What is Product Management?

1 Product Management can be defined as the general business structure within a company that
supports and manages all the activities related to developing, marketing and selling a
product. To build the best possible product, product managers advocate for customers within
the organization and make sure the voice of the market is heard and heeded.
2
Product Management can be broken down into product development & product marketing

3 Product management’s general business purposes are to make the product valuable for its
targeted customer (creating customer value) while producing measurable benefits that make
every business viable such as revenue, profit margins, etc.

Product management professionals often spend their time understanding the customer’s
4 problems and needs and developing solutions that not only solve these problems but go
above and beyond the customer’s expectations

Major Roles & Responsibilities:-

Conducting Research: Product management professionals (product managers, product

1 owners) conduct research to gain expertise about the company’s market, user personas, and
competitors.

Developing Strategy: When they’ve gained sufficient industry information, product

2 professionals then shape this knowledge into a high-level strategic plan for their product—
including goals and objectives, a broad-strokes overview of the product itself, and maybe a
rough timeline.

Communicating Plans:Now that they have a working strategic plan—which they’ll typically
3 develop using a product roadmap—product professionals then present this plan to key
stakeholders across their organization: executives, investors, their development team, etc.
These product professionals will need to continue communicating across their cross-
functional teams throughout the development process and beyond.

4 Coordinating Development: Assuming they have received a green light to move forward with
their product’s strategic plan, product professionals will then coordinate with the relevant
teams—product marketing, development, etc.—to begin executing the plan

Acting on Feedback and Data Analysis: Finally, after the product has been built, tested and
5 introduced to the marketplace, the product professional will learn, both through data analysis
and by soliciting direct feedback from users, what works, what doesn’t, and what to add.
Then they will again work with the relevant teams to incorporate this feedback into future
iterations of the product.

Skills needed by a Product Manager

 The ability to say no — and to explain why - A successful product manager needs to be able
1 to keep any extraneous items out of the product roadmap, to ensure that the product stays
on plan and meets its high-level strategic objectives

Being a great delegator - Product managers cannot manage all aspects of a product’s
2 development themselves. But with ultimate responsibility for the product’s success or failure,
many product managers are tempted to micromanage every area of development, down to
the smallest tasks

A tight focus on strategy — and not on putting out fires

3 Because product managers are often the single point of contact for everything that happens
in a product’s development, they can often find themselves pulled into putting out fires —
issues that are not important enough to affect the product’s success but that demand
immediate attention.

The ability to speak multiple constituents’ languages

product manager’s job is to coordinate among many disparate groups of constituents —
4 executives, sales reps, customers, development or manufacturing teams, marketing
personnel, etc. — and to ensure all of these groups understand their roles and are working
toward a common strategic goal.ngineers speak in terms of software code and other
technical details. And so on. Successful product managers must be able to speak fluently in all
of these business dialects, to ensure they can clearly articulate what to expect from each
team.

5 Being a great listener - Just as important as speaking the dialects of each constituent group
involved in their product’s development, product managers must also be able to understand
those dialects. This, of course, requires great listening skills.

Tips for the new product manager: your first week

1
any product manager's first week should include directly engaging and talking with users
2 study the platform and architecture
3
Probably call a few meetings with the team and figure out who my stakeholders are.
4 Build relationships with the developers and designers. Take them to lunch. Buy them a few
beers
5 Dig through the data. Start looking at what analytics are in place
6 Talk to your best customers and ask them about what they like about the product
7 So if you're joining a new company, go ahead and reach out to a few of your users. Even the
ones who were unhappy and left. Actually, especially them.

Product analytics
 As product managers, we take every opportunity we get to learn more about our customers
because understanding their needs is critical to building useful products. This means
1 conducting customer interviews, running surveys, and examining in-product analytics. The
data we glean from product analytics tells us how users actually use the product – not what
they want to do, how they think they're using them, or even how we think they are using
them

In order to get a quantitative understanding of what users are doing with your product, the
2 first step is instrumenting it with analytics. The idea is to fire an event for every action that a
user can take in your product so you get an aggregated view of how many users use a
feature, and how often they're using it. For example, if you want to track the number of times
a user clicks a specific button, you might fire an event called "big-red-button.click." From
there you can see which features need work, which are your most important, and use that
information to prioritize changes.

There are a ton of solutions out there that give you a framework for adding analytics events
and tracking them. Check out Google Analytics or KISSmetrics as a starting point.

Requirement

Building a great product requires tons of research and comprehensive planning. But where do
1 you start? Product managers often start with a product requirements
document (PRD).
2 A product requirements document defines the product you are about to build: It outlines the
product's purpose, its features, functionalities, and behavior
3 PRD includes Goals ----> User Stories ---> User design interaction--->
Questions/clarifications/Scope
4 You then share the PRD with all stakeholders and once all are aligned PRD serves as a clear
direction towards the product purpose

When conducting customer interviews, include a member of the design and development
5 teams so they can hear from a customer directly instead of relying on the product owner's
notes. It will also give them the chance to probe deeper while the topic is fresh in the
customer's mind

Make issue triage and backlog grooming a team sport as well. These are great opportunities
5 to make sure everyone is on the same page, and understand why the product owner has
prioritized work the way they have
6 Create customer interview page

Now, create a section for the details of the problems collected from the customer. This is how
7 you begin to turn interviews into insights. In our example, there’s a place to add use case
details
8 And an area set up to capture the minute details of each problem
Comments Important Links

https://www.atlassian.com/agile/product-management
1 Product lifecycle

Intro

Growth
Maturity
Decline

2 Prioritisation

3 Defect handling
Once product has been deployed, the first stage is introduction.. This is were the promotions and
marketting is done.Here we can get a sense of how customer is responding to the product.

Here consumer has already taken the product and the demand is increasing. Here is competition is
high, company might invest in marketting. In the growth stage product is enhanced to improve
features/functionalities
When product reaches maturity, its sales tend to slow or even stop. Pricing can become competitive and company will often d
In the decline stage sales drop significantly and customer behaiors also change. Market share will drop significantly. Eventually

We usually do a ROI to decide on the prioritisation.. RICE

R - Reach ( How many people will be using this product)
I - Impact ( How much will it impact the users)
C - Confidence ( How confident are we about the impact and reach, how much data do we have to back it up)
E - Effort (How much time will it need in terms of designing , development, testing) SP that can be covered in a sprint

Identifying a defect
Categorisation of the defect
fixing
retesting
Closure
and company will often develop new products for different target audience
p significantly. Eventually product will be removed from the market unless it is able to redesign iteself

vered in a sprint
Where do the Ideas come from ?
PM job is to say 'No' to some of the ideas that are captured.

What should a product roadmap do?

Considerations & Inputs while building a

roadmap

How to build a Roadmap?

How to create a Business Case

https://www.youtube.com/watch?v=sxGJha37iQA
 Customers , Engineers, Sales & Marketing team
eas that are captured.

It should reflect the product vision

It should be a communication tool
It should be very simple
Source of truth for internal alignment
Delivery dates

Key Problems - As a PM it is important to understand what problem we are

going to solve. It could be a problem that customers are facing. The
Solutions for the problems
Goals/OKRs of the product
High level mission of the company

V - Vision
T - Themes
F - Focus Area
M - Measures

Market & Customer - Target market segments, size and trends. Customer
needs, top problems and opportunities

Strategy, Program objectives & Metrics - Product strategy and fitting it within
the roadmap. Objectives & metrics(how to measure success). Development
timelines
Solution - Whole product defintion, top features & benefits
Value proposition - Clear defintion of value to the customers, unique
competitive advantage
Go to Market - Sales and distribution. Launch approach & timelines
Financials/Budget - People resource needed, development cost, Pricing,
revenue and profit
 It should show the Vision and the direction of your product
It should communicate what you are building and Why

Product Roadmap Goals Describe the strategy & Vision

Provide a guiding document for executing the strategy
Get your stakeholders alignment
Facilitate discussions on scenario planning
Communite with external stakeholders

Different types of Roadmaps

- Executive Roadmap Cust Satisfaction
Driving Growth
New Market Penetration
Churn

- Engineering Roadmap Release dates

Features
Sprints

Milestones

"-Sales Roadmap Communicate benefits

API Dashboard datadog
No.of request
Percentile
Error details Type
Percentage
Error rate
Latency
PM should know how his API is performing and how can he bring down the errors
PM should provide the NFR requirements for API creation
Introduction This is the first stage of the Product Life cycle
Here product is new in the market and sales are slow
Here organisation has to incur additional cost towards marketing & advertising to make it appealing to the cust
Here company tries to build more awareness about the product in the market where there is no or less compe
Once adequate awareness is built in the market, company then looks into pricing & distribution
Pricing is very important to gain market share
Skimming pricing Strategy - Here company tries to price the product higher for customers who are willing to bu
Any new product should have some unique feature so that customers are ready to buy them

Growth This is the stage where product gains acceptance among the consumers and sales & revenue starts to increase
This is the key stage for establishing the products position in the market and this is achieved by continuous dev

- Challenges Increasing competition - If the company is the first one to introduce the product then the competition is less, h
Lower Price - During the introduction stage, companies can often charge premium price as the product is uniqu
Different Marketting approach - At the introduction stage, product benefits from the marketting strategy, how

- Benefits Reduced Cost - With the new product development & marketting, Introduction stage is the most costliest stage
Greater Awareness - During the growth stage, more and more consumers will become aware about the produc
Higher Profits - With lower cost and higher demand, there will be increase in profits
ke it appealing to the customers
there is no or less competition

mers who are willing to buy the product

evenue starts to increase

hieved by continuous development of customers demands by use of promotional activities & reducing the cost

the competition is less, however once the demand starts to increase and product moves to growth stage there is a risk of competion from
ce as the product is unique, however due to the competition in the growth stage companies have to lower the price in order to achieve th
marketting strategy, however once the product becomes established and is no longer new, a different marketting strategy needs to be imp

is the most costliest stage. However once the demand starts increasing companies can reduce the cost
e aware about the product. This will lead to increase in markeet size and greater demand which will lead to higher sales
ere is a risk of competion from other companies/products
he price in order to achieve the desired sales
etting strategy needs to be implemented

higher sales
 There are 7 stages in Pragmatic Framework

Market Understand market problems

Create a strategy and decide which problems to solve and in which order(Product
Focus Roadmap/planning)

Business Formalise your Product Plan to deliver the solutions to solve market problems
Connet your plans with the organisation that develop, promote and deliver the
Planning solutions to the market
Programs It includes Launching, advertising , Awareness & meeting customers
EnablemenEnsure the organisations ability to sell and support your product
Support Support the organisation with market and product expertise