Product management is an all-around process that involves planning, development, launching, marketing, and post-sales improvement of a product and service. Product Management includes the complete lifecycle of the product or service, from idea generation to development of the product to the final launch. The product manager is an entity or a person who is responsible for looking after all these issues and collaborating with different teams, to bring out the best product that fits every need of customers.
Product Management – Beginner to Advanced Tutorial
Why is Product Management Important?
Product management is important as it ensures that a company is developing the right product for the right customer, at the right time, which in turn results in:
- Increase customer satisfaction and loyalty
- Increase revenue and profitability
- Gain a competitive advantage
- Reduce risk
Introduction to Product Management
Product management is a general and evolving topic that has great influence on stakeholders and organisations. Product managers develop great products by combining tech knowledge, commercial knowledge, and user attention.
People/Roles involved in Product Management
Some of the important people that plays a significant role in product management:
Product management processes
- Idea generation (Finding the problem)
- Product planning
- Questioning the problem
- Testing possible solutions
- Finding right Market-Fit for product
- Defining a solution
- Prioritizing product features and initiatives
- Product development (Building a minimum viable product (MVP))
- Product Testing and Launch (Releasing the MVP)
- Feedback & Data Analysis (Deliver and prep for data analysis)
Step 1. Product Idea generation (Finding the Problem)
Product Management involves studying the market, understanding the sentiment of the market and analysing what is the need of customer, having a deep research about the market and creating a vision about the solution to withstand the problem. After deep market analysis, it is required to study the mindset of the customer, because it helps in pinpointing the need and providing the most appropiate product or service.
Market Research and Vision
The First step of Idea generation is understanding the direction of wind, just as a sailor must know the prevailing winds to effectively navigate the seas, similarly product manager must understand the minute details of market landscape to make successful products. This involves delving into market research and crafting a clear vision that aligns with customer needs and industry trends.
Market Understanding plays a cruical role in product management as it helps to craft the most suitable idea according to the current customer demand and market trends. Once we are done with analysing the market, we are required to gain an in-depth understanding of the market using multiple indicators such as TAM, Market Sizing and Competition Analysis.
After understanding the market, then user research is done. User research is the systematic study of users and their needs, behaviors, and attitudes to inform the design and development of products or services. It is an important part of the product management processes, as it helps to ensure that products are designed to meet the needs of real users. User research can be conducted using a variety of methods, including surveys, interviews, usability testing, and user observation.
- User research
- Different types of user research
- 5 common mistakes to avoid in user research
- User story
- How to create a user story?
- How to conduct a user interview: A step-by-step guide?
- Product Analytics
- Creating Persona & Journey Mapping
After an intense market and user research, we are ready with our ideas. Now we have to finalize the product and craft the roadmap of the product development and management. This phase involves more in-depth analysis of Product Planning. Calculating the budget, analysing it’s performance in the market, cost benefit analysis, product profitability are all part of planning. The product Manager are reponsible for planning the complete roadmap of the product development keeps every minute detail in mind.
Product Research is the second level of product management. It involves analysing the actual demand of the product in the market. Designing the optimal structure of the product, that ensure smooth workflow. This step involves calculating the product growth graph, and improvising it, if it is underperforming.
Once you are sure with the basic structure of the product. It is required to design the roadmap of the product as it describes the work division and roles of the team in the product management process. This roadmap helps in better communication of different team in product development and management.
Once a strong roadmap has been created, we will handle the finances now. This is done by creating a thorough budget and keeping careful track on expenditures. Potential revenue streams will also be identified, and we’ll actively seek them. This include limit budget for useles, thigns and focusing on major prospects.
- Product Financials & Profitability
- Cost Benefit Analysis
- Understanding the Time Value of Money
- Product Profitability
What are Product metrics?
Once the financial planning is in order, it is important to establish clear product metrics to gauge the product’s sucess and identify the areas that need improvement. Product metrics are quantifiable data points that measure how users interact with and experience the product.
- User acquisition Metrics
- Activation metrics
- Monetization metrics
We are all set to execute the development cycle, but wait one more thing we have to consider that is “Priority”. This means that which task should be done first and which should be done at last.
Step 3. Product Development (Building a Minimum Viable Product MVP)
It’s time to execute the development cycle, this can be regulated using some framework and methodology, these framework are chosen on basis of work and prioritzation. Using these methodologies and framework results in smoother workflow.
Product Management Framework
Product management frameworks provide a systematic approach to product development and management, helping product teams to stay organized, focused, and aligned on their goals. They offer a set of processes and tools that can be used to guide for product lifecycle, from ideation to launch and beyond. Product teams may enhance productivity, lower risk, and raise success rates by following a framework. Let us learn about some framework that are used in product management.
- Minimum Viable Product
- Working Backwards
- North Star Framework
- Business Model Canvas
- Job To Be Done
- Opportunity Solution Tree
- Weighted Impact Scoring
- Design Sprint
- Customer Journey Map
- Spotify Squads
- GIST Planning
- 3 Pillars of Product
- Double Diamond
- Product Team Competencies
- CIRCLES Method
- Product-Market Matrix
- Innovation Adoption Curve
- Hooked Method
Agile is a product development methodology that emphasizes iterative development, early delivery, and continuous improvement. It is a flexible and adaptable approach that is well-suited to the rapidly changing world of product development. Agile teams work in short, incremental cycles, or “sprints,” typically lasting two weeks. At the end of each sprint, the team delivers a working product increment to the customer or stakeholder. This allows the team to get feedback early and often, and to make changes as needed.
Product lifecycle can be used in conjunction with Agile to create a more comprehensive and effective product development process. It is important to know why this lifecycle is important. It helps to identify the key milestones in the product lifecycle and improve communication and collaboration between different teams involved in the product development process.
- Product Lifecycle | Market development
- Product Lifecycle | Market introduction
- Product Lifecycle | Market growth
- Product Lifecycle | Maturity
- Product Lifecycle | Market decline
Step 4. Product Testing and Launch (Pre and Post Launch)
Once the development cycle is complete, the product goes through intense testing process. This phase ensures that the product is upto the mark and is qualifying all the criteria of the initial requirement. After the testing process the launching phase starts, this includes selecting the proper marketing channel and platform to advertise.
Product marketing is done by selecting the most optimal channel for marketing and branding. It involves creating and executing a plan to generate awareness and demand for the product, as well as educating and nurturing potential customers.
A/B Testing and Experimentation
Experimentation and A/B testing are two crucial methods for enhancing product marketing. Comparing two iterations of a website, landing page, email, or other marketing asset to evaluate which one works better is known as A/B testing. Experimentation is evaluating many marketing approaches and techniques to see which ones are most effective for a certain target market.
- A/B Testing
- Elements in A/B testing
- How to perfome A/B testing?
- Practical A/B Testing Examples
After extensive testing the product is ready to be released in the market. Product Launch plays a cruical role in product management, since it is said the “FIRST IMPRESSION IS THE LAST IMPRESSION” so if a product is not launched properly in the market, it can result in low reach of the product.
Step 5. Feedback and Data Analysis
After the launch of the product and marketing, it is important to look after the customer satisfaction. As it is the major indicator if the target customer are happy with the product and service. This phase involve tracking the performance of the product using multiple metrics. Looking after legalities of the product are the part of these phase.
Product tracking is the practise of gathering and evaluating information to determine a product’s market performance. Making smarter business decisions, creating new marketing campaigns, and refining the product are all possible with this data.
Product sales teams are in charge of creating and putting into practise sales strategies that produce leads, cultivate prospects, and finalise transactions. The product manager is required to collaborate with other departments, including sales, marketing and product development, to guarantee that the sales process is optimised and that the product meets client demands. During the last phase of the product management lifecycle, the goal of the product sales teams is to keep up and increase sales of the product. Offering bargains and discounts, entering new markets, or creating new sales channels are a few ways they may do this.
- Product Sales Strategy
- Product Sales & Promotions
- Product Public Relations
Product stakeholders are people or groups of people who want to see product as a success. They may consist of partners, investors, consumers, staff members, and regulators. It is important to communicate with the stakeholders and respond to their valuable feedback.
The process of preparing and equipping leaders to accomplish organisational objectives is known as leadership management. It is especially crucial for leaders to be able to handle the difficulties of decline and transition in the last stages of the product lifetime.
- Product Leadership
- Product Ethics & Responsibility
- From People Manager to Product Manager
Difference Between various Product Management Terms
Difference Between Product Managers and Other profile
- Product Manager Vs Owner
- Product Manager Vs Software Engineer
- Product Manager Vs Product Analyst
- Product Manager Vs Business Analyst
- Product Manager vs Data Scientist
- Product Manager Vs Program Manager
- Product Manager vs Product Designer
- Difference between a Project Manager and Product Manager
- Product Owner Vs Business Analyst
Examples of Product Management:
Apple’s design and development of the iPhone serve as one illustration of product management. Here is this example:
The members of the product management team in charge of the iPhone would have needed to:
- Gather market data.
- locate possible clients.
- Work with engineering, design, and marketing teams to develop this product that would satisfy the target market’s needs.
- Ensure that the iPhone was released on schedule and within the allocated spending;
- Evaluate customer input and gradually make changes to the product.
The design and development of the Tesla Model provide yet another illustration. For this model, the product manager would have needed to:
- Determine the needs of the automotive industry, such as the need for sustainable and environmentally friendly transportation
- Work with cross-functional teams to design and build a car that meets these needs.
- Ensure that the Model S is launched on schedule and within budget.
- Evaluate user feedback and make necessary changes to the vehicle over time.
- Google Analytics
Interview Questions of Product Management:
Product Management interview questions for Beginners
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