Question

Discuss the changes that are effecting the product management

Answer 1

product managers face many challenges in adapting to the changes in marketing environment.

Some of them are :-

WEB :- Since its evolution it has changed the way we market. It is a new channel of distribution,communication medium and a new way of creating a community around a brand. It is also a part of brand building and helps in customer acquisition and retention.Data explosion :- For the consumer packaged-goods companies,this means better and more timely information on market shares,sales,distribution due to proliferation of scanners in supermarkets. Almost all products being sold are tracked. Data mining is the tool used mostly to plumb the depths of transaction and traffic data in order to better place ads and make unique offers to site visitors.Increased emphasis on brands:- One of the greatest assets a company has is its set of brands and the image and confidence customers have in them. Brand equity [1] is not just a descriptive label but is a product attribute that require consistent investment for maintenance and enhancement.Changes in the balance of market power :- Balance of power in these days have shifted from manufacturer to retailer due to improvements in technology. Even among manufacturer with a big brand name, that retailers must be treated as a key customer and that is as important to be close to them as they are close to the end customer.