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Today we are talking about the Product Management Process. Read this article till the end to get the list of tools we use at EZtek for product management. On our channel, we share thoughts on recent developments in the tech industry. Follow us not to miss new articles!
Product Management Goals
Product management deals with product planning, forecasting its development, and extensive marketing research to lead the product to success.
The Main Objectives of Product Management
- Creating Benefits for
- Everyone – as the product needs to satisfy customer needs and at the same time bring profits to the company.
- Creating New Products with a Return-on-Innovation Investment
- Making a Competitive Analysis.
Who is Responsible for Meeting these Objectives?
The three main players of the product management team are Product Manager, Project Manager and Product Marketing Manager.
However, some organizations will require additional members such as a business analyst, user experience specialist, an engineering team, a solution architect, and stakeholders.
4 Stages of Product Management
#1 Conceptual Phase
Here, our goal is to form a clear vision of the product. At this stage, we generate and evaluate ideas. The next step is to answer questions such as:
- What is the user persona for the product?
- What are the pain points that the product will solve?
- How do you measure the success of the product?
Geoffrey Moore in his book – Crossing the Chasm came up with a template that would be useful to today’s product managers when envisioning their product vision.
#2 Strategy Development
Here we understand the market needs, establish business goals, and come up with key features of the product. Strategy development begins with market research, which can either be conducted by a company, referred to as primary research, or taken from an external source, also known as secondary research.
#3 Execution and Testing
The team either builds a new concept or adds features to an existing product. This phase includes product development, testing, and the application of feedback.
#4 Marketing and Sales
At this stage, the product marketer plays a key role in developing an effective launch and marketing plan. For more information, read our article on creating a product marketing plan.
Tools for Product Management
- User tracking and analysis tools such as Amplitude;
- Roadmapping tools such as Product Plan;
- Customer survey tools such as Survey Monkey;
- Recording apps for customer interviews such as Zoom;
- Industry analysis accounts such as Gartner;
- Team messaging tools such as Slack;
- Presentation software such as Keynote;
- Project management tools such as Trello;
- Session replay and heatmap tools such as Hotjar
- Idea-capture and collaboration tools such as Evernote.
This Blog was prepared by the EZtek team. EZtek helps top brands worldwide to innovate and accelerate digital transformation. We provide world-class enterprise software engineering, design, and technology consulting services. We share our own experience on this channel, so make sure to subscribe not to miss a single article!
