Product Management Tutorial
Product management tutorial is designed by TONEX to help you understand the principals, methods, best practices, effective strategies, and terminology of product management. This tutorial serves as a guideline providing you a general overview about product management.
The tutorial intends to focus on the need inside corporations for a strong, flexible product management pattern in product and service companies. Such a model is crucial as it delivers a structure and methods to justify product management procedures throughout the company and across the firm’s functional corporations.
The real application of product management is defined in various ways crosswise organizations. Such understanding is sometimes the outcome of the functional angle of the individuals who are responsible for the company’s products, brands, or categories. That’s because the knowledge taught about product management is not sufficient, and usually there is no standard training inside the corporations for their employees.
Product Management Responsibilities
Product management performs an exclusive function. Product management is a responsibility that oversees several business functions. Thus, a product manager is:
- A proactive product or product line ‘mini-business’ owner
- A head of a multidisciplinary product team – with the goal of optimizing products market situation and financial revenue over its life cycle
Product Management Context
The definition of product management depends on the function of companies and the nature of industries. Thus, tasks and responsibilities may not be elaborated well enough in all companies, and the lack of bequest documents doesn’t provide the necessary job perspective for new or transferred product managers. The product management function can be defined based on the type of work they will be doing. Three distinct categories of work are available to present and monitor products in an organization:
- New Product Planning
- New Product Introduction
- Post-Launch Product Life Cycle Management
Having this rounded viewpoint on how products are considered, established, and monitored after entering the marketplace implements a vast realization of what usually occurs throughout the whole life of a product.
New Product Planning
It requires examining new ideas, analyzing new features, and maybe evaluating market newcomers. It consists of planning improvements and derivatives of present goods, too. The task compromises of ideation actions, concept screens, product feasibility analysis, business case groundwork, and general product description.
New Product Introduction
It includes real product development actions, multidisciplinary team management, product introduction, and confirming the on-time supply of product. This is the implementation of all new products planning work.
Post-Launch Product Management
It contains strategic and tactical management of products already in the market, flexible to the marketing mix, and impacting new product plans for derivatives, line expansions, new characters, new markets, etc., as well as contributions to plans for substituting products.
Importance of Corporate Work Flow
All strategic and functional components of a business must be established and united suitably for product investment and management decisions to logically explainable and be practical by product managers and their staff. The corporate work flow allows product managers to comprehend their tasks in the corporation. Such work flow is vital since if a product manager is accountable for the revenue and loss management of a good, then he or she must realize the corporate goal, its policies, etc. In the absence of the work flow as a context, it is not practical to understand exactly what types of work they should do.
- Company type
- Corporate mission
- Corporate goals & objectives
- Strategies
- Work structures
- Business or portfolio plans
- Product roadmaps
- Product plans
- Profit & Loss management
New Product Planning Stages
- Concept stage: contains analyzing of ideas for new goods along with line expansions, feature improvements and byproducts, or new market entry with an already existing good
- Feasibility stage: provides in-depth overview of the business, market, and technical angles of the proposal
- Product definition actions stage: concentrates on a profound dive into the market, competitive, technical, resource, and functional angles of the forthcoming program
New Product Introduction Stages
- Development stage: It is the crucial time of plan implementation as the product and all supporting data and documentation are constructed or created.
- The Launch stage: starts early in the development stage, and includes the actions applied to bring the product to market.
Product Life Cycle Management (PLM)
The objective through the PLM stages is to enhance the functioning of the goods inside the frameworks of the corporate policies. Moreover, the strategic management of goods and services specifies PLM, containing modifications to the marketing mix (good, cost, upgrade and channels), with vast oversight of Marketing, Customer Service, Finance, and Operations. Product team leaders should be skillful at empowering the membership of the interdisciplinary team. Usually, PLM is defined by ‘blocking and tackling,” fire drills, and other urgent jobs and actions. This task frustrates many product managers and can usually weaken their trustworthiness on the team as they try to placate too many people and response to the constantly changing primacies of the day.
Some of the tasks should be illustrated on the multidisciplinary team contain:
- Market research
- Marketing
- Customer service
- Sales
- Manufacturing and supply chain
How Can You Learn More?
TONEX offers a hands-on training course about product management that covers all you need in this area. To see more details, check out the below link:
Product Management Tutorial