What is Product Management.pptx

Product Management Prof. Elizabeth E. Alfane, PhD BA MM Prof 6 Professor  Product management Product management is the practice of strategically driving the development, market launch, and continual support and improvement of a company’s products. 1. Conduc...

Product Management Prof. Elizabeth E. Alfane, PhD BA MM Prof 6 Professor  Product management Product management is the practice of strategically driving the development, market launch, and continual support and improvement of a company’s products. 1. Conducting Research: Researching to gain expertise about the company’s market, user personas, and competitors. * Conduct an Effective Competitive Analysis Every time.  Competitors make our own products better—they create urgency and drive innovation by providing both motivation and a measuring stick. If your product is the only one in the market, you’re either first (but not for long) or trying to serve a need that doesn’t exist. Competition validates the market and provides context for everyone involved.  Paying attention to what competitors are up to is important for everyone, but for product managers, it can be particularly valuable. Not only does competitive analysis illustrate a product’s strengths and weaknesses in comparison to those from other vendors, but it can also inform the product strategy as well as how to sell and position the product. 2. Developing Strategy: Shaping the industry knowledge they’ve learned into a high-level strategic plan for their product—including goals and objectives, a broad-strokes overview of the product itself, and maybe a rough timeline. 3. Communicating Plans: Developing a working strategic plan using a product roadmap and presenting it to key stakeholders across their organization: executives, investors, development teams, etc. Ongoing communication across their cross-functional teams throughout the development process and beyond. * Coordinating Development: Assuming they have received a green light to move forward with their product’s strategic plan, coordinate with the relevant teams— product marketing, development, etc.—to begin executing the plan. * Acting on Feedback and Data Analysis: Finally, after building, testing, and introducing the product to the marketplace, learning via data analysis and soliciting direct feedback from users, what works, what doesn’t, and what to add. Working with the relevant teams to incorporate this feedback into future product iterations. Reference The Ultimate Guide to Product Management. What is Product Management? | Definition + Resources ( productplan.com) Retrieved on August 3, 2024.