Modern Product Management Fundamentals & Stages 3 Modern Product Management Fundamentals & Stages
Review: 5 - Modern Product Management Fundamentals & Stages

Even if you are not creating an IT product but clothes, yogurts, or fitness services, you will have to know the same fundamentals of product management and go through the same good old stages: study the customer’s pains, come across and test the product, taking into account business indicators and limiting the use of customer experience, etc. Let’s talk about those product management basics.

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Fundamental illustrations from Fireart

What is product management?

According to the Atlassian Agile Coach, Product management is an organizational function that regulates each stage of the product life cycle, from the development stage to positioning and pricing, based on the product and the interests of the customer. To build the best possible product, all product managers should represent the client’s interests in the organization and make sure that the market situation is fully taken into account.

Why is product management important?

Why is product management important? The importance of product management is astounding. Fundamentals of product management are significant. They are essential because they help the rest of the organization understand the value of a product it produces. It’s more likely about knowing what will sell and how to turn a developed product into pure revenue. And it may do that by understanding the customer and the role in a product cycle.

Product management fundamentals

The basics of product management may be characterized the follows:

  1. Maximize Mission Impact:

You can maximize the impact your mission statement has on your organization. Developing a product strategy that maximizes impact on the organization’s mission given a set of inputs is a way.

  1. Get it done through others:

Product managers don’t directly create or manage a product, instead, they let others do it better and constantly improve the process.

In fact, these two principles represent the left and right hemispheres of your brain, where the left is defined by logic, research and rigor. The left one represents creativity, intuition, and empathy. Via product management fundamentals you synchronize their work and the impact on the process results.

Product team structure

Here’s what product team structure definition as per the Definition com:

It’s the structure that involves specialists and functional managers to a new product, process, or project team that has the authority to make major decisions about their product. Team members are involved in most cases permanently.

Here’s an example of a triad team structure often applied for the product design management:

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Source: Atlassian

Role of a product manager

As Atlassian says ‘A product manager is a person who identifies the customers’ needs and the bigger business objectives that a product, service, or feature will fulfill, articulates what success looks like for a product and rallies a team to turn that vision into a reality.’

By focusing on the customer, product teams deliver products with better design and improved performance. In the era of technology, when mature products are quickly replaced by new, more advanced solutions, it is more vital to be able to feel the needs of the client and create solutions specifically for them. This is the job of product management.

Product management stages

Achieving goals through others is the unbreakable fundamental of product management, so to explore it better, let’s try to pass over to the main product management stages.

Research

If you want to gather quality data from actual customers to make the right decision, then you need to understand and use the market research and the audience experience. Competitive analysis is a subset of market research. This is the way in which product managers gather information about customer needs and market drivers and can make segmentation and other activity needed for marketing and sales.

Analysis

Analysis of the process is fundamental. Product managers apply product management analytics tools to capture data from digital products as set KPIs to reveal more insights about NPS, the user onboarding, their experience, helping teams build even better products, improve adoption or the way they build a roadmap, etc.

Development

The product management function doesn’t end here. Product development also called new product management, may be represented as a series of steps that include the conceptualization, design, development, and marketing of newly created or newly rebranded products or services improving user acquisition via feedback.

Conclusion

What is product management? It’s more likely about knowing what will sell and how to turn a developed product into pure revenue. Good product managers constantly ask difficult management questions to understand the nuances – the first principles that go into defining the mission they are following. The deeper you know this, the more accurate their path to the goal will be.

Product managers also need to know how other teams contribute to the work. Consistency among all teams, especially in large companies, avoids clashes and, importantly, finds opportunities for groups to join forces, accelerate retention progress, and so much more.


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