Activities Within Product Management
From Product Management School
As we've discovered from earlier articles, Product Management covers the entire lifecycle of a product. This is from concept to post launch.
There are a number of product lifestyle models. They are basically made up of the same components - the only difference between them is that the activities are distributed slightly differently.
There are many actives that have to take place in each part of the cycle. Let’s take a look at a generic version each of the phases and the activities that the Project Manager takes part in:
Phase 1 - Inception Stage
This phase is the inception stage, it is sometimes known as the new product planning phase or is can be classed as two separate phases; discover and design.
Concept – when a new opportunity arises this stage is used to assess the idea. The idea could involve moving into new markets; diversifying the product range; product enhancements; or an entirely new product. An opportunity statement is normally generated for a viable idea so that it can be authorized to move onto the feasibility stage.
Feasibility – during this stage in-depth research and analysis is carried out to ensure that the concept aligns with business goals; that the market supports the concept; and that it would be technically possible to implement. Once all this data is gathered and analyzed an initial business case can be produced.
Definition – once the business case is given the go ahead the project can move into the detailed definition phase. This is possibly the most critical phase. This is where full market research is carried out; all operational processes are analyzed; resources are identified and quantified; the technical specification is put together; and the product requirements are fully defined. This leads to the production of three important project documents; the business case; marketing plan; and the product requirements document and/or the SRS. These documents form the final approval documents for the product moving to development.
Phase 2 - Development and Launch
This phase is where the product is develop and launched. It is often known as the new product introduction phase or the realization phase. These two stages are often completed concurrently. If the development stage is relatively short then it is vital that the marketing and sales efforts are ready to launch immediately.
Development – this stage is where the development; engineering; manufacturing; assembly and testing take place. User manuals, training materials and other documentation are also generated at this stage.
Launch – the preparation for launching the product involves; deciding upon the marketing mix; building the marketing plan; training the sales force; implementing the marketing plan and rolling out the product. Monitoring of the marketing and sales also starts during this stage.
Phase 3 - Post Launch
This is the phase that takes place after the product has been rolled out. Product Management here is all about:
- supporting the product;
- changing the marketing mix as required;
- monitoring the marketplace; optimizing the product; and
- eventually phasing out of the product.
This phase thus consists of the strategic and tactical management; the service; and the retirement of the product.
