Step Product Planning (Designing and Defining the Solution)
After an intense market and user research, we are ready with our ideas. Now we have to finalize the product and craft the roadmap of the product development and management. This phase involves more in-depth analysis of Product Planning. Calculating the budget, analysing it’s performance in the market, cost benefit analysis, product profitability are all part of planning. The product Manager are reponsible for planning the complete roadmap of the product development keeps every minute detail in mind.
Product Research is the second level of product management. It involves analysing the actual demand of the product in the market. Designing the optimal structure of the product, that ensure smooth workflow. This step involves calculating the product growth graph, and improvising it, if it is underperforming.
- Product research
- Product design
- Product Requirement Document
- Customer sentiment analysis
- Product Growth Model
Once you are sure with the basic structure of the product. It is required to design the roadmap of the product as it describes the work division and roles of the team in the product management process. This roadmap helps in better communication of different team in product development and management.
Product Financials
Once a strong roadmap has been created, we will handle the finances now. This is done by creating a thorough budget and keeping careful track on expenditures. Potential revenue streams will also be identified, and we’ll actively seek them. This include limit budget for useles, thigns and focusing on major prospects.
- Product Financials & Profitability
- Cost Benefit Analysis
- Understanding the Time Value of Money
- Product Profitability
Once the financial planning is in order, it is important to establish clear product metrics to gauge the product’s sucess and identify the areas that need improvement. Product metrics are quantifiable data points that measure how users interact with and experience the product.
- User acquisition Metrics
- Activation metrics
- Monetization metrics
Prioritization Methods
We are all set to execute the development cycle, but wait one more thing we have to consider that is “Priority”. This means that which task should be done first and which should be done at last.
- MoSCoW
- RICE
- Value vs. Effort Matrix
- What is Kano Model?
- Weighted Scoring
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.