Summary
Summary 2608 Product managment
- Institution
- University Of South Africa (Unisa)
Full summary based on textbook and study guide for MNM2608 Product management. Study Unit 1- 9.7 (I passed with distinction)
[Show more]
1 review
By: arnolduslaubscher • 6 year ago
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Dubst3ph. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R70,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now