Product managers determine marketing opportunity, relate product development to this opportunity, and then develop marketing approaches that present the product to the consumer or customer effectively and efficiently.
They are concerned with revenues, profits, product development strategy, pricing, promotion, and other matters on which senior management expects product managers to provide guidance and leadership to the many other functions supporting a product.
They must have the capacity to establish the strategic direction for their product line. As a first step, they much have the facts on the business and must know what these facts mean
Product managers cannot develop their own strategic thinking on the business and guide the thinking of others unless they can read the market, analyze the business facts and develop strategy on the on the basis of this knowledge. Product manager must know more about their business than anyone else in the bank. PayX International can assist in providing the market knowledge required by product management to make their organizations stand out in the market. Be prepared to answer questions regarding your market and initiatives that will drive future revenue when management asks a question. The product manager’s business marketing decisions reflect knowledge of the facts. Product manager have to collect the facts, determine what they mean in the context of the business goals, and present them effectively so others can share their perspective.
Development of effective strategies helps to ensure that decisions are based on a review of the fundamentals, and not on executional issues which can get in the way of understanding the basic market situation. Strategies are required in the areas marketing target; product; pricing; selling approach; type or level of marketing effort; marketing focus by territory; sales training or support; and service quality.
Senior management expects product managers to take the lead with other functions in the bank so their efforts are appropriately focused and coordinated to achieve product line business goals.
Expected to forecast revenues and ultimately profit on their product line are considered crucial to product managers.
A periodic check on the pulse of the market is always a good practice. Management can be alerted to changes as long as further research has been conducted to verify that the change indicated is real and the reasons for the change as well as the implications of that change.
Outside organizations that keep an active program of market research to assist in the research of the market as well as for a verification of market trends so that the product line can proactively take advantage of changes in the market.