You're watching video vocab by Business English Pod dot-com. In this lesson we'll
look at vocabulary related to product management. In many companies product
managers help develop and promote a product. Companies conduct a market
analysis as well as competitive research in order to develop a business case for
a product. A product roadmap lays out the plan for developing a product including
the go to market strategy and the product launch.
Product management
Product management involves the planning production and marketing of a product.
product manager A product manager guides all aspects of
product management including the technical and financial
Tom is senior product manager for our entire suite of accounting software.
market analysis
market analysis is a detailed study of a products industry and customers
analysis helps determine the price forecast sales and develop a marketing
strategy for a product it sounds like a great idea but we'll
need to do a complete market analysis before we can commit
competitive research competitive research competitive research is the
study of other companies that sell competing or similar products this
research involves looking at the competition's strengths weaknesses and
product offerings
competitive research has shown us how our strengths will help us in the shoe
market
business case business case a business case lays out the reasons for
launching a new product or service
this includes information on the product the market risk finances and operations
this business case supports our plans to expand into the mobile games market
product roadmap product roadmap
a product roadmap is a clear plan for the development of a product
road maps timeline helps people understand the development process
with all the delays in development we'll need to have another look at our product
roadmap
go to market go to market
go-to-market is a plan for attracting new customers to a product and gaining
market share a go to market strategy includes decisions about pricing
distribution and marketing
in the toy industry pricing and packaging are a really important part of
any go to market strategy
launch launch a launch is a series of events or
activities supporting the official release of a new product
purpose of a launch is to create excitement and promote sales of the
product Apple does a great job of building excitement before each new
product launch
now it's your turn to practice some of the words we've looked at in this lesson
in a moment you'll hear a series of sentences with a word replaced with a
beep repeat each sentence including the missing word
for example if you hear we're planning a really big for our new electric car
you can say we're planning a really big launch for our new electric car
we'll provide the correct answer after each question ready let's give it a go
after three years as a business analyst I've been promoted to product
answer after three years as a business analyst I've been promoted to product
manager
if you can put together a good business I'll help you present it to the product
team
answer if you can put together a good business case I'll help you present it
to the product team
before I agree to your idea I'll need to see a detailed market
answer before I agree to your idea I'll need to see a detailed market analysis
that's all for this episode of video vocab be sure to check out our website
at wwlp.com