dealing with compititors

“Poor firms ignore their

competitors ;

average firms copy their

competitors ;

winning firms lead their

competitors.”

Definitions

 Competitive Advantage

An advantage over competitors gained by offering consumers greater value than competitors offer.

Competitive Analysis

The process of identifying key competitors; assessing their objectives,strategies, strengths and weaknesses, and reaction 

patterns; and selecting which competitors to attack or avoid.

to be continued ..........

product life cycle stages

A Product life cycle shows the different stages through which a product goes from development to decline.

Introduction Stage

Product launched into the market.

Sales grow slowly.

Informative promotion is done.

Firm might not earn a profit at this stage.

in cosmemedical drugs dont be under governmental pricing 

Price skimming may be used if the product is new invention and has no competitors.

Competitive pricing may be used if it already has lot of competitors.

Growth Stage

Sales grow rapidly.

Persuasive promotion may be used.

Prices may be reduced if faced by stiff competition.

Firm starts earning profits.

 Maturity Stage

 Sales increase slowly and reach the highest sales figures.

Competition is at the maximum level as many new ‘me too’ products may be in the market.

Profits are at the highest level as the firm is also getting economies of scale.

Repetitive promotion is done to remind the consumers.

Saturation Stage

Sales are stagnant.

Maximum competition but no new competitors and the market is already crowded with the same types of products.

Promotional pricing or competitive pricing may be a good choice.

promotion efforts at its highest point.

Decline Stage

Sales start to decline.

Profits start to come down.

Marketing research it done to find out whether this decline is permanent or temporary.  If the decline is permanent in nature then stop the production of the product, otherwise implement extension strategies.

promotion is reduced.

Extension stage

Introduce new variations of the original product

Try to sell the product in different markets.

Make small changes in the colour, design or packaging

Start a new promotional  campaign.

Add more retail outlets to boost sales.

what makes a great product manager?

you might be a product manager if >>>>>>

Manage all activity throughout the product life cycle, including market research, forecasting, product positioning, pricing, customer support, sales training and development, KOL development, and promotions-collateral materials, sales materials, etc 

Developing business plans & market strategies for the products 

· Defining the product vision and working closely with sales to deliver winning product 

· Working with sales to ensure revenue and customer satisfaction 

· Ensuring that the product and marketing efforts support the company’s overall strategy and goals 

· Develop the core positioning and massaging for the product 

· Provide direction , motivation &training to field sales team for ensuring optimum performance 

· Ensuring marketing strategy implementation through sales force 

· Responsible for reviewing product data to ensure that the field force is kept up to date on new developments regarding the companies or competitors products 

· Close liaison with the field force to assess the response to and suitability of current promotional material and to ensure that the printed promotional material is being used optimally 

Assist with the development of the annual marketing plan and for controlling advertising, promotion and sales aids in accordance with the annual marketing plan