How can we measure the success of the product?.What is the user persona (personas) for the product?.A well-specified product vision answers the following questions: When developing the vision, a product manager sets the goals for the product and defines specifications. The vision can be articulated during a brainstorm or may be based on a backlog of ideas. It’s not a strategy of product development yet, but this is where the strategy development starts with idea management when a team discusses a new product. It defines the final product and shows the direction towards achieving it. If we were to compare product management to a road, the vision is both a road sign and a destination. Product vision is a significant part of product management. To get a complete understanding of the process, let’s discuss each of the product management stages one by one. Inbound and outbound product management activities This includes branding, sales, and analysis of customer feedback. Outbound activities are oriented toward the marketing of a product and its sales. Inbound activities focus on product development and include defining vision and strategy, product development, testing, and launch. A product manager doesn’t perform all activities but rather supervises their fulfillment. The whole process of product management involvesĮach of the stages may include inbound and outbound activities. Tasks in product management cascade from strategic to tactical. Product management process and key activities We’ll describe the role of a product manager in more detail further on, but now let’s look deeper into the product management life cycle. Read our full comparison of product managers vs project managers in the dedicated article. A project manager is responsible for a single part of a product life cycle – product development, while a product manager’s responsibility is to lead a product from the germ of an idea to launch, focusing on features, business value, and the customer. Don’t confuse the role with a project manager. Product management is led by a… product manager. Here’s our video explaining the main things in under eleven minutes:ĭon’t forget to subscribe, we’ll keep on explaining One of the critical activities of product management is creating and documenting a product strategy, the process so broad and important that we described it in a separate article. Studies show that effective product management can increase profit by 34.2 percent proving the importance of its implementation. Product management unites business, product development, marketing, and sales. It starts with an idea of a product that a customer will interact with and ends with the evaluation of the product’s success. Product management is a process that focuses on bringing a new product to market or developing an existing one. This article examines the details of product management, describing its main stages, and a product manager’s responsibilities in this process. To transform any idea into a profitable product, a company has to go through several stages to set a vision, define a strategy, develop a product, and sell it to the right people. Then follows a long process of product creation that takes a lot of time, effort, a team of professionals, and a team leader. What do you need to create a product? First, an idea of how it will look in the end.
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