Step Product Idea generation (Finding the Problem)
Product Management involves studying the market, understanding the sentiment of the market and analysing what is the need of customer, having a deep research about the market and creating a vision about the solution to withstand the problem. After deep market analysis, it is required to study the mindset of the customer, because it helps in pinpointing the need and providing the most appropiate product or service.
Market Research and Vision
The First step of Idea generation is understanding the direction of wind, just as a sailor must know the prevailing winds to effectively navigate the seas, similarly product manager must understand the minute details of market landscape to make successful products. This involves delving into market research and crafting a clear vision that aligns with customer needs and industry trends.
Market Understanding
Market Understanding plays a cruical role in product management as it helps to craft the most suitable idea according to the current customer demand and market trends. Once we are done with analysing the market, we are required to gain an in-depth understanding of the market using multiple indicators such as TAM, Market Sizing and Competition Analysis.
- Idea Validation
- Competitive Analysis
- Conduct competitive analysis
- Competiton Benchmarking
- Market Sizing
- Market Potential
- User Segmentation
- Total Addressable Market
After understanding the market, then user research is done. User research is the systematic study of users and their needs, behaviors, and attitudes to inform the design and development of products or services. It is an important part of the product management processes, as it helps to ensure that products are designed to meet the needs of real users. User research can be conducted using a variety of methods, including surveys, interviews, usability testing, and user observation.
- User research
- Different types of user research
- 5 common mistakes to avoid in user research
- User story
- How to create a user story?
- How to conduct a user interview: A step-by-step guide?
- Product Analytics
- Creating Persona & Journey Mapping
Learn Product Management | Beginner to Advanced Tutorial
Product management is an all-around process that involves planning, development, launching, marketing, and post-sales improvement of a product and service. Product Management includes the complete lifecycle of the product or service, from idea generation to development of the product to the final launch. The product manager is an entity or a person who is responsible for looking after all these issues and collaborating with different teams, to bring out the best product that fits every need of customers.