1.5 Product management

Introduction

Focus: Utilize SWOT analysis to improve product management

9.3.MK.8 Obtain, develop, maintain and improve a product or service mix in response to market opportunities.

MKT1.5 [1] Identify methods to create a new product or service ideas (eg. brainstorm, observations, conversations)

MKT1.5 [2] Develop a product mix

MKT1.5 [3] Explain the role of customer service in in product management

MKT1.5 [4] Identify external and internal factors that affect product management

A. Internal - strengths and weaknesses within the organization (e.g., human resources, finances, tech)

B. External - opportunities and threats

9.3.MK.10 Use marketing strategies and processes to determine and meet client needs and wants

MKT1.5 [5] Conduct SWOT analysis for use in the marketing planning process.

Introduction to Product Management

Product management is the process of overseeing the development, launch, and ongoing success of a product. Product managers work closely with a variety of stakeholders, including engineers, designers, marketing professionals, and sales teams, to ensure that the product meets the needs of the target market and achieves the company's business goals.

Product management is important because it helps to ensure that products are:

Customer-centric: Product managers work to understand the needs and wants of their target customers and to develop products that solve their problems or meet their desires.
Market-driven: Product managers keep track of industry trends and competitive offerings to ensure that their products are competitive and meet the changing needs of the market.
Profitable: Product managers work to develop products that generate revenue and contribute to the company's bottom line.

SWOT Analysis

SWOT analysis is a strategic planning tool that can be used to identify the strengths, weaknesses, opportunities, and threats facing a product. SWOT analysis can be used to inform product management decisions at all stages of the product life cycle.

For example, a SWOT analysis could be used to:

Identify the key features and benefits of a new product and how they compare to competing products.
Develop a marketing strategy to launch a new product and to reach its target market.
Identify ways to improve a product's performance or features.
Develop a plan to respond to new market opportunities or competitive threats.

Student Activity

Select a product that you think could be a surprise hit of the holiday season.

A few starter prompts to get you going:

- 1. Personalized gifts: With the rise of customization and personalization, unique and personalized gifts could be a big hit this holiday season. This could include items like custom-printed phone cases, mugs, t-shirts, or even personalized experiences like cooking classes or wine tastings.
  2. Experiences over things: People are increasingly valuing experiences over material possessions. This could lead to a surge in popularity of gifts like concert tickets, travel vouchers, or subscriptions to streaming services or online courses.
  3. Sustainable and eco-friendly products: Consumers are becoming more environmentally conscious, making sustainable and eco-friendly products a potential hit. This could include items like reusable water bottles, bamboo utensils, or plantable greeting cards.
  4. Tech gadgets with a twist: While tech gadgets are always popular during the holidays, those with a unique twist or added functionality could stand out. This could include smart speakers with voice control, wearable fitness trackers with health monitoring features, or virtual reality headsets for immersive gaming experiences.
  5. Nostalgia-inspired items: Nostalgia is a powerful emotion, and products that tap into it could be a surprise hit. This could include retro-themed toys, vintage-inspired clothing, or classic board games with a modern twist.

You can really pick anything you'd like. It can be something you're asking for, etc...

Bonus points to anyone who helps Mr. Cooper with his holiday shopping...

SWOT Analysis

Once you have selected a product, complete a SWOT analysis to identify the product's strengths, weaknesses, opportunities, and threats. This will help you to understand the product's competitive landscape and to develop a marketing strategy that leverages its strengths and addresses its weaknesses.

Develop a Black friday Ad

Develop a Black Friday promotion for your product. This could include a discount, a bundle offer, or a free gift with purchase. Students should consider their product's target market and the competitive landscape when developing their promotion.

Create a Canva Doc

Create a Canva Doc to present your product management process and Black Friday promotion. The Canva Doc should be visually appealing and informative. It should include the following sections:

- Product Overview: A brief description of the product, its target market, and its key features and benefits.
- SWOT Analysis: A summary of the product's strengths, weaknesses, opportunities, and threats.
- Black Friday Promotion: A detailed description of the Black Friday promotion, including the discount, bundle offer, or free gift.
- Marketing Strategy: A brief overview of the marketing strategy that will be used to promote the Black Friday promotion.

Students can use Canva's library of templates and design elements to create a visually appealing and informative Canva Doc. They can also add images, videos, and links to their Canva Doc to enhance their presentation.

Here are some additional tips for students:

Be creative with their product selection and Black Friday promotion.
Be clear and concise in their writing.
Use visuals to enhance their Canva Doc.
Proofread their work carefully before submitting it.

Rubric

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