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What is Product Management
The document provides an overview of product management, detailing its role in defining, developing, deploying, and maintaining products that offer competitive advantage and financial benefits. It explains the responsibilities of product managers, their background, and the process of product management from ideation to launch. Additionally, it highlights the skills needed to succeed in product management and emphasizes the importance of collaboration with various stakeholders.
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What is Product Management
- 1. What is productmanagement? –Page no. 1
- 2. What is productmanagement? This presentation seeks to answer the following questions: What is product management? What do product managers do? Who does product management? How does one become a product manager? –Page no. 2
- 3. The role ofproduct management –Page no. 3
- 4. The role ofproduct management The role of Product Management is to define, develop, deploy and maintain products and services that: Provide more value than the competition. Help build a sustainable competitive advantage. Deliver financial benefit to the business. –Page no.
- 5. The accidental profession It’sa pretty safe bet to say that few – if any – product managers have a Bachelor degree in Product Management “Everyone comes from somewhere else” Steven Haines – The Product Managers Desk Reference –Page no. 5
- 6. Past lives ofproduct managers Most product managers have roots in other professions –Page no. 6
- 7. So what doproduct managers do? –Page no. 7
- 8. Past livesto solveproblemsmanagers Product managers like of product PICTURE OF DUDE UNDER CAR –Page no. 8
- 9. Product managers spendtime understanding –Page no. what customers need and want… 9
- 10. …Then develop solutionsthat solve these problems and satisfy needs & wants –Page no. 10
- 11. Product managers havea duty to deliver and maintain financial benefit to the business –Page no. 11
- 12. Product managers seethings differently –Page no. 12
- 13. The carpenter doesn’twant a drill. He wants a hole –Page no. 13
- 14. How a productmanager sees it The carpenter has a problem. He needs a hole in the wall. A drill can solve this problem, but there’s much more to it than just creating a hole. The carpenter is concerned with multiple factors: The speed at which the hole is made The accuracy of the cut The safety of the device that makes the hole The ease of using the device The reliability of the device Where the device can be purchased or accessed The price of the device After sales support of the device Product managers define the problem using criteria such as these –Page no. before working on possible solutions 14
- 15. The product managementdomain Product management can be observed as the intersection of product planning and product marketing Strategic Product Management Product Product Planning Marketing User Focus Buyer Focus –Page no. Content Copyright © 2008 Blackblot. Used by permission.
- 16. Many roles inproduct management There are many roles that range in terms of strategic or tactical focus and marketing or engineering skill sets Strategic Product Product Marketing Planning Marketing / Sales Product Architect / Engineering Design Sales Manager Lead Project Developer Manager Product MarComms Operations –Page no. 16 Tactical / Operational
- 17. Guiding product andmarket strategy Product managers Senior must deliver value to managers the business and play Strategy Marketing a strategic role in determining the actions to achieve this. Finance Sales Product Manager But their role is also hands-on and Customer involves collaboration R&D service with multiple internal stakeholders Production Operations –Page no. Diagram Derived from original model published in: 17 The Product Manager's Handbook : The Complete Product Management Resource, Linda Gorchels, 2000
- 18. Product management inaction –Page no. 18
- 19. brainmates product deliverycycle –Page no.
- 20. Stage 1 -Idea Key stage actions • Ideation and innovation workshops • Interviews and discussions with customers • Market analysis including foreign markets Key stage deliverables • Market Problem • Market Opportunity Discussion Report –Page no. 20
- 21. Stage 2 –Product Strategy Key stage actions • Investigate idea concept • Contrast market problems, needs and wants with organisational capabilities and competitive threats • Conduct due diligence to determine if idea presents a feasible opportunity Key stage deliverables • Business case • Competitive analysis • Product comparison documents (of existing products) –Page no. 21
- 22. Stage 3 –Product Planning Key stage actions • Articulate the market problem • Develop and define market requirement • Identity and understand customers including buyers, users and influencers Key stage deliverables • Market segmentation and targeting • Personas • Use cases • Market requirements document –Page no.
- 23. Stage 4 –Product Definition Key stage actions • Articulate the solution that will solve the market problem and satisfy needs/wants • Provide inputs for development and other teams that will build and deliver the solution Key stage deliverables • Product requirements document • Product comparison document • Deliver prototype –Page no.
- 24. Stage 5 –Launch Planning Key stage actions • Prepare customer facing messaging • Prepare customer facing teams including sales, support and marketing communications Key stage deliverables • Value proposition • Product-Solution-Feature-Benefit table • Sales collateral • Marketing plan • Launch plan –Page no.
- 25. Stage 6 -Launch Key stage actions • Manage product launch and maintain velocity • Coordinate internal and external parties involved – ad agencies, support teams, sales teams • Act on feedback immediately Key stage deliverables • Marketing communications materials • Sales materials • Be available to colleagues as –Page no. required
- 26. Stage 7 –Day-to-Day Product Management Key stage actions • Continue to refine and improve product • Assist marketing, support and sales teams in selling and maintaining the product Key stage deliverables • Product in-life reports • Product roadmap • Product profile and collateral • Product marketing plans –Page no. 26
- 27. How does oneget into product management? –Page no. 27
- 28. Becoming a productmanager Become good at understanding problems and following a logical process to define and develop solutions that could solve these problems. Read books and blogs, listen to podcasts and watch videos to learn more about the product management profession Talk to product managers Use principles of product management in your current role Look at products and services that you buy & use and apply a product manager’s perspective to these Apply for jobs in product management –Page no. Dream big! 28
- 29. So to summarise –Page no. 29
- 30. In summary Goodproduct management is about delivering products that customers love. Product managers use logic, insight and a degree of creativity in defining, developing, deploying and maintaining these products. Product managers must guide and collaborate with other parts of the business and external stakeholders. Product managers have a duty to deliver financial benefits to their organisation. –Page no. 30
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- 32. Product innovation anddesign. brainmates leads companies to define, develop and deploy customer-centric products and services. www.brainmates.com.au [email protected] –Page no. +61 (2) 9232 8147