what is product management
DESCRIPTION
An informative presentation by Brainmates, about what is Product Management, particularly for those who don't know or are uncertain.TRANSCRIPT
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What is product management?
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This presentation seeks to answer the following questions:
What is product management?
What do product managers do?
Who does product management?
How does one become a product manager?
What is product management?
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The role of product management
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The role of Product Management is to define, develop, deployand maintain products and services that:
Provide more value than the competition.
Help build a sustainable competitive advantage.
Deliver financial benefit to the business.
The role of product management
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It’s a pretty safe bet to say that few – if any – product managers have a Bachelor degree in Product Management
“Everyone comes from somewhere else”Steven Haines – The Product Managers Desk Reference
The accidental profession
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Most product managers have roots in other professions
Past lives of product managers
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So what do product managers do?
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Past lives of product managers
PICTURE OF DUDE UNDER CAR
Product managers like to solve problems
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Product managers spend time understanding
what customers need and want…
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…Then develop solutions that solve these
problems and satisfy needs & wants
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Product managers have a duty to deliver and
maintain financial benefit to the business
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Product managers see things
differently
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The carpenter doesn’t want a drill.
He wants a hole
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The speed at which the hole is made
The accuracy of the cut
The safety of the device that makes the hole
The ease of using the device
The reliability of the device
Where the device can be purchased or accessed
The price of the device
After sales support of the device
Product managers define the problem using criteria such as these before working on possible solutions
How a product manager sees it
The carpenter has a problem. He needs a hole in the wall. A drill can solve this problem, but there’s much more to it than just creating a hole. The carpenter is concerned with multiple factors:
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Product Planning
User Focus
Product Marketing
Buyer Focus
Content Copyright © 2008 Blackblot. Used by permission.
Strategic Product Management
The product management domain
Product management can be observed as the intersection of product planning and product marketing
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Strategic
Tactical / Operational
Marketing / Sales EngineeringProduct Architect /
Design
Project Manager
Product OperationsMarComms
SalesManager Lead
Developer
Product Marketing
Product Planning
Many roles in product management
There are many roles that range in terms of strategic or tacticalfocus and marketing or engineering skill sets
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Product Manager
Senior managers
Marketing
Sales
Customer service
OperationsProduction
R&D
Finance
Strategy
Guiding product and market strategy
Product managers must deliver value to the business and play a strategic role in determining the actions to achieve this.
But their role is also hands-on and involves collaborationwith multiple internal stakeholders
Diagram Derived from original model published in: The Product Manager's Handbook : The Complete Product Management Resource, Linda Gorchels, 2000
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Product management in action
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brainmates product delivery cycle
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Key stage actions• Ideation and innovation workshops• Interviews and discussions with customers• Market analysis including foreign markets
Key stage deliverables• Market Problem • Market Opportunity Discussion Report
Stage 1 - Idea
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Stage 2 – Product Strategy
Key stage actions• Investigate idea concept• Contrast market problems, needs and wants with organisational capabilities and competitive threats• Conduct due diligence to determine if idea presents a feasible opportunity
Key stage deliverables• Business case• Competitive analysis• Product comparison documents (of existing products)
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Key stage actions• Articulate the market problem• Develop and define market requirement • Identity and understand customers including buyers, users and influencers
Key stage deliverables• Market segmentation and targeting• Personas• Use cases• Market requirements document
Stage 3 – Product Planning
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Key stage actions• Articulate the solution that will solve the market problem and satisfy needs/wants• Provide inputs for development and other teams that will build and deliver the solution
Key stage deliverables• Product requirements document• Product comparison document• Deliver prototype
Stage 4 – Product Definition
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Key stage actions• Prepare customer facing messaging• Prepare customer facing teams including sales, support and marketing communications
Key stage deliverables• Value proposition• Product-Solution-Feature-Benefit table• Sales collateral• Marketing plan• Launch plan
Stage 5 – Launch Planning
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Key stage actions• Manage product launch and maintain velocity• Coordinate internal and external parties involved – ad agencies, support teams, sales teams• Act on feedback immediately
Key stage deliverables• Marketing communications materials• Sales materials• Be available to colleagues as required
Stage 6 - Launch
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Key stage actions• Continue to refine and improve product• Assist marketing, support and sales teams in selling and maintaining the product
Key stage deliverables• Product in-life reports• Product roadmap• Product profile and collateral• Product marketing plans
Stage 7 – Day-to-Day Product Management
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How does one get into product
management?
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Become good at understanding problems and following a logical process to define and develop solutions that could solve these problems.
Becoming a product manager
Read books and blogs, listen to podcasts and watch videos to learn more about the product management profession
Talk to product managers
Use principles of product management in your current role
Look at products and services that you buy & use and apply a product manager’s perspective to these
Apply for jobs in product management
Dream big!
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So to summarise
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Good product management is about delivering products that customers love.
Product managers use logic, insight and a degree of creativity in defining, developing, deploying and maintaining these products.
Product managers must guide and collaborate with other parts of the business and external stakeholders.
Product managers have a duty to deliver financial benefits to their organisation.
In summary
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Product innovation and design.
brainmates leads companies to define, develop and deploy customer-centric products and services.
www.brainmates.com.au
+61 (2) 9232 8147