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Summary 2608 Product managment
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Full summary based on textbook and study guide for MNM2608 Product management. Study Unit 1- 9.7 (I passed with distinction)
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2608 Product Management-2016 Exam Preparation Notes and Summary. By: Dubst3phs
TOPIC 1: THE PRODUCT CONCEPT
Study Unit 1 The Product Concept
Cant and Van Heerden define marketing as—
“a combination of management tasks and decisions aimed at meeting opportunities and threats in a dynamic environment in
such a way that its market offering leads to the satisfaction of consumer needs and wants so that the objectives of the
enterprise, the consumer and society are achieved.”
The Marketing MIX= 7 P’s of Marketing
1. Product
2. Price
3. Promotion
4. Place
5. People
6. Processes
7. Physical Evidence
MANAGEMENT PLANNING, IMPLEMENTING & CONTROL IMPACT ON PRODUCT & PRODUCT
TASKS MANAGEMENT
Decisions All decisions surrounding the 7 P’s of marketing Primary decision is what product to produce. The company
must be able to make and sell it while making a profit.
Opportunities All things that count in the products favor. Identifying opportunities and taking advantage of them within
the market place.
Threats All things that count against the product. Which Finding new ways in which the product can be adapted in order
marketing must aim to overcome to create more to fullfil consumer needs. E.g. eco-friendly food.
opportunities
Dynamic environment Continually changing environment variables. Marketing Todays products wont be next years products. The
managers must act appropriately. environment, people and trends change.
Satisfaction of consumer Does the product offer what the consumers needs are? CORE of product management. If the product doesn’t meet the
consumers needs and satisfies them a company is sure to fail.
Consumer satisfaction must be at the heart of every product.
Market offering Place, price and marketing communication is involved No use having a product and no one knows about it.
here.
Attainment of objectives: There are 3 important objectives • Product must developed keeping in mind
Enterprise; • Maximization of profitability in the long profitability must be efficient.
Consumer Society term; • The product must fall within the capabilities of the
• Need satisfaction within the resources and firm. New tech helps here.
abilities of the enterprise; and • While profit is important you need to keep in mind
• Ensuring the well-being of society in the society at a large.
longer term.
Consumer Needs:
Maslows Hierarchy of Needs
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