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Product Management
Product Management is a complex web of steps required to be taken to achieve success with a single or portfolio of products. Achieving success requires an understanding of every step in order to optimize the process leading to the goal. The challenge for most product managers is that the groups required to execute the plan typically do not report directly to the product manager. This requires an additional unique skill set of using influence
Plan
The planning stage of delivering your product includes forming your idea into a product that can be tested and then deciding on how you plan to deliver the product to your customer.
Capturing, documenting, and prioritizing ideas to get the best return on your efforts.
Proper documentation, experimentation, and design process will expedite the delivery of the product.
Taking the time to test the product both in the lab, through supply chain, and with customers will provide a foundation for success.
Selecting the best business model to reach the greatest amount of customers will aid in quicker success.
Deliver
Once a product has been fully planned, managing the physical delivery requires careful coordination across the entire business.
Optimizing the supply chain for cost, quality, and delivery can make or break the product market fit.
The messaging and approach to your customers will drive awareness of the brand and the value the product can create.
Planning the physical delivery of the product creates another opportunity to deliver value to the customer.
Managing the capital needs of the business is crucial to being able to deliver value.
Feedback
Product management is a journey that doesn’t end and achieving success comes from measuring performance, optimizing the product portfolio, communicating the results, plans and strategies, and then celebrating the success of the product.
Measuring and analyzing the performance of your product is critical for determining the next steps needed.
Over time your product becomes a portfolio of different products and services. Optimizing this portfolio will enhance the profitability of the product line.
Continuous communication with all of the interested parties will determine how smoothly a product moves through the business.
Celebrating the success of the organizations work on the product will help to build the culture in your organization.
