product management explained - brainmates...a product management consulting and training business to...
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Product Management Explained
Who is Brainmates?A product management consulting and training business
To provide experienced Product Management to businesses that want to truly understand their customers’ needs ....
Our mission:
... to develop innovative productsthat their customers love.
What is Product Management?
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Product Management is a process.
For delivering and managing a product or service through
its lifecycle.
Product Management is also a function in a
business.
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Product Management is good, solid business
thinking.
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Product Management is a set of skills.
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Product Management is leadership.
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What are the Objectives of Product Management?
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Product Management creates customer
value.
And delivers measurable business
benefits.
By finding unsolved customer problems.
To create seamless, elegant product experiences.
That outwit the competition.
Over a sustainableperiod.
Why is it Important to Embrace Product Management?
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“Superior and differentiated products – ones that deliver unique benefits and superior value to the customer – are the number one driver of product
success and product profitability.”
Robert Cooper, 2005
Many Products Do Not Succeed…
… only 56% of businesses’ new product development projects achieve their financial goals,and only 51% are launched on time”.
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Robert Cooper“New Products – What Separates the Winners from the Losers and What Drives Success”,
The PDMA Handbook of NPD, 2nd Edition
Because…
Competitors move faster providing consumers with exponential choice.
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Products Need to Stand Out
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Be exceptional
And Captivate the Right Market…
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1930s
1980s
Product Management Is NOT New
But Now Applied In Many Types Of Companies
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What is a Product?
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“A product is more than its physical form or content.”
Berlin Asong
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A product is a combination of goods
and or services.
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That satisfies a need of a specific market.
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A product is deliberately created.
Not accidental or naturally occurring.
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VS
A product is intended for trade or commerce.
Not created for personal consumption.
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VS
A product encompasses the entire customer
experience.
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+
If Any Component Fails, The Entire Product Experience is Poor
Process, Physical Environment
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The Brainmates Framework
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The Brainmates Framework
Two Operational Modes
Day to Day Product ManagementProduct Delivery
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1. Day to Day Product Management
5 Key Areas
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Product
Price
Promotion
Placement
Physical Environment
Monitor
Manage
Respond
2. Product Delivery
An area of focus for many product professionals.
Initiated when new ideas require assessment and support from development to launch.
Product and Market Development initiatives help extend the life of the product.
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A Product Delivery Process
3 Phases
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1. Innovate
2. Design
3. Implement
Innovate Phase : Purpose
Generate and rankideas
Validate the ideas against the external Marketplace.
Determine if the business should invest to develop ideas into a product.
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Design Phase : Purpose
Immerse the team in the customer problem to be solved.
Define a solution description in sufficient detail to enable Product Build to commence.
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Implement Phase : Purpose
Oversee the build of the Product
Prepare the externalmessaging to communicate the product’s value
Ensures the internalLaunch readiness to ensure the product’s success!
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Many People Do Product Management
Product ManagerCorporate StrategistProduct MarketingProducerBrand ManagerUser Experience Manager Product OwnerFounder
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Do You?
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Connect with Brainmates
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Brainmates Group @Brainmates#prodmgmt
Facebook.com/Brainmates
www.brainmates.com.au info@brainmates.com.au + 61 2 9923 8147
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