Product Management and the 8 Steps of Product Development
Product management refers to the strategic process of driving the development, market launch, and continual support and improvement of a company’s products.
It can include a wide variety of strategic and tactical duties, including:
Conducting Research: to gain expertise about the market, user personas, and competitors.
Developing Strategy: goals and objectives, a broad overview of the product, and a rough timeline.
Communicating Plans: across cross-functional teams throughout the development process and beyond.
Coordinating Development: coordinate with the relevant teams to begin executing the plan.
Acting on Feedback and Data Analysis: after introducing the product, get direct feedback from users, what works, what doesn’t, and what to add—then incorporate it into future product iterations.
Key stages in the process of product development
The process involves eight key stages:
- Idea generation – brainstorming new, innovative ideas.
- Idea screening – filtering out any ideas that are not worth taking forward.
- Concept definition – considering technical feasibility, product design, and market potential.
- Strategic analysis – ensuring that the ideas fit into the business' strategic plans and determining the demand, costs, and profit margin.
- Product development and testing – creating a prototype product to test.
- Market testing – modifying the product or service according to customer, manufacturer and support organizations’ feedback.
- Commercialization – determining product pricing and finalizing marketing plans.
- Product launch – a detailed launch plan that ensures a smooth introduction to the market.
Product Portfolio Management
A product portfolio is a practice that helps managers assess a product’s current level(s) of success. It also helps to identify future opportunities for improved resource allocation, growth and profit opportunities, greater ROI, and potential risks—to achieve the best outcomes.
Product portfolio management can bring plenty of benefits to companies who decide to make it a part of their strategy, including:
- Improved competitive positioning
- Improved communication and collaboration
- Maximized product investments
George R. Khayat
Partner
Mr. George Khayat is a partner with Leaders Training & Consulting. He holds a bachelor of science in management from the Lebanese American University, a master in marketing and communication from ESCP-EAP University in France, and is currently completing a master of science in management from St. Joseph University in Beirut. George is a certified marketing analyst (The Graduate Board of Management, USA), a chartered marketer (Chartered Institute of Marketing, UK), a certified Lego® Serious Play® method facilitator, and a certified sales professional (Sales Training International, USA). He is also certified in Action Selling® (USA) and Guerrilla Marketing (Australia).
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