Product Management Process
In industrial companies, the product management process varies greatly. The size of the company, the organisational structure and the type of products play a significant role. For example, this function may not exist at all in certain companies, or it may be very firmly anchored organisationally in other companies, especially in the consumer goods industry. And it can also be significant in influencing the strategic direction of the company.
Identify gaps and fully define corporate strategy Especially in these increasingly dynamic times, companies should carefully examine whether the tasks for product management are sufficiently placed and actually carried out. Gaps can result in painful open flanks in corporate strategies. A functional product management can clearly position itself on the following issues, for example, and stimulate and prepare concepts for changes in the organisation:
- Products are not competitive – in terms of price, cost and/or technology.
- Which regions are not being adequately served and what specifically needs to be done so that the potential can be exploited profitably?
- Product technology allows business expansion into other application areas. However, market knowledge, strategy and customer access are lacking. What can be done?
- New technologies threaten competitiveness, positioning and market position, what to do now?
- Are there disruptive approaches from other suppliers – how could one act on them successfully?
- The product specification or design contains “features” that incur costs, but most customers do not want or pay for them. Is it worth the effort for performance adjustments?
- Products are developed past the market – a suitable change in processes should be encouraged. Is a suitable redesign worthwhile?
Further questions must be added after specific examination and then lead to a concrete catalogue of tasks as well as implementation and organisational adjustments.