be spending for employees for their payment? How much amount can be spent for the raw materials? In order to buy the raw materials, in order to get the raw materials and how much amount can be spent on the rent?
If you're owning the company or if you're owning that particular place it's okay. But all such situations or all those MOs all needs to be divided to complete different sectors so that the functioning of the company in order to produce that product will be in a smooth manner and it does not affect the company's performance in producing that particular product. And one of the main responsibilities, he needs to be maintaining a good relationship with each of the department he is working with. This is to ensure that the same kind of reciprocation are being attained for the people who are actually working with the different communities or different departments.
So we need to be making sure that each of the departments are correlating with each other and communicating with each other and have a good relationship with each other. Not only between the teams but also within the teams. So there are a lot of several departments which is working for the product right, for the success of the product. And in order to have that, we need to be making sure that the people with each of the team are happy.
They are happy doing their work. There is no internal politics. The communications just being happening to each of the employees are in the right manner.
And also, there is no division within departments and also between departments. The whole department should be considered as a whole because they are part of the company and conflicts between the departments, within the departments, all those things should be avoided by the product manager. He needs to make sure that none of such are happening in the company or within any departments. So these are the main roles of a product manager in order so that he can be driving the product to success and he can also be managing how a product can be made in the most effective and efficient way possible. Now let's talk about lean in manufacturing.
What is lean? Have you heard about lean especially in manufacturing area? So it's not the common lean which we actually use in day-to-day life of leaning to fetch something or grab something.
Lean here is considered as getting something out or getting an output with minimum input. That is you can compare to that mileage of a car. So when you talk about mileage it's nothing but how much kilometers or how long will the car run with one liter of fuel. So let it be petrol, diesel or any fuel. How long will the car go or how much distance will the car cover with one litre or fuel.
So that is what mileage is right. So you need to have maximum mileage that is the more you are able to cover with one litre of petrol that is what you need to have right. So lean is also something of that sort. Getting maximum out of something just by using minimum into it just by we'll be able to get maximum output through lean or by implementing lean with minimum input.
maybe expense or maybe a many effort, maybe time and all those things you know it depends on several other factors. If you're able to get maximum amount or maximum output on something just by giving minimum effort or time or money on it that can be classified as lean or lean methodology. And let's see how we'll be able to implement lean in manufacturing.
So as i've already said lean is actually nothing but getting maximum done with minimum expenses. It can never be expenses, it can't be confined to just expenses. It can be expenses, it can be time, it can be effort, it can be the stress. All those hardened rules which can be minimized. And with that minimized effort, we'll be able to get the maximum.
That's what lean is completely talking about. We'll be able to get maximum out of minimum or giving minimum. And here we are trying to eliminate the waste. We are trying to use the maximum with what we are having.
We are trying to utilize even every asset or each and every raw materials or each and every resources which we are having in order to get the output. So we'll not be wasting anything. we'll be taking use of maximum assets or maximum features which we are having.
So in one or the other way we'll be using all such things and we'll not be having any waste or we'll not be purchasing in higher amounts or we'll be managing somewhere that you know there is only minimum waste or minimal waste. So that is what we are actually concerned about in lean. And you know lean actually focuses on process time reduction. how much time does this take to process something so if there are five processes a b c d e uh no need five processes you know let's take four processes a b c d e so these are the four processes which you need to be doing so you are like a takes 10 minutes b take five minutes c take 10 minutes and d take also five minutes so 10 5 10 5 okay so you're like um a it's taking 10 minutes in order to complete one process and then only the items can be passed on to the B sector so that the P process can be done. So in each of these part when the product is actually moving on A, when the process is actually being taken place at the position A, it is actually taking 10 minutes for A to process that.
And that many time or that much time B, C, D are sitting idle. That is 5 minutes, 10 minutes and 5 minutes. So all of these three tasks are waiting for 10 minutes in order to get this item from A to B. So for the item to be reaching at D, 10 plus 5 plus 10. 25 minutes would be taking for the actual item to just reach D and in order to get that process done in D would be just 5 minutes. For that 5 minutes, it is actually taking 25 minutes.
It is a complete process or the complete machine is actually keeping idle or being in idle position for 25 minutes and it could have been done just within 5 minutes. So all these are delays coming in, right? So how can all those things be managed? How can things be managed at multiple times at the same time without affecting the workflow?
How can all those things be implemented? That is what we are going to be talking about lean. That is all completely on lean.
How we'll be able to get maximum out of minimum effort we will be able to put into. Let it be time, let it be effort, let it be stress, let it be money, let it be anything. So whenever we are able to get the maximum out of something, we can be classifying that as lean. And we'll be able to manage or we should be able to manage all these processes or all these tasks, all these things.
the minimum amount of time required and last time is lead time reduction so what is lead time reduction so if you are actually needing to order something let it be a product a or let it be a raw material a which you are actually requiring in order to fulfill the manufacturing process or any other process which you need to be doing in order to develop the product so in order for that to take place after ordering you will be having some time to get the product right so it's not like the moment you order if you order 10 a.m today that you need a product a and you need to be getting it so that you know you will be able to move forward with other tasks. So you will not be getting the product at that moment itself when you order. So it can break one day, it can take two days, it can take three days. Sometimes you know you will be able to get it in that particular day itself if that particular product is actually available in the name by location.
But not necessarily always right. But these are lead times. So in order to reduce the lead time you can forecast things earlier, you can place the order earlier, you can make sure that the things are made available at your location for those processes. you can make sure that all the items are being made available in your location so that the functioning of all those processes can be done uninterrupted.
So these are the ways or methods which can be followed in lean in manufacturing so that you will be minimizing the waste, eliminating the waste or you know you'll be able to save time and thereby able to increase the efficiency or increase the output. That is all what we are trying to inculcate by implementing lean in manufacturing. And coming to the methods, these are the various methods which I am going to be taking you to. in order where we'll be able to implement lean in our manufacturing processes. So that is nothing but POKOK, JIT that is just in time, Kaizen, Kanban, Six Sigma and Fivers.
I'm pretty sure that at least some of you have heard of some of the terms which I have been displaying in the screen. So let me take you through each of these methods which we'll be able to implement in our area so that we'll be able to implement lean manufacturing and we'll be able to get the maximum or we'll be able to utilize maximum with the minimum amount of stress, time, effort or money or anything of that sort. So that we'll be able to get the maximum efficiency, maximum output and we'll be able to utilize everything in the maximum possible.
So let's have a deeper dive into each of these methods. Pokeyoke. What is Pokeyoke?
Pokeyoke is actually nothing but mistake proofing or error prevention. It is a lean method where we'll be able to eliminate the errors which we are having. Mistake proofing.
So that you know, we will be able to identify what the mistakes are, what the errors are in an item. If you are manufacturing a product, let's say you are manufacturing a die or something and then you understood that you know there is an error or there is a defect in the manufacturing of that particular die in the first stage itself. And let's imagine that there are seven to eight stages which this particular item should be passing through so that the die will be completely made or processed or the complete product can be achieved. So in order to pass through that seven to eight stages the die should be having completely maintained and completely built in each of these processes, right?
So what if the die has actually undergone a defect in the first stage itself? And if you identify that thing in the first stage itself, you will be able to remove that particular item or else if you're not removing, this same item which is of defect will be moving to the second stage, third stage and so on to the last stage. And why is it happening?
Is it of any use? It is already having a defect in the first stage itself. And it can't be used or it can't be delivered to the customers because it is defective. So it should be removed. And if you are not removing it, you are spending time on it, you are spending your effort on it, you are spending money on it, and you are spending all your missionaries and time and equipment on all those on processing that particular item, which is actually of defect.
And there is no use for you to spend time on that. You could actually Eliminate that particular thing in the first day itself so that you could actually manage to get more time in order to get another product which is of high quality and high standard which is not having any defect. That is what I am talking about here in PokaYoke.
Mistake proofing or error prevention. Whenever you find out there is a defect in something, just remove that or eliminate that and identify that. In order to do that, you need to identify the error.
So identifying the error and eliminating that or making sure that the item is not being passed to the next stage of manufacturing or next stage of production. That is what all about Pookei Yoke in lean method. Next coming to JIT that is nothing but just in time.
Toyota is the first company which started using JIT that is just in time. What is just in time? Just in time is actually nothing but whenever you require an item, whenever for the producing one car you need to be having tire, you need to be having the doors, you need to be having the windshield wipers and all those things right. So you are actually assembling it in the plant. So when you need to do that you have to store all those things right.
So instead of storing all those items in your warehouse, you will be needing to spend on the storing. You need to have the area, you need to have power supply to there and you need to store it in such a manner that nothing is happening to those items. You need to have a security to make sure that no one is attacking your item or nothing is being spoiled out of it. And you need to have a janitor cleaning the area, making sure that there is no dust or there is no rust or anything on those particular products. All those additional expenses are coming if you are storing all those items, right?
What if you are able to get those items? just when you are needing it. That is what we are talking about in just in time.
So Toyota actually enable this thing in their manufacturing unit. When they actually require something, they make sure that the particular item arrive to their location just at that particular point of time. So that they don't need to be storing it, they don't need to be spending money on that, they don't need to be working on an area to store that particular item and all those amount and money and time and power and can all be saved by implementing just in time. So that you know for example if you need to have a tire, which you are not manufacturing, which Toyota is not manufacturing.
So for example, if you are needing tire, you can make necessary arrangements that daily you are manufacturing these many cars, daily if you are manufacturing thousand cars, that's just a number which I have taken. So if you're daily manufacturing thousand cars, you will be needing four thousand tires, right? So daily, you need or you have a requirement of four thousand tires. So if you are actually planning to store that four thousand tires for each day in the particular location, so in a month it will be 4000 into 30. So that is a huge number right? In order to have that many number of tires stored in you, this cost you lot right?
So instead of doing that, you can actually make a procedure or make a mechanism where you will be getting that 4000 tires for your requirement for the particular day on the time where you actually require it, when you actually require it. So that is what we are talking about just in time. So the things which you require are being delivered to you when you require. Not early, not late.
So that the functioning or the processor are happening smoothly. Next coming to Kaizen. What is Kaizen?
Kaizen means continuous improvement or change for better. We don't need to be following all the traditional methods which we are seeing in the market. So we can think out of the box.
We can implement a new ideology or new method and we can think out of the conventional way which the most of the people are following. So if you are able to implement things in a better way by not following the traditional method but by following a new method you can obviously do that and take care of doing that because you are able to get more out of it. You are able to get the output in the much efficient way possible without affecting the quality of that product. If you are able to do so, why don't you do that?
That is change for better or continuous improvement. That is what Kaizen talks about. Now coming to Kanban.
What is Kanban? Kanban is actually nothing but timely planning. You need to be planning in such a manner that no item is sitting idle or no machinery is sitting idle.
There is no buffer time. So if a product needs to be passing to different stages while production, so each and every equipment needs to be running all the time. There should not be any machinery which is sitting idle during the manufacturing process. So that is what we are trying to implement in Kanban. So we are not wasting time.
So if the process in that particular machinery is getting finished fast, you need to make sure that the other product is being filled there. So that you're not wasting any time. That is when a product is consumed, or when any item is consumed, you need to replace that immediately so that the running time is being carried on.
So that the running time is being carried on and the missionary or the production is actually continuously running and there is no halt, there is no delay and there is no gap. There is no buffer time in the working or the production process is happening. So that is what we are able to implement by using Kanban. That is what Kanban talks about in lean methodology.
Next coming to fibers. What is fibers? The what are the five S's which stands for fires.
The five S's are sort, set, shine, and change. standardize and sustain. I am repeating it for you. Sort, set, shine, standardize and sustain. Starting off with sort.
What is sort? You should be sorting everything in the order. What is your priority?
Which tasks are on priority? Which needs to be done first? And what are the things or what are the tasks which has some time to do it?
Or we are having some breathing gap or breathing space in order to get that particular item done. So you need to be identifying and you need to be prioritizing your tasks. That is sort.
Sort all the items or all the responsibilities or all the tasks or process which you're having on your table or on the platform or on the manufacturing processes. Let it be anything. You need to be sorting it so that you will be getting the right thing done at the right time. And there is no delay in getting other things done as well because that is not affecting any other things. So it is not making any other product or any other process delayed.
So that is what we'll be getting by sorting. And next set. What is set? We should be having a separate place for each and everything. Let it be for a process, let it be for any missionary.
We need to have things organized. We need to have specific or separate place for each and everything. For production, for processing, packaging, designing, or research development and all those things.
Even for the items which you are storing, we need to be having a particular location for all those things. We need to have everything running in an organized manner. That is what we are going to be setting or we are going to be telling on setting.
That is sort, set. Now third comes shine. What is shine? Shine is actually nothing but keeping your place shine, keeping your place neat and tidy, keeping your place in an organized manner so that you will be able to work the next day as well. There is no untidiness or the workspace is actually kept clean so that you will be having a mindset to work, you will be having a fresh mindset and you will not be distracted and there is everything is in organized manner and keeping your workplace neat and clean is also one of the most major important factor which helps you to get things going in the right manner.
You are already having things clean. There is nothing stopping you. There's nothing in between which affects your work or efficiency or performance.
And there's nothing which is distracting you, right? So you need to be keeping your workplace clean. That is what Shine talks about. And next one is standardized.
What is standardized? You can't produce one item of the same product in one way and the same item which is manufactured at a different time in different way. So each of the items which are being manufactured should be standardized.
It should be having a standardized dimension, should be having a standardized weight. It should be having a standardized color and you know the color gradients and all those things should be standardized for that particular product. I'm not talking about each and every product or different products. For that particular product whatever is being manufactured as that particular product should be having standardized.
So it should be matching with one another and it should not be differing from each other right. So that is what we are going to be telling on standardized. Now sustain.
You need to be following all those procedures and plans and tactics which have been told to you. What are the procedures? What are the things that you should be following?
All those things should be followed in your workplace in order to achieve maximum quality, maximum efficiency and maximum effectiveness to the project which you are working on. You will be able to do that in the most efficient way by doing all those things which are told to you. That is what is sustain. So what are the 5s?
Sort, Set, Shine, Standardize and also Sustain. So these are the 5s. Now coming to Six Sigma. What is Six Sigma? Six Sigma is also a lean methodology which is being done.
In order to identify and eliminate whatever the distractions are happening, what is the root cause of action for any defect to happen? So if there is any mishappening happening in your industry or in your workplace, you need to be identifying what causes the defect and where are the things going wrong and where needs to be changed? What are the things that needs to be changed and how should it be changed and what time should it be changed? So all these things. So identifying and eliminating the cause of defect.
That is what Six Sigma talks about. So these are the various lean methodologies which are being followed in the manufacturing industry and manufacturing area so that they will be able to get the maximum out by minimum effort time or money spent on it. So what are the different methods that is pokeok, JIT just in time, kaizen, kanba, fiers and six sigma.
Finally we have reached to the end of the course. So by now I hope you have understood what is product management and all the things which I have covered for you is not rocket science. It's just the basics which each and every one of you can be implementing in your workspace.
So I hope you understood and I hope you got the clarity on whatever I was explaining to you all this time. And what are the topics which we've already covered? Just let us revise on what are the topics which we have covered, okay? So starting with what is product management, right? We started off the course by explaining to you guys what is product management, how we'll be able to manage a product, how we'll be able to develop a product, and also how we'll be able to drive the product to success.
So what is product management? all these things are coming under product management next we move down to understanding what are the benefits of having product management or why should a company deploy or employ a team on product management in order to get the product to success so what are the benefits by product management we will be able to get high growth for the company by selling the product that is by growth of the product we will be having growth for the company through product and we will be having customer base we will be having Or we'll be meeting the demands of the customers, we'll be making them satisfied or they'll be happy to use our products and thereby or gradually we'll be able to tackle the market and we'll be able to become the market leader on the particular domain which we are working on. So those are the actual benefits of having product management. Then we went on and saw what is product life cycle. What are the actual phases in which the product will be going through in the entire lifetime of a particular product.
So those are nothing but. we are having four product phases in the product life cycle. There are introduction phase, growth phase, maturity phase and decline phase.
I hope you remember all those things and whatever I have told regarding each of the phases. And after understanding the product life cycle, we went on to understand what is a marketing mix. So marketing mix as it says, it is a mix of four P's. So what are the four P's which I have taught you by this time in this particular course.
Four P's are product, Place, promotion and price. And these are the four pieces which I have mentioned to you with the marketing mix. So how that will be able to help you grow the product, develop the product and also drive the product to success. That is product, place, promotion and price.
So after that we went on to understand what are the product management strategies. So I have already mentioned that we will not be able to get a generalized strategy for each of the product. the kind of domain which the product is belonging to or the kind of solution which is attending to or the audience or the customers which they are actually targeting are completely different so i try to explain that based on the phases the product are actually going through right and why do we need to have a product management strategy so why do we need a product strategy so that you know everyone will be having a clear clarity on what are the requirements what are the responsibilities and what are the tasks or what is being considered out of you by the company or by the team So, you will be having clear clarity on that and then you know as you are informed completely on the product, you will be able to take the right decisions. So, you will not be going and taking wrong decisions. This is because you are actually making decision well and informed.
You are informed decision, you are taking informed decision so that you will not be going wrong. So, that you know you will be taking the right decision and driving the product to success. And the third advantage of having product strategy is that you will be able to prioritize your tasks. You will be having several tasks to work on parallely, right. It's not just one task you're adding into in a day or in a week in your workplace.
So you'll be needing to add into several tasks, several processes and all those things. So when all those processes are coming to you, how will you be able to manage? How will you be able to meet all those things?
So in order to get things going, you need to prioritize all your tasks which you're having on your plate. What should be going out first? Which is the first task which I should be completing so that other works are not getting affected.
So by following product management strategy. You will be able to have a clear clarity on what is going on in the company. You will be able to take informed decision and also you will be able to prioritize your task which you are having on your plate.
Then we went on to understand product design. How should you design a product? What are the things that you should be keeping in mind so that people will tend to buy your product? What features are they looking at a particular product?
All those things we saw in product design. And then we moved on to understand product leadership. How can you have a leadership in product? How can you be a market leader? What are the things that you should be having within your company so that you can have a product that is of success in the market?
How can you be a product leader? All those things we discussed in product leadership and then we went on to understand product innovation. What is the innovation you are trying to bring in with your product into the market? Because you're already having competitors who was providing the same product right?
Who was addressing the customers to the same problem which they are facing. So in order to stand out from the competitors you need to be bringing in some novelty to your product. If you're not having any competitors, it itself say that it is completely novel there. It is completely innovative there because there's no other company which produces or addresses the customers to those problems which they are facing.
So that is how we talked on product innovation. Then we talked on the sole person who is responsible for managing product management. That is the CEO of the product or the mini CEO. Who is that?
The product manager. And we also saw what are his roles. So what are the responsibilities or tasks which he has to go through in order to make sure that the product is driven to success. So how is that made possible and what are the tasks and responsibilities.
And he is also the decision maker, ultimate decision maker on the product. And all those things, all those several factors on product manager we saw. in our second last topic which we covered and finally we came to our last topic in this particular course on product management that is lean in manufacturing so what is lean it's not simply leading and fetching or grabbing something lean is actually something which we would be able to make use of make maximum utilization of or get maximum output from minimal input or minimal resources spent on getting that so how will we be able to do that and one more thing which i would like to specify here is that Lean is something which can be implemented anytime. But usually, companies follow lean only when the company is actually going through crisis. When they are facing financial issues or financial instability or where they are trying to cut the expenses.
Only then companies tend to use lean. But let me tell you, lean need not be waiting till then. Lean can be implemented to any company as soon as possible so that you will be able to maximize your profit.
But most often, companies follow lean only when they are facing crisis or issues. So these are the various topics which we have covered in this particular course on product management and I hope you have had a great insightful session with me in this particular course. Thank you for joining me in this course and completing this course. I hope you have liked it and you will have a takeaway of great knowledge by understanding or learning this course. Thank you.
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