COURSE MODULE
MODULE 1- WEEK 1
Medina Foundation College
Jasmine Street, Poblacion, SapangDalaga, Misamis
Occidental, Philippines 7212
mfc_1984@yahoo.com
College Department
MM5 (PRODUCT MANAGEMENT)
Semester of A.Y. 2021-2022
Intended Learning Outcomes
At the end of this module, the students should be able to:
1. Determine the importance of new product development.
2. Identify the role of product innovation in this new generation.
Introduction
Product management is a process that focuses on bringing new product to market or developing an
existing one. It starts with an idea of a product that a customer will interact with and ends with the
evaluation of the product’s success.
Ref:
https://search.yahoo.com/search;_ylt=Awr9DuVIkRtho4oABoZXNyoA;_ylc=X1MDMjc2NjY3OQRfcgMyBGZyA21jYWZlZQRmcjIDc2EtZ3Atc2VhcmNoB
GdwcmlkA0NObm1QUnRMVHJDUHNuVmZfdUxnZ0EEbl9yc2x0AzAEbl9zdWdnAzYEb3JpZ2luA3NlYXJjaC55YWhvby5jb20EcG9zAzYEcHFzdHIDbmV3IH
Byb2R1Y3QgbWFuYWdlbWVudCAEcHFzdHJsAzIzBHFzdHJsAzMzBHF1ZXJ5A25ldyUyMHByb2R1Y3QlMjBtYW5hZ2VtZW50JTIwZGVmaW5pdGlvbgR0X
3N0bXADMTYyOTIwMDM1NgR1c2VfY2FzZQM-?p=new+product+management+definition&fr2=sa-gp-
Discussion
Product Manangement in the Course of BSBA Marketing Management
I. The strategic elements of Product Management
1.1 Setting
Mention new product and people think about technology- iPods, iPhone, YouTube, Virtual Realities, Fiber
Optics, and the like. But new products are far simpler-low-carb colas, new movies, new singing stars, fast foods,
and new flavors of frozen yogurt. New product runs the gamut from the cutting edge of technology to the latest
version of ballpoint pen. New products can be destined for the consumer market, the business to business market
or both.
You have chosen to study how new products are developed and managed, so it would be nice to say they come
from an orderly process, managed by experienced person well versed in product innovation.
1.2 The importance of new products
New products are New Business. Over a hundred billion dollars are spent yearly on the technical
development phase alone. Untold thousands of new products are marketed every year, perhaps millions if we call
each new website as a new product.
Hundred thousands of people make their living producing and marketing new products. Many managers realize
that radical innovation is critical to future growth and even survival of the firm.
Here, we are defining radical innovation as innovation that displaces or makes obsolete current products and
creates totally new product categories.
The industrial research institute identified “accelerating innovation” and “business growth through innovation” as
top challenges faced by technology leaders, and well known business writer Gary Hamel has described the
creation of radical innovation as “ the most important business issue of our time”
1.3 Globalization and New product development
Like all aspects of modern business, product development has more become challenging due to increase
globalization. To a greater extent than ever before, firms are seeing new product development as a global process
in order to take advantage of worldwide opportunities and increase their efficiency and effectiveness of
innovation.
1.4 How Product Development Is Different
PRODUCT MANAGEMENT
ESSAY (In your own words)
COURSE MODULE 1.
What is new product and what leads to success?
MODULE 1- WEEK 1
2.
Does the field of new products offer careers?
It is likely that this course is located in your university’s business school, within the marketing
3.
In department.
service industry,Or itwhat
mayis the
be importance
part of yourof engineering
new product?training, or part of a specialize program in technology
4.
Briefly explainmanagement.
innovation Figure A theIn basic
any newcase,products
this is aprocess.
good time to note an underlying principle of product development:
The 5.importance
It’s of technology
about teamwork. The new in introducing
product team new ideally
productisincross-functional,
market. comprising personnel from marketing,
R&D, engineering, manufacturing, production, design, and other functional areas as well. Unlike other courses
Answers: you may be taking, we spend much time in this text on how you interact with people from other fields of study:
discussing how team members work together, bow they can improve communication, what they need to achieve
1. For product
when managers,
working nothing
together,isand
more so important
on. than the new product. It doesn't matter how big your
company has become or how much money you make, if you can’t bring in new products on a regular basis
1.5 The
like clockwork, strategic
then all elements
of this is for naught. Ifof yourproduct
companydevelopment
is not releasing something on the market
every year with the quality
Strategic
andelements
timing that provide
peopleaare framework
expecting, tothen
guide
you're
management
headed forthrough
disaster.
product
New development and help
products arethem
whatfocus
leadsontowhat is most
success for anyimportant.
business,Topbut product
only if it'sdevelopment
done right. consultants, like Robert Cooper of the product
development institute, recommend a framework of this type to firms of all sizes to help guide product
2. Whetherdevelopment.
you want to workA keyinpoint here is thatbusiness,
the electronics all three theof the
toystrategic
business,elements
the homemust be in place,
decorating and each is coordinated
company,
with, and supports, all the others. The three elements are a new product
or any other industry out there, by now everyone is starting to realize that it's all about innovation. process, a product innovation charter,
and a well-managed product portfolio.
Everyone wants to try something new and see what might be next. The field of new products opens up
many opportunities
The new for anyone
product who hasisan
process- theentrepreneurial
procedure that spirit. Does
takes the it pay
new well?idea
product Thatthrough
dependsconcept
on yourevaluation, product
development,
goals and what launch,
type of career and postlaunch.
you're hoping for.
Product innovation charter- is essentially a strategy for new products. It ensures that the new product team
develops
3. New product products
is a big thatbusinesses.
deal for are in line When
with the firm objective
it comes and strategies
to the service industry,and taht address
newer productsmarketplace
are opportunities.
Product
always better. One of portfolio
the mainmanagement-
reasons that new helps the firm
product assess which
is important for new products
businesses in strategic
all sectorsobjectives.
is that it’s
a way to branch out and create an innovative identity for your business. But, even more importantly, new
1.6 companies
products allow The Basic Newcustomer
to meet Products needsProcess
in ways they wouldn’t have been able to before with
Figure 1.5 shows a simple new products process describe in terms of phases and tasks. Research has
older products.
shown that about 70 percent of firms use some kind of formal, cross-functional phased new product process, and
aboutto47
4. When trying percent
figure use clearly
out how to createdefined
a newevaluation
product, many criteria after owners,
business each phase. At least 40and
entrepreneurs percent of firms assign a
process manager whose job it is to manage the phase new products process. The phase new product process is
executives certainly
tend to make the mistakeamong
well established of jumping
firmsstraight
involved into
in the
newdesign
productand development.
development. TheThis
goalapproach
of a new products process
usually leads tomanage
is to a costly down
disaster
theand unnecessary
amount of risk anddelay in production!
uncertainty as one The bestfrom
passes wayidea
to avoid such an
generation to launch.
unpleasantFIGURE
experience A is by following your customer's needs during the brief period of time before
development begins. As you'll soon find out, this can be done with Figure A! Figure A illustrates three steps
in determining demand for your product.
5. To maximize your company's profitability, you need to stay on top of the latest trends in the industry.
There are various sources of information available these days, but it can be difficult to know which ones
are credible enough to trust. This article will help point you in the right direction with some great examples
of websites, blogs, and forums that provide insightful commentary on trends in your industry. You might
be wondering why in the world you would need to know about new technology when it’s coming to
market. For one, you might be an entrepreneur who needs to know the ins and outs of the newest devices
in order to stay competitive with your company. Another reason is that if you are not up-to-date on
technological advances, then out of touch with society (which is becoming less and less possible).
Activity
PRODUCT MANAGEMENT
COURSE MODULE
MODULE 1- WEEK 1
Identification.
1. Who is the business writer identified the research institute as accelerating innovation and business growth
through innovation as top challenges faced by technology leaders.
PRODUCT MANAGEMENT
COURSE MODULE
MODULE 1- WEEK 1
ANSWER: Gary Hamel
2. New products are considered what? ANSWER: New Business
3. Many managers realize this as critical to future growth and even the survival of the firm. ANSWER:
Radical Innovation
4. It ensures that the new product team develops products that are in line with firm objectives and strategies
and that address marketplace opportunities. ANSWER: Product Innovation Charter
5. What aspect has more become challenging due to the increase of globalization? ANSWER: Product
Development
RESOURCES: C. Merle Crawford / C. Anthony Di Benedetto (New Products Managemnt)
INSTRUCTOR CONTACT DETAILS:
Name of Instructor: CZAREEN LUI A. FRANCO, MBA
Mobile Number: 09261964460
Email Address: czareenluimba95@yahoo.com
PRODUCT MANAGEMENT
COURSE MODULE
MODULE 1- WEEK 1
PRODUCT MANAGEMENT
