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Product Marketing Planning Process – II

12 Oct

Please click  for Part I  for first part of this series

After doing a competitive analysis of your product v/s the products that you have in market as your competitor, comes next is to study the performance of your product over the span of three years period.

Performance History:

  1. Existing Customers

In order for you to do the performance analysis of your product, this is what you should keep in your mind:

  • Is the primary target market growing, stable, or declining?
  • Under which circumstances do customer purchase the product?
  • Are most customer new or repeat buyers?
  • Are the customer end users? If not, then what info is available about end users?
  • How sensitive customer been to past price changes?
  • Does the customer base consist the few large customers or many small buyers?
         2. The Product
The analysis about the product should not only have Quantitative variables but also should include qualitative variables too.
  • What does the name of product implies?
  • For each feature you should ask “So What”?
  • Mark your product on a scale of 1 to 7 (7 being the highest)
  • What is the unit-break-even sales for the product?
       3. The Sales ForceAs a product manager, you do not have much control over sales force, but still you should be aware of the problems and the issues which would help you in making your Marketing Plan better.
  • Are the target customers reached in most effective manner?
  • How effective has the product/Sales training has been?
  • How the sales team is being trained to make sure they communicate the benefit of the product to concerned customers?
   4. PricingThe ‘Right’ price covers the all cost, and is positioned correctly to give product a competitive value. It also takes in to account the customer perceptions. As a product manager you should look for answers to:
  • Have significant amount of business being lost due to pricing?
  • Are errors too frequent in making a price guess?
  • Is your company a price leader or a price follower?
 4. The Promotional CampaignsThe Promotional campaign should be the part of an integrated marketing plan, and communication efforts.
  • What current image of the product is being perceived by your customer?
  • Did the Advertisement strategy decided by you, was a success? If yes, they why, if no, then why not?
  • Is your company a price leader or a price follower?
Trend Dynamics:
An examination of trend and their dynamics relative to a product’s success is the final part of the background analysis. You should try and attempt to have answers to all these:
  • What technological trends you foresee?
  • What have been the Industry trends in:
    Product changes
    Pricing
    Distribution changes
    Merger etc.
  • What are the basic trends in the economy?

Whenever possible, prepare for the changes, rather than being forced to do so…

 

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Posted by on October 12, 2011 in Product Management

 

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