Digital product managers oversee the process of bringing digital products to market, improve them, and promote them. They need a bachelor’s degree in web marketing or a master’s in business, strong communication skills, and the ability to stay current on industry technologies. Digital product managers are professionals who oversee the process of bringing digital products […]
Product planning involves creating a proposal, test report, and market study. The proposal outlines profitability, risks, marketing, manufacturing, and competitiveness. A proof of concept report is developed, followed by market testing of a prototype before production. Product planning and development involves the creation of a product proposal, a test report, and a test market study. […]
Product liability lawsuits are civil actions against parties involved in manufacturing, design, distribution, or sale of defective or unsafe products. The lawsuit can be based on negligence, breach of warranty, or strict liability. The plaintiff must prove that the defendant violated the duty of care, caused damage, and that the defect caused the injury. A […]
The product life cycle consists of four stages: introduction, growth, maturity, and decline. Marketers adjust pricing, promotion, and distribution as the product moves through each stage. The introduction phase involves advertising to create demand, while the growth phase aims to increase market share. The maturity stage sees sales growth slow, and the decline stage marks […]
Product lines are a series of related products developed by the same manufacturer, often with different prices to appeal to a variety of consumers. Product line extensions are added to ward off competitors, and target markets are created based on age, location, and ethnicity. Marketers use statistical data to determine which products to keep and […]
To become a product analyst, one needs post-secondary education, related work experience, software skills, and good presentation and communication skills. They work with data analysis software to determine a product’s potential sales, profitability, and performance. Attention to detail, discipline, and focus are essential. Applicants often hold degrees in accounting, business, marketing, or a related field. […]
The attorney’s work product doctrine protects tangible and intangible material prepared by a lawyer in anticipation of litigation. It includes inter-office memorandums, notes, and voice-taped notes. The protection also extends to non-legal parties. The doctrine has limitations and may not apply if the other litigant cannot obtain the substantial equivalent of the protected material by […]
Product liability laws require companies to protect consumers from harm, even if caused by consumer negligence. Lawsuits can be based on design flaws, manufacturing defects, or failure to warn of hazards. Modern laws hold manufacturers strictly liable for product safety. Product liability laws vary from state to state, but the basic premise is that companies […]
A product planning manager develops and oversees the processes for introducing products into new markets, conducts surveys, mentors marketers, and creates proposals. They must have a solid understanding of factors such as prices, trends, and laws. They also determine how products should be packaged, sold, and marketed in different regions. A product planning manager is […]
Complementary products are goods that have a related use for another good, such as hot dogs and buns. Companies must balance supply and demand to maximize sales, and failure to do so can result in lost sales and obsolete inventory. During economic downturns, complementary products may sell better as consumers look for cheaper alternatives. A […]
Consumer products are tangible assets for personal use, not for business. Nations define what qualifies, using it to assess the economy and enforce tax structures. Most items manufactured for personal use and not used as a resource within a corporate context are consumer goods. Some countries prepare comprehensive lists of items not considered consumer products. […]
Choosing the best new product development book involves reviewing the author’s experience, examining the methods described, and comparing it to other top books on the market. It’s important to find a book that fits a company’s current process and desired methods for the future. Reviewing multiple books can help discover different approaches and potential mistakes. […]
Product lifecycle management involves four stages: conceive, design, build, and service. The process can be managed by one person or different departments. The first stage involves creating a product idea, followed by designing the physical product. The next stage involves creating the product, and the final stage is support. Product lifecycle management involves the process […]
New product development is crucial for a company’s survival and longevity, as it allows them to remain competitive and adapt to changes in the market. Companies that fail to innovate risk becoming irrelevant, as seen in the transition from physical books to e-books. Successful companies embrace new product development, such as in the smartphone industry, […]
To become a product specialist, one needs a background in marketing, sales, or business management, as well as experience in product development and supply chain analysis. A bachelor’s degree is typically required, and work experience can be helpful. Critical thinking, communication, and leadership skills are also important. Product specialists are involved in all aspects of […]
A captive product is an item that is useless without another specific product, and is often priced higher than the main item. Examples include refill cartridges and razor blades. Companies use captive pricing to earn additional revenue and encourage customer retention. Some captive products can enhance the main item, while others may be made by […]
A product marketing manager oversees the marketing of new and existing products, working closely with the product development team to develop sales strategies. They must have extensive knowledge of the product and work within a budget to market it. Marketing managers typically have a college degree and liaise with advertising companies. Successful managers often move […]
Product life cycle stages are important for a company’s marketing plan. Product lifecycle strategies can manipulate the stages to extend a product’s life, such as making minor changes or offering promotions to revive interest. The life cycle of a product is something that is usually at the forefront of a company’s marketing plan as it […]
Net domestic product (NDP) is GDP minus depreciation, giving a more accurate measure of a nation’s economic health. Gross domestic product (GDP) measures a country’s output, while gross national product (GNP) includes income from abroad. Gross domestic income (GDI) measures revenues earned during production. In economics, net domestic product (NDP) is the measurement of a […]
Product liability insurance protects manufacturers and sellers from being sued for damage caused by their products. Coverage varies based on industry and government regulations, and a broker assesses the business before issuing a quote. This insurance can prevent bankruptcy in the event of a lawsuit. Product liability insurance is protective coverage that prevents manufacturers and […]
