The Role of Management on Product Development and Life

1050 WordsFeb 2, 20184 Pages
Management has its role in all the spheres of a product’s life and by this; it has not left any sphere of market unexplored. Both, in national or international market, management has to cope with the demands of the public. The public wants to invest in the best possible places and desire the best return which is why the the market needs to develop according to the requirements of its users. Although the user is the end point as far as the product is concerned,but in the life of a product it has to go through numerous places, and face challenges at different levels. Here, we will discuss the challenges which a product faces, when it is in the process of planning, implementing and monitoring. Given below are the issues related to functional areas of management. Marketing strategy of management The market forms a locus of trade where: individuals or groups exchange commodities etc to overcome a society’s demands.. Marketing managers, have mostly followed the classical approach of marketing which involves the four Ps: Product, Price, Place and Promotion. In the past couple of decades, the world has seen an advent of internet and the market has been under the influence globalisation. These two factors have made it necessary for market managers revaluate these Four Ps, even converting to Four Cs (WHAT ARE THE 4Cs)to overcome the new challenges facing the old mix. Product/Customer Needs Demand and supply forms the core of marketing strategy, which makes it necessary for
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