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Sunday, March 10, 2013

What is a product manager?
A product manager runs with a product from the beginning to the end. He will discover the product that is valuable to the company and will sell to their target market.
His ultimate goal is to help with the processes and structure of a new product to make sure that it will be a success and that the company makes a profit from the endeavour.

So what steps should a product manager consider when creating a product:

The Target Market
When creating this product you have to design it specifically for its target market. The design and what it delivers should satisfy the needs of the consumers as well as the cost of the product.

Research the competition
Do In-Depth research of your competitors product and improve eon what they are lacking. The main idea is to deliver a better product than your client to convince potential buyers that your product is the better buy.

Will your product satisfy the needs of your target market?
Each product should be made specifically to fulfil the needs of your target market. If your target market focuses on young teens that are technically inclined you should create technological products to satisfy their craving for technology.

Licensing and product price
Next you should determine the income range of your target market and whether the majority of them will be able to afford the product. You’ll also need to fill in any legal documents and patenting to distribute and claim copyright on the product.

Marketing should be your next step; hopefully you have a team of marketers to back you up.  Depending on the target market you’ll have to determine how to run your marketing campaign. Running a social media campaign for senior citizens won’t exactly work out, where for younger people it would be successful if executed properly.

Delivery and Sales
The last step should be who will be doing the delivery, which companies have sales rights and when should the product be released to gain the full potential of your marketing campaign.

Some final insights:
You should be able to adapt to new changes in your industry. If a global recession or other major events happen you should be able to adapt your product to the current standards (especially in your target market). Being able to predict users experience with your product as well as how world problems or major events influence your product sales is a great skill to learn.

If it wasn’t for my productmanagement courses and a few tips from my friends I wouldn’t be where I am today. Thanks all, I hope you enjoyed my tips!

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