A product can be an item or service. Product management is an important thing in organisation point of view. Product management is not only for customers it is equally important for inside the organisation as well.
Why product management is important to an organisation?
It’s all based on product life cycle, every product will have four stages in its product life cycle. It includes product development, product growth, maturity, and decline.
Product development:
In this stage an organisation will thinks to produce a new product or service. Organisation starts focusing on market. Firstly firm will launch a product based on the data they have from the potential customers and they will try to get their patents on it. After this, organisation will think about the price fixing for the new product to build their market share. Before making it available to all customers, organisation will send this product to selected potential customers to expect the acceptance of product. Then they will start promoting the product and make it available for public.
Product growth:
In this stage organisation thinks to increase their market share by providing some deals with the customers. Organisation will try to maintain the quality of product and price as the organisation starts enjoying the market share when compared with other firm’s products available in market.
Product maturity:
At product maturity stage the sales of the products or services starts to fall down due to the competition with other similar products. Usually at this stage organisation will think to maximize their profits by securing their market share by making some noticeable changes in their products or by reducing the price of the product. To maintain the products in market organisation will give some inducements to sellers and also to the customers. Also the organisation will start concentrating on the differentiating the product.
Product decline:
In this stage firms experiences the fall of sales. Organisations will try to maintain their product in market either by renovating it or by reducing the original price in order to attract customers who doesn’t effort the starting price of the product.
For example as Apple releasing the iPhone 7, it is reducing the prices of iPhone6 and 6s.
In this context I would like to talk about a new start-up in India “OYO rooms”. In India it was very hard to get a budget hotel rooms previously. Oyo introduced premium hotel rooms for budget prices. It gained a lot of attention and got succeeded as a best start-up in recent times. After the launch of OYO everyone is able to afford the premium hotels since they are offered at budget prices. Most of the potential customers of this start-up are youth. After conducting some campaigns OYO came to know that still some people are not happy with the service they are providing because of societal barriers. There is no law stating that any unmarried couple cannot stay together in a private room but still most of the hotels and service providers are not giving room for the unmarried couples. Now OYO launched a new a service for the couples who are unmarried. This is a huge initiative brought up by OYO in India. Before to OYO there were some people tried to do this but they haven’t achieved success due to the lack of promotion and awareness. Since, OYO are a big brand currently, they launched the new initiative and that had become a sensation.
Once chief growth officer of OYO stated that the most potential customers of OYO are youth aged between 18 and 30. But they came to know that they are unable to provide service to their potential customers as it is a societal issue. As a customer focused business they are worried about the potential customers need and started this new service. They are hoping that there will be a huge impact by this initiation in this service industry. OYO declared that from now unmarried couples can stay in any hotel in their city by providing just local proofs which will not affect the customer privacy. OYO launched this new service not to satisfy only the customers and also to attract new customers and to maintain their brand image in the general public. This new product will increase brand image of OYO with mouth publicity. In India mouth publicity is a best tactic than any other promotional strategies because people believe in experience than general publicity. By analysing the customer feedback that the unmarried couple are facing the last minute inconveniences, OYO took a step ahead and started this service to satisfy the need of potential customers.
References:
Gorchels, L. (2000). The product manager’s handbook. Lincolnwood, Ill.: NTC Business Books.
Oyorooms.com. (2016). [online] Available at: https://www.oyorooms.com/ [Accessed 27 Aug. 2016].
The Times of India. (2016). OYO Rooms eyes new guests: Young & unmarried couples – Times of India. [online] Available at: http://timesofindia.indiatimes.com/trend-tracking/OYO-Rooms-eyes-new-guests-Young-unmarried-couples/articleshow/53882941.cms [Accessed 29 Aug. 2016].
Submitted by
Sri Mahesh Jonnalagadda
215405163
The changes in the logo speaks a lot about the apple evolution taking care of the market change and the product life cycle. The company first launched its product in 1979 and evolved itself into the diverse field of technology involving its business in iPod, iPad, iMac, MacBook and now has recently launched its product in watch and TV. Further improving on its branding, in every product, and involving into the market, the company has successfully managed to rotate its each product with the launch of its new product, anticipating the change and pre designed market strategy involved through marketing mix and branding management, launching its product through launching event, and beforehand only providing the teaser of the new launch to the market, which keeps their customer more curious for their new launch, each year.
, which dealt with box making and packing, a highly respected field in the old days.
n be perceived by touch is tangible whereas whatever that can be perceived indirectly is intangible. Louis Vuitton’s products have both the traits of these elements. In the marketing mix, product plays an important role as well to justify how and why it affects the smooth working of a massive company. The company started with producing boxes but currently they sell a lot of variety of products. From women bags, shoes, perfumes and accessories they have, in the recent past successfully entered into men’s collection as well. The better you understand your market and targeted consumers, the better you can make your product. That’s exactly what LV did to emerge the world’s most valuable luxury brand in 2016.
The LV shaped monogram, as it’s widely called was developed and designed by Louis Vuitton’s son, Georges Vuitton. The consumers relate to this logo as it showcases luxury and prestige. For the same reason, the company imprints this prestigious logo on all their products. Consumers think of a brand as a status symbol, thus providing customer loyalty in return.
What is the most important aspect in the luxury market? To stay hungry, to stay focused, to innovate from time to time and to swat aside any threat from the competitors. Loyal consumers always look forward to 
as built up in the 1890s, brands with a social mission have been at the center of their business, and now corporate duty supports their procedure. Nowadays, Unilever has more than 400 brands concentrated on well being and prosperity, no organization touches such a large number of individuals’ lives in such a variety of various ways.
A company’s identity relies on numerous factors that includes branding, which is one of the most crucial aspect. A brand must posses all the necessary qualities that can help the consumers to identify with and should embrace a lifestyle. A brand should give its products’ substance and significance.
Although Nike was originally only into making shoes and is also still know for its premium quality it also stepped into the apparel segment. This move was quite clever, proving to be another great example of brand extensions. But wait this doesn’t stop here as Nike now connects with its customer by making numerous accessories that seem to be just irresistible for any Nike fan.
T2 2016 MPK732 MARKETING MANAGEMENT (CLUSTER B) 