Are your products successful on the market?
Do you follow current trends and product developments?
Do you pay attention to customer needs?
Is a product life cycle important to you?
Functioning product management provides you with a multitude of answers to optimally position your products on the market and at the same time to have an overview of costs, sales and turnover.
Product management considerations are essential for the manufacturing industry as well as for services in order to be able to align the company precisely under consideration of their own, individualized strategy.
By using a product vision, it is possible to map what is to be achieved in concrete terms and what the benefits of the product are.
The product division helps to develop the product accordingly, taking into account both economic and strategic key figures.
The time perspective should also always be taken into account. The VMOST framework can help here to create the transfer to everyday life. It consists of the following points:
It is very helpful to know the factors influencing your products.
Therefore, it is advisable to record the wider environment by means of a SWOT analysis, which is ideally supplemented by a PESTLE & Five Forces analysis.
Looking at Strengths, Weaknesses, Opportunities and Threats (SWOT), evaluating Political, Economic, Social, Technological, Legal and Environmental aspects (PESTLE) as well as considering Competitive Rivalry, Threat of New Entry, Threat of Substitution, Power of Buyers and Power of Suppliers (Five Forces) helps you to get a comprehensive overview to then start implementing the VMOST model.
Product Management can therefore be seen as a comprehensive strategic and pragmatic tool to manage products and achieve outstanding success in the market.