Customer Retention Strategy
Following are some of the important strategies that should be implemented for increasing customer retention: Changing Retention rates: There are two basic strategies for changing retention rates: Fixed response higher spending: Retention rates can be substantially increased by spending more on creating new business strategies or remolding existing strategies to increase retention rates. Fixed spending […]
Strategies of Brand Leaders
Building successful business and achieving as well as sustaining product leadership calls for a smart strategy combined with discipline to implement and achieve the plan. Understanding how the successful brand leaders have achieved the same helps management students to learn the ropes of the game. If you are hoping to make it as a business […]
Factors affecting Customer Satisfaction
Customer satisfaction is the overall impression of customer about the supplier and the products and services delivered by the supplier. Following are the important factors that could affect customer satisfaction: Departmentwise capability of the supplier. Technological and engineering or re-engineering aspects of products and services. Type and quality of response provided by the supplier. Supplier’s […]
Self-Checkout Apps: The Future of Retail
The business of retail has always been evolving with technology. Companies which have been at the helm of technology have dominated the retail sector. Consider the case of Wal-Mart which reached new heights in retail thanks to pioneering the RFID based inventory system. Similarly, Amazon has been using its technological advancement to give tough competition […]
Setting the Product and Branding Strategy
Marketing strategy of a company revolves around 4Ps – Product, Price, Place and Promotion. Companies devise a strategy by mixing the four. The most important among is the product. All the marketing push and promotion will go waste if the product is not able to deliver. To come out with winner product, companies have to […]
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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