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Changes Affecting Product Management (Group 4)

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Art-Jhen Tiston
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395 views22 pages

Changes Affecting Product Management (Group 4)

Uploaded by

Art-Jhen Tiston
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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GROUP 4

PRODUCT MANAGEMENT
CHANGES AFFECTING
PRODUCT MANAGEMENT:

1. THE WEB AND INTERNET 2. THE INCREASE EMPHASIS 3. INCREASE IMPORTANCE OF


ON BRANDS COSTUMER RETENTION PROGRAM
THE WEB
AND
INTERNET
MARKET REACH AND ACCESSIBILITY
The internet has vastly expanded the potential market
reach for products. With the web, products can be
accessed and marketed to a global audience, leading
product managers to consider diverse user needs and
preferences. This necessitates a more nuanced
understanding of different cultural, linguistic, and
regulatory contexts.
DATA – DRIVEN DECISION MAKING
The web facilitates the collection of vast
amounts of data on user behavior, preferences,
and interactions with products. Product managers
can leverage this data to gain insights into user
needs, identify trends, and make data-driven
decisions to optimize product features and user
experiences.
AGILE DEVELOPMENT AND
RAPID ITERATION
The web has enabled agile development methodologies
and rapid iteration cycles in product management.
Products can be developed, tested, and iterated upon
more quickly and efficiently, allowing product managers
to respond to user feedback and market changes in a
timely manner.
USER- CENTRIC DESIGN
The web has shifted the focus of product management
towards user-centric design principles. Product managers
increasingly prioritize user experience (UX) and user
interface (UI) design to create products that are intuitive,
easy to use, and tailored to user needs. This involves
conducting user research, usability testing, and
incorporating user feedback into the product development
process.
THE
INCREASE
EMPHASIS
ON BRANDS
THE INCREASE EMPHASIS ON
BRANDS

⮚Brand is the greatest assets of a company.

⮚Focus on Brand equity.


BRAND EQUITY
is the level of sway a brand name has in the minds of consumers,
and the value of having a brand that is identifiable and well thought
of. Organizations establish brand equity by creating positive
experiences that entice consumers to continue purchasing from
them over competitors who make similar products. Brand equity is
typically attained by generating awareness through campaigns that
speak to target-consumer values, delivering on promises and
qualifications when consumers use the product, and loyalty and
retention efforts. By offering consumers loyalty incentives such as
points that can be exchanged for discounts or a free product on
their birthday, they are more likely to continue to purchase from
your brand rather than move on to a competitor. Awareness and
experience are the two key tenets of brand equity.
FOUR ELEMENTS
OF BRAND EQUITY
BRAND AWARENESS
Can consumers easily identify your brand?
Messaging and imagery surrounding your brand
should be cohesive so consumers can always
identify it, even for a new product. What kinds of
values do consumers associate with the brand?
Perhaps they think of sustainability, quality, or
family-friendly qualities.
BRAND ATTRIBUTES
How have first-hand experiences with your brand
gone? This could mean that the product performed
the way it was supposed to, that encounters with
brand representatives and customer service teams
have been accommodating and helpful, and that
loyalty programs have been worthwhile.
PERCEIVED QUALITY
Elevating perceived value will enhance the customer
experience and increase sales. Perceived quality is when
customers judge product quality based on the overall
brand experience. The product itself might be good, but
if the customer did not have good past experiences with
the brand, they are less likely to react positively to the
product and the brand.
BRAND LOYALTY
Brand loyalty is made up of past and current
experiences with the brand, brand awareness, and
the brand’s attributes. Though brand loyalty is
mostly customer preference, building up these
other brand qualities will allow you to increase
your profit margins and gain more control over
your customer influence.
INCREASED
IMPORTANCE
OF RETENTION PROGRAM
INCREASED IMPORTANCE OF
CUSTOMER RETENTION PROGRAMS

⮚Company focus on the lifetime-value-of-a-


customer concept.

⮚Includes customer services and satisfaction


programs.
INCREASED IMPORTANCE OF CUSTOMER RETENTION PROGRAMS

Customer Retention - the ability to keep current customers as


repeat buyers, instead of them switching to a competitor.
Retaining customer indicates that the company’s product,
service, or brand is pleasing enough to the customer for them
to stay with the company. It takes a lot to earn customer
loyalty. And once you bring someone into your company the
last thing you want to do is to lose them.
FOUR EFFECTIVE
CUSTOMER RETENTION
STRATEGIES:
1. Retain customers with a smooth onboarding process. - First
impressions are everything.

2. Create a customer feedback loop. - One of the biggest keys to retaining


customers is to know how customers feel.

3. Keep your products and services top of mind. - You can't stop
marketing to someone just because they’re a customer.

4. Reward promoters and loyal customers. - If a customer doesn’t feel


appreciated, all it takes is one mistake or a “better opportunity” with a
competitor for them to churn.
DOCUMENTATIO
N:
THANKYOU
FOR
LISTENING

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