[MUSIC] Welcome to What is Product Management?
After watching this video, you'll be
able to define product management. Explain basic product management models. Recall
the product management lifecycle. Product management is the process of
conceiving, planning, developing, testing, launching, delivering and
retiring products. It focus is on product planning,
development and launch activities. Product management is an essential
critical success factor in industries that feature consumer packaged goods,
financial
services, the hospitality industry, healthcare, manufacturing, software
development, and telecommunications. Also, it is essential in both newly
launched and mature industries. Product management as a process
has two distinct areas of focus. There is an internal area within the
organization's environment such as product teams, management, and processes. An
external area focuses on elements
such as the supply chain, distribution networks, and the actual market for
the products and services produced. Most organizations develop organizational
models that suit their requirements. In most cases, however, a product
manager reports directly to the CEO or the lead in the strategic business unit. The
placement of the product manager
in the organization depends on overall product management objectives and
how financial and product success is measured and
benchmarked. These factors determine the area where
the product manager will be impactful and effective. Product management deals with
both
upstream and downstream models. Upstream models deal with portfolio
management, product strategy development, and new product development. Downstream
models focus on the active
lifecycle management of existing in-market products. Product management occurs
within a
structured seven phase process defined as the product management lifecycle. The
phases in order include,
the first phase is conceive, which begins the journey
through product management. It is often defined as
the fuzzy front end. Phase one is concept identification, where new product market
opportunities are addressed. Phase two is concept investigation,
where the product concept is reviewed for viability and attractiveness. The plan
phase dives into further
detail about the product if the concept is approved. Activities include how
the product will be delivered, marketing strategies, and
the business case to support it. In the development phase, the company
invests and assigns resources to design, create, and test the product to determine
whether all deliverables defining the product and plan to deliver match. The
qualify phase prepares the product for
launch. This phase includes market validation,
launch preparation, and a readiness assessment. In the launch phase,
the product is taken to market. There are both successful pre-launch and post-
launch activities
required to be successful. In the delivery phase, the product management lifecycle
aligns with the product lifecycle. The product lifecycle consists of
the growth, maturity, and decline stages. Retire is the final phase. The product is
retired with minimal
disruption to the customer and other operational stakeholders. In this video, you
learned that product
management is the process of conceiving, planning, developing, testing, launching,
delivering and retiring products. Product management focuses on
product planning, development, and launch activities. The placement of the product
manager
in the organization depends on overall product management objectives and
how financial and product success is measured and
benchmarked. Product management deals with both
upstream and downstream models. Product management occurs within a
structured seven phase process defined as the product management lifecycle. The
seven phases are conceive, plan,
develop, qualify, launch, deliver, and retire. [MUSIC]
