Product Management During Feasibility Analysis Phase

From Product Management School

In this article we are going to review the processes and stages that make up the Feasibility Analysis Phase.

One output is generated in this phase that we will leave to discuss in a separate article. That is the Business Case and the reason for excluding it is that it needs in-depth coverage so it will form the basis of a further article.

Once the project has been given the initial green light, it is time to carry out some seriously in-depth research and analysis. By the end of this phase the following documents will be available as substantial first drafts:

In order to get to these outcomes the cross-functional team working on the concept has to be expanded to include every function/stakeholders that will touch the Product Lifecycle from conception to retirement. This is needed as the Feasibility Phase is there to ensure that the concept’s strategic, business and financial premise are sound and viable. This cannot be determined without consulting all functions for their input.

The goal of this phase is to have gathered and analysed enough data to be able to make a sound decision about moving onto the definition phase or rejecting the concept. In order to get to the point where this final decision to proceed or not can be made many activities have to take place:

  • All the proof points from the Value Proposition need to be further verified and clarified.
  • Full Market Research needs to take place; the market segmentation needs to be defined; the target markets need to be identified and verified; full competitor analysis needs to take place; pricing models should be drawn up; and the distribution channels need to be identified.
  • The Project Plan needs to be drafted as a first iteration.
  • The Positioning Statement needs to be reviewed and expanded upon where necessary.
  • Prototypes should also be created.
  • The MRD is initiated to articulate the characteristics and capabilities of the product. Features and functionality are also defined.

The Marketing Plan, the Business Case, the Product Requirements Document, all the other research and all other documents drawn up during these two phases become a cohesive Feasibility Study.

The Feasibility Study includes a robust recommendation to proceed or not which is backed up by a clear rationale based on the research carried out, the cost effectiveness of the product, alignment with business goals, and solution to customer needs and so on.

The Feasibility Study is then presented to whichever body the organization uses to green light projects moving forwards to the Definition Phase.

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