Main objective of any business is to achieve its pre-defined goals, to provide services and to earn profit. To achieve goals, business needs strong resources that can allow them to maximize its potential, generate more revenue and reach as many consumers as possible. Apart from strong resources marketing strategy is also essential component for the success of any business.
Most important thing for a Company or organization is to understand the need of customer and develop those products that fulfill the need of customers. If a company is developing a product that has no market demand and value, then development of these types of products is just a waste of time and money because if the product has no market demand and value, then nobody will be there to purchase your product in the market. Next important thing is customer satisfaction; if customers are satisfied by using your products then, they will use your products again and also suggest your product to their friends and relatives. Satisfied customers help to increase sales of your business.
Products describe the standard of company. For any business or organization developing a product is an easy task, but the crucial part is product management and product marketing. Once the product has been developed it becomes more necessary to manage and market it. Sales can only be increased through appropriate product marketing and management.
Product marketing is a process of introducing new product to new prospect consumers. It includes planning, organizing and coordinating products, determining product price, deciding methods of promotion such television, news paper, internet and more, packaging to make product attractive and safe along with product positioning. At the time of Product marketing, you can give all information about the product such as utility of the product, its price and quality. The main goal of product marketing is to make aware people about the product, and to present product in such a way that it attracts the people and forces him/her to purchase your product when it has been launched in the market.
Product management can be referred as a process and activities involved in managing a product after it has been developed. Reputation of any company may rise up or fall down on the basis of product quality that company offers and to maintain the quality of products effective product management is required. Effective management of products will help to build a brand image and raise standards of company while bad management of those products may lead to fall a company in all those means.
Product management and product marketing are fairly different process and also the responsibilities of product manager and product marketer are different from each other. Based on the results of product marketing the task of product management is accomplished.
Need Of Product Management And Marketing For Constant Growth