Question

Why must product managers be concerned with broad demographic/social trends?

Answer 1

The product manager is responsible for sales, strategic growth plans, development and overall management of product line in a market, has complete ownership of that product, and is responsible for profit and loss of that item. The demand of the product depends on the demographic and social features of the customers, and the social changes / trends taking place in the area. These changes can be related to change in income level, fashion and related trends which affect consumption of some products, changes in lifestyles which means demand for some new products or obsolescence of some others, increasing aspirations due to greater level of knowledge and awareness, and better affordability of some products due to lower cost of production and higher competition among the makers ( car is an example).

A close watch on the social and demographic changes in the society, (some of them would be visible only when you dig deep) might enable a manager to observe and detect such changes much before anyone else does, and this information can be used to grab new opportunities or be prepared for upcoming challenges, thereby ensuring better competitive position for the company, which is the very objective of the role of product manager.