Marketing Communications – Meaning and its Process
Marketing communications is essentially a part of the marketing mix. The marketing mix defines the 4Ps of marketing and Promotion is what marketing communications is all about. It is the message your organization is going to convey to your market. You need to be very particular about different messages you are going to convey through […]
Brand Name – Definition, Features and Considerations behind naming a Brand
Brand name is one of the brand elements which helps the customers to identify and differentiate one product from another. It should be chosen very carefully as it captures the key theme of a product in an efficient and economical manner. It can easily be noticed and its meaning can be stored and triggered in […]
Creating Integrated Marketing Communication Plan
Integrated marketing communication integrates all aspects of marketing mix to promote products and services among the end-users at the right time and right place. You need to promote your products well for maximum awareness among the end-users. According to integrated marketing communication plan, various methods of promoting a brand are put together for maximum effectiveness […]
SWOT Analysis of Microsoft
Introduction The recent announcement of the change of leadership at the helm of Microsoft has sparked speculation about possible strategic directional changes as well as kindled hopes that the pioneering company and its iconic founder who appeared to be floundering in recent years may well be getting their act together. The ensuing SWOT Analysis places […]
Product Positioning Process – Steps in Product Positioning
The process of creating an image of a product in the minds of the consumers is called as positioning. Positioning helps to create first impression of brands in the minds of target audience. In simpler words positioning helps in creating a perception of a product or service amongst the consumers. Example The brand “Bisleri” stands […]
Innovation is the name of the game as far as companies in the 21st century are concerned.
To compete effectively in the marketplace of this decade, companies need to either innovate or perish. Hence, innovation is the latest buzzword among the corporates.
The innovation cycle as applied to product management consists of three stages:
For effective innovation to work in favour of the company these three stages have to be managed well and this is where the product manager comes into the picture.
The product manager has to ensure that there is no breakages in the innovation value chain as represented by these three stages. Hence, the role of the product manager is to make sure that the entire chain is strong since any chain is as strong as its weakest link.
The linkages between the three stages of the innovation cycle are described here.
The idea conversion stage is also the phase where the ideas generated have to be vetted for their technical feasibility and whether the company has the resources and the bandwidth to take the ideas to the next stage and from there the product development phase.
The idea diffusion stage represents the end point of the idea stage and hence the product manager has to ensure that all these phases work together in one single unified link so as to minimize the friction between the various components in the chain.
Hence, this innovation value chain is to be managed by the product manager who has the responsibility in the overall sense of bringing the product to the incubation stage. Any company that is not able to manage the innovation value chain should consider setting up a product management team or hiring a product manager to manage this innovation value chain.
The point here is the innovation value chain must be strengthened and a cohesive and coherent value proposition has to be evolved. For this, the product manager is required to take overall control of the product management function a subset of which is the task of managing the innovation value chain.
In conclusion, the weaknesses in the innovation value chain must be eliminated by careful and thoughtful application of the management principles and this is where the product manager with his or her expertise in the process can help companies innovate better, faster and emerge stronger.
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