Kevolve - Product Management 101 Flashcards
The work of product management
Manage the full lifecycle of products/services to…
- Create exceptional customer value
- Generate long-term competitive advantage
- Deliver year-after-year profitability
Why analyze competition?
- Anticipate market shifts
- Improve your product or service
- Craft counter-attack strategies
- Optimize pricing
How to Identifying and prioritizing competition?
What are some criteria to analyze the competition?
- Market share and trends
- Strategy and Investments
- Target Markets
- Strenght
- Weakness
- Pricing
- Technology Position
- Channel Strategy
- Reaction Pattern
What are customer needs?
Customers (or potential customers) are trying to solve an issue, or realize an opportunity. They are trying to satisfy their needs.
Why should you care about Customer needs?
A deep understanding of customer needs guides strategy, new product development, growth plans, pricing and sales efforts – leading to competitive differentiation and long-term profitability.
What is Kano model?
**Focusing on a single customer segment, the Kano model can help separate customer needs into… –Basic needs - what you have to do, i.e. table stakes to play in this market –Performance needs - the areas that you typically compete on, like service quality, response time, pricing, etc. –Attractive needs - the extra needs that customers can’t articulate, but love when you deliver on them, e.g. getting upgraded to 1st class on an airplane**
What is Market Analysis?
Needs-based segmentation
What is Market segmentation?
Process of dividing a broad market into groups of customers with similar needs (needs-based segmentation
What should you segment the market?
- Evaluate, compare and select market segments to enter
- Target specific customers
–design products to specifically meet their needs
–focus your marketing & sales efforts
How to perform Needs-based segmentation?
1. Identify the segments
–Cluster customers into groups with very similar needs
–Use market research, customer data, key opinion leaders and deep market understanding
2. Profile the segments
–Describe
–Size
What to include in market size analysis?
- Market size
- Annual growth
- Competitive intensity
- Your market share and trend
What are product roadmaps?
Roadmaps are time-based charts showing the planned evolution of a product or service
Why do roadmaps? or Purpose of Roadmaps?
- Prioritized technology investments
- Breakthrough, market-leading products
- Long-term, sustained competitive advantages
Roadmapping in context
Explain Roadmapping, step by step
- *1.Establish a roadmap team: Small team of senior product managers and R&D staff
2. Review your market intelligence (market growth, customer trends, competitive analysis), strategy, technology assessment and innovation ideas.
3. Sketch a preliminary roadmap, discuss and iterate
4. Develop a final version
5. Use the roadmaps to plan resources (people and money) and start new product development. All new products & services should demonstrate a place on the roadmap.
6. Review, update and evolve every 3-6 months**
Example of Structure of a roadmap
What is a strategy?
A central, integrated, externally-oriented concept of how a business will achieve its objectives
What is Product manager’s role in creating strategy?
- Mission and objectives (corporate/business unit)
- Strategy (corporate or business unit, supported by product management)
- Product group strategy (led by product management)
Strategy diamonds (from the work of Hambrick and Fredrickson)
SEE IMAGE
SEE IMAGE
What is The importance of an impactful launch
Well-planned and executed new product launches can drive earlier sales, and can lead to a higher long-term run-rate
Establishing a launch priority
New products and services typically don’t have the same level of importance to a company, and it is useful to categorize your launches, and scale your launch efforts accordingly.
1. Major Strategic Value
High company focus and investment
2.Supporting Launch
Replacements,new features, line extensions
3. Maintainance Launch
Bug fixes,quality enhancements,cost reductions
What is the idea stack - Josh Wexler
Problem
Problem Statement 1-2 sentences that describe an issue (need) that a person or group has.
Inspiration
Other systems that attempt to solve the problem or inspire with their design or functionality
Goal
Goals A desired result the product should achieve once built
Customer
Customer Definition Groups of people who might be using the solution. These are the primary customers (i.e., early adopters) and are the people who feel the pain of our problem the most.
Personas
Personas Characters created to represent the different user types within the targeted demographic, attitude and/or behavior set that might use the solution.
Narratives
A narrative about how one of the personas would use and interact with the solution in the world. Narratives are different than features, but they can contain features.
Paper Prototype
A hand drawn version of a persona narrative that gives a visual to the story.
Five Questions to Build a Strategy - Roger Martin
( Playing to Win)
- What are our broad aspirations for our organization & the concrete goals against which we can measure our progress?
- Across the potential field available to us, where will we choose to play and not play?
- In our chosen place to play, how will we choose to win against the competitors there?
- What capabilities are necessary to build and maintain to win in our chosen manner?
- What management systems are necessary to operate to build and maintain the key capabilities?
What are the 5 forces that shape competition for profitability and attractiveness evaluation?
Michael Porter
1. Competition in the industry;
2. Potential of new entrants into the industry;
3. Power of suppliers;
4. Power of customers;
5. Threat of substitute products.
What is the VRIN Framework?
VRIN framework can determine if a resource is a source of sustainable competitive advantage. To serve as a basis for sustainable competitive advantage, resources must be –
valuable – meaning that they must be a source of greater value, in terms of relative costs and benefits, than similar resources in competing firms
rare – rareness implies that the resource must be rare in the sense that it is scarce relative to demand for its use or what it produces
inimitable – it is difficult to imitate
nonsubstitutable – other different types of resources cannot be functional substitutes
The criteria of the VRIN Framework clearly rules out best practices as a source of competitive advantage. If other firms can easily understand and copy a capability, it is not a source of advantage.
