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PRODUCT MANAGEMENT - Coggle Diagram
PRODUCT MANAGEMENT
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Components of PM
- Selection of product and design
- Selection of product process
- Selecting the right production capacity
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- Maintenance and replacement of machines
Roles of PM
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Market-driven PM
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Identify market problems, quantifies the opportunity to make sure it's big enough to generate profit, and articulates the problem to the rest of the organisation
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What is the sensemaking outcome for the PM practice? Why has organisational members understood product management this way? (i.e. how do people in the organisation perceive PM roles and why they are perceiving it this way?)
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HISTORY
P&G
PM has absolute responsibility of a brand, including tracking sales, managing a product, ads & promotions via field testing and client interactions
HP
PM must put decisions as close as possible to the customers. PM is "the voice of consumer internally"
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HP introduced the division structure where each product group becomes a self-sustaining organization to develop, manufacture, and market its own products
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Benefits of having PM
Low risk, repeatable, market-driven products and services
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