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Product Management

Product management involves new product development, planning, forecasting, pricing, launch, and marketing throughout the product lifecycle. It includes product discovery to understand user needs, developing a product strategy, overseeing product development, analyzing product performance using metrics and KPIs, creating a product roadmap, project management, and managing stakeholders. The goal is to solve user problems and build successful products through a collaborative process.

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98 views10 pages

Product Management

Product management involves new product development, planning, forecasting, pricing, launch, and marketing throughout the product lifecycle. It includes product discovery to understand user needs, developing a product strategy, overseeing product development, analyzing product performance using metrics and KPIs, creating a product roadmap, project management, and managing stakeholders. The goal is to solve user problems and build successful products through a collaborative process.

Uploaded by

arnav yadav
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Product

Management
Definition
Product management is an organizational function within a
company dealing with new product development, business
justification, planning, verification, forecasting, pricing, product
launch, and marketing of a product or products at all stages of the 
product lifecycle.

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Product discovery
This is the area of product management in which PMs
are expected to figure out what should be built.

• User needs study


- For understanding what your users want, you
need to be as close to them as you can be. User
research or user study is exactly what you can
guess from its name. 
• Business case presentation- Your findings about
a potential solution to the problem you are
trying to solve would need to be presented to
stakeholders, management leadership, etc.
• Question solved:
• What is the user persona (personas) for the product?
•    Which problems will the product solve?
•    How can we measure the success of the product?
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Strategy development
Once you have the vision, it must be translated into a
specific strategy.

• An effective product strategy defines the main


features of a product, users and their needs, and key
performance indicators (KPIs) that the product must
meet.
• Strategy development starts with market research.
Market research is a process of information
collection and analysis of the market and its present
or potential customers. It comprises the study of
potential customers’ spending habits and their
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attitude toward products of a similar kind.
Product development
In this phase of the product management process, ideas
that has been generated are finally executed. The
product manager provide his expertise and skills for the
development of the product.
It comprises of technical assistance,
specifications,product design and product
tracking and report.
 Product specifications is the document that
includes each and every piece of information
about the product to be built. This is the
document various teams, such as engineers,
quality analysts, etc., refer to in order to to
understand, in detail, what needs to be built and
how it is going to interact with various other
systems that are already present.

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Product analytics
a. KPIs and metrics
KPI stands for key performance indicator, and metric means something that is a quantifiable measure

Conversion rate: This is the rate at which users


on your platform convert. The definition of
convert can vary in each product.
Retention rate: As the word indicates, retention
rate is the rate at which users are retained on
your platform. 
b. Data analysis
• This would help to figure out how much revenue a
feature can bring in for the company. This is
especially important now, because all the product
companies track and gather a lot of data, which is a
storehouse of knowledge about users, their usage
patterns, etc.

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Product roadmap

• Roadmaps are strategic communication documents, not actual plans for what we will
execute and when.
• Roadmaps should be open and shared for company-wide discussions about what is being
built, for whom and why.
• There is always a need to explain what to expect from a roadmap, reflect on it, and explain
how and why we are using a roadmap
• Product prioritization frameworks
• In the process of creating a product roadmap, one of the vital decisions to be made is around
prioritizing, or which product features should be built when. Prioritization, in itself, is a very
challenging process, and it is more art than science.

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Project management
Project management is the practice of initiating, planning, executing, controlling and
closing the work of a team to achieve specific goals in a specific time period.

a. Self management
it is extremely important that you are able to always align your priorities and work on
the most important things at hand.
b. Time management
Time management goes with self management. This is extremely important. Time
management is a skill that would go a long way for any professional, not just product
managers.

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 Stakeholder management
A PM needs to communicate across all the differentteams, including engineering, productdesign, marketing,
retention,acquisition, program management, operations, businessintelligence, seniorleadership, etc. A PM has no
authoritywhatsoever over any of the team members on these teams.
Hence,it Is crucial to know the skill of stakeholder management, so a PM can lead by influence and ensure t
he product being built has the customer’s needs at the very core.

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