What is a product's definition? We may have various definitions and have extensive debates about it, but for the sake of this post, I'll keep it simple...“A product is anything that alleviates a problem, meets a need, or satisfies a desire at a low cost while providing ease of use and convenience.” If we take a closer look, the entire concept of Product Management emerges from this statement. Let's put our minds to work on a basic question: what does it take to develop a product?
The economy is at the centre of everything. What is the maximum amount I am willing to spend? When are you going to stop? What am I going to make? When?
Finance (in most cases, the BU's budget) determines the amount of money that may be set aside for product development. Set a clear route for the product's investments to be made in a staged way based on short-term goals.
2. The issue at hand
What precisely are we attempting to construct? What is the bare minimum that will persuade a consumer to utilise our product? Are we addressing a problem or gratifying a desire? Is it the customer's desire that we wish to fulfil?
In the midst of all the excitement of creating the finest product with the best features, it's critical to remind the team of the product's sole purpose. It's critical to get those essential features correct the first time and provide the greatest possible user experience. Even if it means removing a few features from your product in order to get those key elements perfect, so be it; your product's success or failure may hinge on it.
3. Market comprehension
Will we sell to whom and how? Why would someone want to buy our product? What distinguishes you from the competition? What is the size of my market? What is the size of my target customer's purse?
One of the most crucial aspects of product development. The marketing and sales teams are frequently accused of having their ears to the ground. They can tell you what's hot, what's selling, and what's not. What are our rivals attempting to achieve? To guarantee that the product is a success, extensive study and thorough analysis are required; otherwise, even the best-engineered product might fail if it lacks empathy for the consumer.
Who will construct it for me? Do we have all of the necessary skills? Is it a feasible option? Is it even possible? Is that even possible?
Before beginning product development, it's critical to be realistic and create a roadmap that can be completed on schedule and with the highest possible quality, ensuring that the product has a good chance of succeeding. Even if you have the finest product in the world, if it is delivered significantly later than all of your rivals, you are losing a significant amount of money.
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5. Industrial Design + User Interface Design = Design Thinking
What should the appearance of my product be? What will make a favourable first impression on my user?
Putting design at the heart of product development is one of the most significant shifts in the IT sector in recent years. It's something Apple has been doing for decades, alinkinbiond now it's something that everyone wants to do. Create a product that is appealing to your target audience. Your product should elicit good feelings in the consumer in addition to alleviating a pain or gratifying a need.
6. Priority in Business (in case you are part of a company which has multiple product lines)
What are the objectives of the upper management? When will they require it? Will this product be a good match for the firm's portfolio? Is there a similarity in the brand experience? Is it necessary for us to be included in the existing product umbrella? Is this a brand-new product?
A product is an important element of an organization's strategy. A product's roadmap should include elements that are compatible with the company's product strategy. The messaging, the appearance and feel, the branding, and so on. A product is, in essence, how an organisation interacts with its users, therefore it had better be good.
7. Customer Service
Who will provide support when the product is released? What type of assistance do we need to offer?
Unlike in the past, most businesses now recognise that the customer cycle does not end with the purchase of a product. In fact, how well your product performs may be determined by the post-purchase experience, which includes client happiness. It is critical that issue be considered and handled.
Is it possible that we're infringing on someone's patent? Is it necessary to file a patent? What should the terms and conditions of my product's use be?
While everyone wants to stay on the right side of the law, the complexity rises when launching a product in different areas. Each nation has its own set of privacy rules and regulations that your product must adhere to.
We should now have a good sense of how difficult product development may be. Imagine the turmoil and confusion that would result if we had a representative for each of the elements described above, putting forth his or her agenda that dictates the path of product development. A conservative budget is more important to a finance guy than a sales representative's requirement for an additional feature that will help him/her side sell, or engineering may want their technical debts cleared so they can deliver a best-in-class product rather than spending time incorporating that one change prompted by early consumer (VOC) feedback.
This is where the Product Manager's job is crucial. When it comes to product planning, a Product Manager must represent all stakeholders. The Product Management function serves as a link between all of the organization's stakeholders and the engineering team. The idea is to create a product roadmap that incorporates and efficiently prioritises all of the stories (Features) that contribute to the organization's goals. The effective execution of important goals is typically the decisive factor in a product's success, and a Product Manager plays a critical role in establishing the road to success.
We need to debunk the notion that Product Managers are superhumans who can handle everything. There are several jobs within Product Management, just as there are numerous dimensions to product development. Many organisations have their own meanings and interpretations of the definitions.