Fundamental concepts Flashcards
What is exactly a Product?
The term product also includes service
It is basically a bundle of offerings by a company which provides its users, both objective and subjective benefits
Objective benefits are tangible, measurable - eg. Pixels/ Horsepower/ processing power etc
Subjective benefits cannot be easily measured but they are linked to how usage of the product or service, makes the user feel about them selves and creates their status around people
The key point is a product will provide exactly same objective benefits for all - Iphone performance is same - But subjective benefits vary for everyone - Dave loves it - I dont
Difference between Product & Service?
Product Market centric Usually function in similar fashion daily Tangible - Usually can be seen, touched Advantage from being innovate Products face market risk, technological risk and customer risk also - Customers may reject it - Tech may make it obsolete, or market may just not be ready More Risk appetitie Less Skill Set
Services Customer centric Variable depending on the providor Intangible can be experiienced Advantage from being efficient at delivery Service essentially has no Cusotmer risk since the client is found first and then the service is tailored for that specific client Less Risk APpetiti More Skill set
Describe a PMs mindset?
Service Company need to delight its Customers
Product Company need to delight its entire Fucking Market
Service company needs Project Management to understand customer needs and manage project and deliver on time
Product companies need to do a hell lot more to sell products
Explain Product Life cycel
Has 4 phases in total
Introduction
Growth
Maturity
Decline
All products go through the above cycles
The time during which a product stays in a specific phase varies depending on variety of factors
Who is a PM?
PM is basically taking decisions accross the product life cycle effectively to ensure that the product fulfills need of the customer
