Planning, forecasting, production and marketing of a product (or products) are all stages of the product lifecycle. Product lifecycle management integrates people, data, processes and business systems to this, it provides product information for companies and their extended supply chain.
New Product Development
While involved with the entire product lifecycle, the product management’s main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products — ones that deliver unique benefits and superior value to the customer — are the number one driver of success and product profitability.
Product Managers may be responsible for product development and/or product marketing, which are different (yet complementary) efforts, with the objective of maximising sales revenues, market share, and profit margins.
Product management regularly involves the harder decisions, what products to stop marketing or selling. Product elimination begins with identification of candidates for elimination, proceeds with the consideration of remedial actions, continues with a projection of the impact on the business as a whole if a candidate product is eventually eliminated, and concludes with the implementation stage, where management determines the elimination strategy for an item.
Business Analyst, Project Manager, Product Owner and more…
The product manager is often responsible for analysing market conditions and defining features or functions of a product. The role of product management spans many activities from strategic to tactical and varies based on the organisation’s size and structure. To maximise the impact and benefits to an organisation, product management should be an independent function separate on its own, where this is feasible.
Inventory Management and Logistics
Ensuring Timely, High Quality Delivery
You may choose to make your products widely available by distributing them through every imaginable channel there is, or you could cloak your products in an air of exclusivity and choose to sell them in a few select locations. Regardless of what your strategies are, a huge bulk of the business and marketing plan’s success is dependent on the way you manage your inventory and logistics.
Just how important is Inventory Management and Logistics to your organisation? Imagine having the demand for the product, but not being able to supply these needs. Not only does this mean lost sales, but this could also lead to a loss of trust and loyalty from the part of your customers. The exact opposite can also be risky, as having too much inventory available will not only be an issue of space, but an issue of wastage as well especially if your products are extinguishable. This is why every factor has to be considered in keeping track of the proper balance between supply and demand.
Finding the perfect manufacturer and distributor of the products you need could be challenging, but it definitely can be done. Each manufacturer and distributor has their own profile, giving you a general idea which of them could match your needs. Reviewing pricing, quality, delivery, and experience to the very minute detail is a must, as all these would not only affect your costing and timeline, this could affect your brand image and your final products as well.
Monitoring inventory is more than just making sure that you have products ready anytime your consumers need them. This also involves controlling your orders to make sure you do not have too much of the products, and not too little of it either. It involves balancing the costs and making sure they stay within the budget set for storage, insurance, and delivery, as well as having backup plans in case of shortage or overflow. The smallest mistake in managing your inventory can tilt your numbers almost instantaneously, as resources and money go to waste.
Yes, warehousing involves the process of storing products in facilities that have the right size and conditions. However, it also involves much more complicated things, such as the need to maintain health and safety within these storage units, as well as proper maintenance. It requires seamless processes for logistics, with guidelines on the entry and exit of products. This also means the readiness to dispose damaged and obsolete goods, as well as prevention of having too much of this.
Distribution / Logistics through Partnerships
Distribution of your products cannot be entrusted to just anybody. Remember that not only are your timelines at stake here, but the quality of your products while in transit as well. This is where the right decisions should be made at all times as you consider who to trust.
Business Process Reengineering
With all the wheels in motion, now is the perfect time to look at each and every facet of the process and find ways to improve productivity, quality, and speed. It is always essential to deliver nothing but the best results to your market, and being content with what you have now is never an option. Optimising each process even further, no matter how great things are going, is the ultimate path towards perfection.