| Effective Term: | 2024/05 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Product Management |
| Unit ID: | BUMKT3706 |
| Credit Points: | 15.00 |
| Prerequisite(s): | (At least 60 credit points from a Business subject-area at 2000-2999 level) (BUMKT1501 or SPMAN1002) |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 080301 |
| Other Change: | |
| Brief description of the Unit |
Product management is a core sub-function of Marketing. Product managers have the broad responsibility of managing a portfolio of products or services on a day-to-day basis, continuously researching customers, competitors and market trends to identify growth opportunities, developing new products and services to underpin an organisations future economic performance, and designing marketing and promotional campaigns to build brand and customer equity. A product manager collaborates with other Marketing sub-functions such as Advertising, Market Research and Sales Management, and with other management functions such as Finance, Human Resources, Research & Development and Production to ensure that goals and objectives for the product portfolio and individual products are achieved. A product manager requires broad marketing and finance skills, a deep understanding of consumer behaviour, marketing research and the new product development process, and the ability to communicate and work collaboratively with multiple internal and external parties. |
| Grade Scheme: | Graded (HD, D, C, P, MF, F, XF) |
| Work Experience Indicator: |
| No work experience |
| Placement Component: No |
| Supplementary Assessment:Yes |
| Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment |
| Course Level: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory | | | | | | | | Intermediate | | | | | | | | Advanced | | |  | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Relate product management principles to professional practice within a variety of areas such as commercial enterprises, not-for profit organisations, government and individuals |
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| K2. | Appraise the impact of internal and external environments in relation to a product management situation |
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| K3. | Identify factors that influence consumer decision making when choosing products |
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| K4. | Specify the appropriate combination of the elements of the Marketing mix, either on an individual basis or in an integrated manner, when compiling product marketing plans |
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| K5. | Recognise the importance of the management of the new product (and service) development process in satisfying consumer and organisational requirements |
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| Skills: |
| S1. | Develop and apply broad research skills to identify product and service opportunities and problems |
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| S2. | Select an ethical framework for managing products and the new product development process |
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| S3. | Consolidate and synthesise marketing and product management theories and concepts to develop ethical product management solutions |
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| S4. | Communicate product management solutions using academic report writing and/or presentation skills to a variety of audiences |
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| Application of knowledge and skills: |
| A1. | Apply product management concepts to new and diverse situations |
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| A2. | Identify, plan and evaluate proposed product marketing plans and present the results with responsibility and accountability |
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| Unit Content: |
Topics may include: 1.Articulation between corporate planning, market planning and subsequent product planning processes and the product management function. 2.Market analysis of new opportunities covering analysis of competitors, the product category, customers, and market potential and forecasting. 3.Product strategy and new product development 4.Developing the products marketing mix covering pricing, advertising, promotions, channels and customer relationship management. 5.Product financial performance. |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K2, K3, S3, A1 | Demonstrate knowledge of the course material | Individual invigilated assessment | 10-30% | | 2. | K1, K2, K3, K4, K5, S1, S2, S3, S4, A1, A2 | Via student selection of a firm/product/service, demonstrate application of critical product management concepts and business acumen through the analysis and evaluation of relevant case questions/requirements | Group report(s) and/or presentation | 30-50% | | 3. | K2, K3, K4, K5, S2, A1 | Demonstrate knowledge of key product management concepts by applying them in different marketing situations | Written exam | 20-60% |
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