Creating and Managing Products

Is the best product, a well-made product, which works better than all others, the one that will succeed? The answer 'yes' seems obvious, but in reality, the correct answer is often 'no'. To succeed, products must provide benefits that people seek. Products must satisfy consumer needs and wants better than competitors.

Today, successful product management is more important than ever. As more and more competitors enter the global marketplace and as technology moves forward at an ever-increasing pace, products are created, grow, reach maturity and decline at faster and faster speeds.

In this course, students learn how products are classified, the layers of a product, the importance of new products, and how companies develop new products. In addition, students learn how products are adopted and how innovations are diffused throughout society. Students learn about the life of the product. They learn that a product includes benefits, features, styling, branding, labelling, and packaging. Strategic decisions must be made about each of these elements. These decisions must complement each other creating an overall product strategy. After thorough study, students will be much more inclined to answer 'no' to the opening question.

By the end of this course you will be able to:

Explain the product concept and describe how products are classified
Explain the importance of new products and describe how companies develop them
Describe the different types of innovations
Explain the adoption and diffusion processes
Explain the different phases of product planning
Explain how companies manage their products through the various stages of the product life cycle
Explain the roles that branding, and packaging and labelling play in creating product identity.

Who Should Attend

This course is ideal for those who, are looking to get into a marketing role, manage or own a small business, or those want to improve their career prospects with additional qualifications this marketing.

Course Requirements

Completion of Year 12 or equivalent or relevant industry experience.
Sufficient language, literacy and numeracy skills to complete the course.
Basic computing literacy.

Qualification Obtained

All participants receive a Certificate of Participation.

This course is one of the steps leading to achievement of the Phoenix Academy Diploma of Business course unit, Marketing 500, which is in partial completion of the nationally recognised qualification: