Compendium admissions 2023-25
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- What is Product Management
- Product Management Life Cycle
| Product Management What is a Product A product is any item or service you sell to serve a customer’s need or want. In Digital terms, any app/website which you use can be defined as a Product. A product can be divided into features/sub-features, and for each such feature/sub-feature, there can be dedicated product teams handling that feature. Product Examples Netflix, WhatsApp, eBooks, Games, etc. What is Product Management Product management is the job of looking after a specific product within a business. Product management is done differently from one business to the next. It depends on the size of your company, whether you work with software, physical products, or services, and if you’re selling to businesses or consumers. Any great product addresses a user's need and solves their pain points. E.g., Google+ failed because it didn’t address any latent user need/pain point. Guides use of latest/relevant tech to solve the customer problem and sets the vision for UX to make it usable for users. E.g., Orkut failed because of a miserable UX. And obviously, the product needs to bring in money for the business to be viable or have the backing of VCs. WhatsApp would have probably failed had it not gotten acquired by Facebook because users in the developing world wouldn't have paid the annual fee for it. Product Management Life Cycle 1. Innovation Producing and collecting new ideas, identifying the most attractive ones, and developing a customer proposal 113 2. Analysis Determining whether or whether there is market demand, drafting high-level requirements, and justifying the investment 3. Development The product has been designed, built, and tested. This is an iterative process with Agile software development, and there maybe numerous sprints - each preceded by further customer discovery and analysis. 4. Go-to-Market: Trials, finalizing the proposition, and ensuring that the company is ready to market the product are all part of the launch preparations. 5. In-Life: The emphasis is on selling, tracking performance, and resolving any issues. 6. End-of-Life: In the End-of-Life stage, a product is discontinued when it is no longer needed. Download 4.08 Mb. Share with your friends:
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