what is industrial product management?
DESCRIPTION
A brief description of what product managers do in organizations that develop, market, sell, and support industrial products.TRANSCRIPT
Industrial Product Management?
May 7, 2014
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Christopher L. Schmelzer
www.linkedin.com/in/christopherschmelzer
Industrial Product Management: is the management of a product’s life cycle from cradle to grave.
Development
Introduction
Growth
RenewalMaturity
Decline
or
Time
Reve
nues
Industrial Product Managers:
can manage a single product or product line.
Industrial Product Managers:
might also manage a portfolio of products or product lines.
Industrial Product Managers:
sometimes manage a team.
Industrial Product Managers:
are sometimes on their own, influencing others without any direct authority.
Industrial Product Management:
often takes place at the intersection of the technical and
commercial activities during an industrial product’s life cycle.
Technical
Commercial
Industrial Product Management
Industrial Product Managers:use a combination of Engineering and Business skills to maximize the performance of an industrial product or product line and guide it through the life cycle.
Applications Knowledge
Finance
Sales
Product Knowledge
Engi
neer
ing
Mar
ketin
g
Industrial Product Managers:
often have engineering backgrounds.
They spend a lot of time interfacing with the organization’s Engineering and R&D departments when working on projects related to new product development, value engineering, and one-off or customized products.
Industrial Product Managers:
have deep product knowledge often times gained through working in roles related to the design, manufacture, or application of the product.
They are generally considered to be the product’s expert or owner.
Industrial Product Managers:
have broad applications knowledge and understand how their products interact with their customers’ products and processes.
An industrial product manager spends a lot of time working with customers to learn how they can solve more problems and deliver more value with their products.
Industrial Product Managers: are highly engaged with the marketing activities for their product.
They create product road maps, develop pricing and channel strategies, identify market segmentations, gather competitive intelligence author technical articles, develop product literature, attend trade shows, deliver presentations, and provide training.
Industrial Product Managers:
are very effective in the sales role due to their knowledge of products and applications.
They are routinely involved in the specification of equipment and the development of proposals. They often support the sales force by calling on key customers, helping to close deals, and providing training and technical support.
Industrial Product Managers:
maximize the financial performance of their product by improving the ratio of the product’s selling price vs. the combined costs of development, production, promotion and distribution.
They use financial metrics to support decisions on new product introductions, line extensions, and product rationalizations.
Industrial Product Managers:manage the product’s value stream, which reaches across the organization’s functional silos. This is what ultimately delivers value to the customer.
Ope
ratio
ns
Engi
neer
ing
/ R&
D
Fina
nce
& A
ccou
nting
Sale
s &
Mar
ketin
g
Product Value Stream
Industrial Product Managers:work with a lot of different people in a lot of different places to develop, market, sell, and support the best products possible so that customers are happy.
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