Product Management

 Is an organizational lifecycle function within a company dealing with the planning, forecasting, and
production, or marketing of a product or products at all stages of the product lifecycle.

The Four P’S (4 Ps) of Management

Product

 A product is the item offered for sale.

 A product can be a service or an item.
 It can be physical or in virtual or cyber form.
 Every product is made at a cost and each is sold at a price.

Price

 Pricing is the method of determining the value a producer will get in the exchange of goods and services.
 Simply, pricing method is used to set the price of producer's offerings relevant to both the producer and the
customer.

Place

 An office or location where main business transactions are executed and its records are stored.
 Place is defined as a particular location or space or the particular area normally occupied by something.

Promotion

 Promotion refers to any type of marketing communication used to inform or persuade target audiences of
the relative merits of a product, service, brand or issue.
 The aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
 As a general term, includes all the ways available to make a product and/or service known to and available
to purchase by customers.

Market Segmentation

 Is the process of dividing a market of potential customers into groups, or segments, based on different
characteristics.
 The segments created are composed of consumers who will respond similarly to marketing strategies and
who share traits such as similar interests, needs, or locations.

Target Market

 Is the specific group of people you want to reach with your marketing message.
 They are the people who are most likely to buy your products or services, and they are united by some
common characteristics, like demographics and behaviors.

Sex

 Either of two divisions into which many living things can be divided according to their roles in
reproduction and which consist of males or females.
 The state of being male or female The form asks for your name, age, and sex.

Age Bracket

 A group of people having approximately the same age. age group, cohort. people - (plural) any group of
human beings (men or women or children) collectively.
Socioeconomic Class

 Is the social standing or class of an individual or group. It is often measured as a combination of education,
income and occupation.

Geographic Considerations

 Is often used in marketing, since companies selling products and services would like to know where their
products are being sold in order to increase advertising and sales efforts there.
 Collecting and analyzing information according to the physical location of the customer or other data
source.