PRODUCT MANAGEMENT

Assignment -1

1. Definition of Product Management.

2. Scope and challenges of Product Management in the current scenario.
3. Identify growth opportunities in this area.

Ans1: A product is the item offered for sale by the company. A product can be a
service or an item. It can be physical or in virtual or cyber form. A product needs to
be relevant to the users of the product.

A product can be both Tangible and Non Tangible.

Tangible:  Tangible product is a physical object that can be touch or either seen
such as a building, vehicle, or gadget.

Intangible: An intangible product is a product that can only be perceived indirectly

such as an insurance policy.

A product can be a Raw Material for an industry, but can be a finished product for
other one.

Product management is an organizational function that guides every step of a

product’s lifecycle it starts from development of the product like the development
of the basic idea of the product, to positioning the product to the target market and
audience, to the pricing of the product to be offered to the customers, by focusing
on the product and its customers first and foremost.

The company’s profitability depends on the product that is being offered to the
customers by the company , and the products acceptance depends upon the
features its use and the competitive advantage it has over the competitors, which is
the main work for the company . How the product will be advertised in the eyes of
the customers how the product will be look like to how the product will be produce
and the pricing all comes under the head of the product management.
Ans 2: The scope of product management aims at the satisfaction of the customer
or the buyer of the product. The scope of production management can be
considered from the point of view of both strategic decisions influencing the
production system and at the operation level.

The strategic management decision are mainly the decisions which are related to
design of the product and what is the production system involved during the
process.

By strategic decision as per the current situation there needs to be changes in the
product design and also a change in the production system as the need of current
scenario is the product that has a simplistic design and has a production process
which is highly hygienic and has minimum use of labour hands. As per the current
situation the scope of product that has power to increase the immunity and provide
protection from the virus is highly in demand. For e.g. Use of turmeric (haldi) in
food items or other items which helps in the immunity boosting of human. So as
per the current situation the scope of product management has shifted to the
products which are providing health benefits to the consumers. So the companies
have to design the products and there production systems or management in such a
way that the consumers get high health benefits from the product which is going to
consumed by the person.

Challenges of Production Management in current situation:

The challenges faced by the production management in current situation are

regarding the design and the packaging of the product. Due to current Covid-19
Pandemic the main issue is with packaging of the product as the virus can be
transmitted through plastic or other materials and if the packaging is not done
properly the product can degrade. For e.g. Bread has to be packed in plastic but if
the product is wrapped in other materials the product can be degraded and virus
transmission can occur if not washed properly. Also the demand for product which
is easily washable is high in demand.

Also the biggest challenge faced is consumer understandability or understanding

the perception of customer as now the customers have changed there priority to
goods which are high in nutrition value and has ingredients which are immunity
boosters. So in order to cater the market these changes has to be made by the
production management in order to cater the market and remain in the position as
earlier.

Also a new challenge can be faced in production management is the availability of

the labours to operate and work and also has to practice and follow all the norms
laid by the government for the production of goods and product.

Ans 3: There is a lot of scope in the production management growth opportunities

in the coming time.

As there is a lot of change in the consumer preferences and demand in the product
area which are related to health and healthy lifestyle. So companies can focus on
such product areas where there is a involvement in the health and fitness area. Also
products can be designed and packed in a way which are more environments
friendly and have more focus on the health of the consumers.

Also there is a scope of expansion in many other product categories in the market
from design to packaging and other aspects keeping in mind the customer.

Also the existing products can be redesigned in a way that can cater the need of
customers in current scenario with opting the technology.

Scope of Opportunities for the Production Mangers:

A product manager can also find certain growth opportunity areas in today’s
scenario as emphasis on the product development can be done by carefully
scanning the demand and needs of the people and designing the products as per
the needs and there demands.

Special training can be provided to make them understand the demands of

consumer and how to cater them effectively with less cost spending and more
returns to the company.