Product Management Fundamentals

• A product is a software application or service solving a specific need or problem for a customer.
• Product application types include desktop, web, and mobile.

PM Skills and Role

• Product Managers should possess communication, creativity, strategic thinking, and analytical skills.
• Critical skills for them are design thinking, prioritization, decision-making, and technical aptitude.
• They need excellent presentation skills for both internal and external communication, a strong technical understanding, and passion for UX.
• Product Managers should pay attention to details in UX and design
• They use analytical insights to drive product decisions and displays leadership to motivate diverse teams.

Market Analysis Terms

• Need refers to a consumer requirement addressable by a product.
• Problem means a specific challenge, issue, or difficulty a consumer seeks to resolve.
• Target Market is a group of customers a company selects to sell to.
• Market Opportunity is a chance for a business to meet unfulfilled needs or capitalize on trends for growth.
• Product Market Fit is when a product meets target market needs/preferences, leading to satisfaction, demand, and adoption.
• Iterative refinement based on customer feedback enhances Product Market Fit.

Environmental Analysis (PEST Framework)

• Environmental Analysis Definition: A strategic framework to analyze external macro-environmental factors.
• Political factors: Government policies, regulations, and stability, including government stability, rule of majority, taxation policy, corruption levels, and ease of doing business.
• Economic factors: Encompass inflation, exchange rates, and economic conditions, like the stage of the business cycle, impact of globalization, labor costs, and changes in the economic environment.
• Social factors: Societal norms, demographics, and cultural shifts, including population growth, gender & ethnic diversity, health & education, social welfare, and economic disparity.
• Technological factors: Innovations and technological advancements, such as R&D activity, impact of emerging technologies and technology transfer, technology diffusion and disruption.

Additional Market Analysis Elements

• Market Size Definition: Market volume (# of deals, deal size $$$) today and in the future.
• Example: The Public Safety Drone Market is projected to grow from USD 1.1B (2023) to USD 2.0B (2028) with a CAGR of 13%.
• Market Trends Definition: A general direction in which a market is heading, reflecting changes in consumer preferences, technology, economy, regulations, or competition, vital for businesses to adapt.
• For example, trends in streaming markets include content diversification, global expansion and interactive streaming.
• Market Opportunity Definition: A chance for a business to meet unfulfilled needs or capitalize on emerging trends, ultimately leading to potential growth and success.
• These opportunities, identify unmet needs or trends that can lead to growth and success.
• Example: Integrated Urban Counter-Drone Systems for densely populated areas.
• Sales Analysis Definition: Gaining insights into sales performance and identifying trends, patterns, and areas of strength and weakness in their sales strategy.
• It tracks KPIs such as customer acquisition, retention, churn rates, revenue, and profitability.
• Market Segmentation Definition: Process of dividing a larger market into distinct and homogeneous subgroups of consumers or businesses based on shared characteristics, behaviors, or needs.
• This divides a market into distinct subgroups for better targeting.
• Segments types: demographic (age, gender, income), geographic (location-based), psychographic (lifestyle, interests, values), and behavioral.
• Example: Nike tailors products and messaging to different segments.
• Sources for market analysis include online reports, press releases, newspapers, forums, promotions, websites and advertising campaigns, business intelligence, and sales analysis.

Competitive Analysis

• Competitive Analysis Definition: Assessment of the strengths/weaknesses of current/potential competitors and the threat they pose.
• Methods include customer insights (win/loss analysis, surveys), technology comparison (testing products), financial analysis (filings, growth).
• Competitive Strategies: Defensive/emulation to copy successful ideas, offensive/leadership to innovate and differentiate.

Red Ocean vs. Blue Ocean

• Red Ocean: Existing markets with high competition and limited growth.
• Blue Ocean: Is Unexplored markets with little competition and higher growth potential.

Competitive Analysis Process

• List competitors
• Collect data on structure, products etc
• Analyze and formulate a competitive strategy
• Support sales and market teams with relevant insights

SWOT Analysis

• Strengths mean unique qualities
• Weaknesses mean pain points areas where consumers excel
• Opportunity means underserved markets
• Threats, new competitors,
• Product-Market Fit Definition: Aligning a product with market demand to ensure customer satisfaction and growth.
• Indicators of Fit: High customer satisfaction, willingness to pay, rapid customer and revenue growth.
• Example: YouTube pivoted from a dating platform to a video-sharing site after realizing user preferences.

VOC (Voice of Customer) - Session Objectives

• Define customer types B2B, B2C, B2G, B2D, feedback methods, customer satsifcation and product management
• Customer Types: B2B (e.g., Salesforce), B2C (e.g., Pinterest), Hybrid (e.g., Instagram: 70% B2C, 30% B2B).
• VOC helps validate assumptions, identify needs, and strengthens client relationships.
• Example: Amazon focuses on personalized user experiences utilizing technology.

Qualitative Methods

• Qualitative face-to-face (F2F): Interviews and focus groups.
• Online: Utilizes surveys, webinars, in-app feedback, social media, and user forums.
• F2F Interview "Do's": Agenda, open-ended questions, active listening, neutral stance.
• F2F Interview "Don'ts": Avoid leading questions, defensive responses, jargon, interruptions, and rushing.
• The objective of the interview is to understand the overall product satisfaction, its key features, any challenges and suggestions.
• Usage of channels like webinars and online events has accelerated

Quantitative Methods

• Product & Customer-based Metrics
• Segmentation includes new versus old versus pricing
• Tools include Gong and ZoomInfo

Customer Satisfaction Metrics

• NPS( Net Promoter Score) measures likelihood of recommending the product.
• CSAT (Customer Satisfaction Score): Means rating of product.
• Retention Rate shows the % of retained customers.
• Ensure customers find value from the product

Requirements Definition

• Product requirements are defined within the product development lifecycle, focusing on functional and non-functional aspects, sources, and personas.
• Product lifecycle begins with design, continues through to maintenance, and involves management of APIs and technical requirements.
• Examples include the design of an alarm system, its properties, and actions.

Requirements Components

• Product requirements describe characteristics the product must achieve, derive from customer feedback, market research, competitor analysis, sales team input, and directives.
• Specifications include functional (features) and non-functional (quality attributes and security) elements
• Functional requirements include user activities, business logic, data management, reporting, notifications, external interfaces; Example: Recurring Payments.
• Non-functional requirements include user processing time, encryption of data & uptime.
• Guidelines include clear & specific language, consistency in terminology, verification criteria, examples, and a focus on requirments.
• An example must have Good versus Bad requirements.
• Good examples include the payments showing the transaction history for the last 30 days, in the correct order.
• Bad examples include users should find it easy to make payments.
• Personas are fictional characters to understand customers’ goals.
• Persona attributes include demographics, psychographics, and motivations.
• Well-defined product requirements/Functional & non-functional will make a product successful and meet user types.

Use Case

• Use cases & user stories improve product
• Use cases are a scenario where a user interacts the product to achieve an outcome.
• User stories are smaller units to describe a functionality
• Use cases help visualize users
• User have clear independent testsable tasks

Key Characteristics of a User Story

• User stories follow Bill Wake's INVEST principles to ensure effectiveness and manageability.
• User Story Definition: As a (user type) I want to (feature)
• A Product Requirements Document serves as a guide by defining function,audience and behavior
• Overviews and User Needs and requirements
• Scope Assumptions and Constraints and success
• Challenges time/process etc
• Tools to simplify include Notion Confluence and AI helpers
• PRDs ensure good communication and collaborative tools streamlines this.

API Integration Methods

• Application Programming Interfaces, facilitates data exchange
• Methods can involve retrieving infomation from various sources
• Free vs proprietary

Common API Protocols and Applications

• SOAP and GraphQL
• Methods types are get for retreve data
• Popular API's include Google, Open AI and Facebook

API Currency Requirements

• Multi currency Data Needed Daily exchange rates (public information).
• API meets desired the cost aligned with usage needs,documentation
• Examples include Exchange rates API and Convert.

Fintech API's

• Support multi-currency and enable integration with existing systems

Agile Methodologies Session Objectives

• Introduction to Agile methodology.
• Tools for managing Agile projects.
• The role of the Product Manager in Agile environments.
• Effective collaboration with Agile teams and stakeholders.
• Agile processes and rituals.

Agile Methodologies

• Waterfall:
• In 1970, by Winston by Royce
• Each phase is completed before moving to the next. Suitable for highly regulated products Draw Back Limited flexibility to changes Agile
• 2001 with the Agile Manifesto.
• Emphasizes Adaptability, shorter development cycle, and continuous improvement Cross functional team

Values for Agile

• Individuals and teams over processes and tools
• Software over documentation'
• Customer Collaboration
• Following a plan

Benefits

• Adapts and flexibility
• Early Deiversy
• Customers more involved
• Higher Productivity
• Adaptation learning and addressing
• Timeliness and saving Kanban
• To "do, in progress and done"

Scrum Framework Overview

• Scrum promotes teamwork, iteration, and has defined roles
• Product Manager Defines
• Development Tam designs
• Facilitates Scrum principles, avoids
• prioritized list with output from each Sprint"

Tracking Sprint Progress

• The main goals are stand ups and flags"
• Daily stand-ups and direct collaborations
• Teams in the form of Amazon
• Two pizza

Agile Methodologies

1. Is flexible
2. Software
3. Collaboration and improved
4. Scrum the popular

• Workflow team collaboration
• Examples Spotify,Salesforce"

Session Objectives (UX Part 1)

• Goals are define UI signifiicance"
• Understanding design with tools and testing
• UX encompasses user interaction/functionality
• 70% poor usability
• Is critical defines product requirements

UX Elements

• Simple intuitive design
• Easy navigation
• aesthetic design"
• Meet needs of users and meets the goals of users

Key Mistakes to Avoid

• avoid complication navigation and options
• Important Ux laws
• Hicks laws Miller's laws UX must be reponsive"

Key Takeaways

• To give enhancement and ensure is effective

UX Part 2

• Summary includes all elements of UX
• All details for product

Details for the team"

• Visual and colors for consitecy

Key features of a good tool"

• Simulation and drag and drop
• Step of using the tool"
• Mocup V Prototype
• Users flow"
• Tool" All elements in the system
• Evaluate usability and test" " Ensure that Al tools assist and design AI