The product management process includes research, strategy planning, development, pricing, distribution, sales, and promotion. Successful projects are a result of joint efforts of a whole company, and the product manager plays an important role in defining the strategy.
At KHIMIK, product promotion is a major part of work. The product management process consists of a number of steps, where the key step is to determine and strictly follow a strategy throughout a product’s lifecycle.
Basic product management steps
Product strategy planning is the first phase and is based on market research and analysis. Market research includes processing customer and competitor information. It uses quantitative and qualitative market research, A/B testing, competitive environment analysis, focus group, etc. Information is obtained from various sources such as relevant information portals, industry and business media, major analysis agencies and partners, social media, audience and influencer opinions, experts, specialist literature and books.
Branding
Branding defines product value and identity that are to be communicated to consumers. This process comprises such marketing elements as a product’ key characteristics, concept, naming, corporate brand identity, visual elements, positioning, consumer loyalty, and brand awareness. Our objective is to create brands that will positively develop themselves and develop markets.
Product development
This phase of a product’s lifecycle comprises engineering, design, and testing. The analysis and engineering process improves our knowledge and competencies, while the product itself develops and renews the market.
Product launch
Product launch ensures that product reaches the market and includes both operational and marketing element. This is the moment of truth for all members of the team, because the product is now ready to be acquired. Launch planning takes place at the same time as development, including pricing, sales planning, distribution, customer support, and risk management.
Product promotion
Promotion is a communication strategy that increases product awareness and builds knowledge among target audiences. Promotional activities are intended to arouse interest of potential consumers. To this end, we study and segment target audiences, while putting into practice the principle of communication with TA using a language they understand, in information environments where this is most relevant and efficient. The efficiency of marketing activities is analyzed with the use of modern data processing techniques, including software.
Communication with audiences and customer feedback
Customer feedback is essential for the improvement of suggested product functions. Such feedback is collected through various channels and is then reviewed by specialists. For certain brands, we encourage audiences to give comments about products and leave feedback on different platforms, such as our own. After getting feedback from our audiences, we adjust product characteristics, positioning, and promotion strategies. The audience communication phase and close concern for consumer opinion allow us to gain a deeper insight into consumer needs and catch trends that change consumer behavior.