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Product management foundations

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Product management foundations

  1. 1. Product Management Process and Frameworks Pooja T R
  2. 2. Product management is an organisational function within a company dealing with new product development, business justification, planning, verification, forecasting, pricing, product launch, and marketing of a product or products at all stages of the product life cycle. Product Management
  3. 3. Product Manager A product manager is the person who identifies the customer need and the larger business objectives that a product or feature will fulfill, articulates what success looks like for a product, and rallies a team to turn that vision into a reality.
  4. 4. ● Facebook's three questions 1. What people problem are we trying to solve 2. How do we know if this is a real problem 3. How will we know if we have solved this problem ● Jobs to be done Framework Situation Motivation Expected Outcome ● Product Canvas ● Walking Backwards by Amazon 1. Dummy Release 2. Already existing feature which is not used 3. Elaborate details on product introduction 4. Make UX design 5. User personas and user journey 6. User flow and interaction 7. Prototype 8. Testing for usability and usefulness Common Frameworks for Product Definition When I want to So I can Name Goal Metrics Target Group Big Picture Product Details
  5. 5. Common Frameworks that can help in designing 1. Design Thinking 2. Design Sprint by Google Ventures 5 day rapid sprint of designing, prototyping and testing ideas with customers. Empathise Define Ideate Prototype Test Monday Map out the problem and pick important place to focus Tuesday Sketch solutions on paper Wednesday Make difficult decisions and turn your ideas into testable hypothesis Thursday Develop a high-fidelity prototype Friday Test it with real live humans
  6. 6. Common Frameworks that can help in designing cont.. 1. Design Thinking 2. Design Sprint by Google Ventures 3. Hooked Model by Nir Eyal It suggests on how to design habit forming product based on Psychology and Behavioural Science
  7. 7. Prioritization and its common frameworks ● Product managers do continuous prioritization and re-prioritization to deliver all required features in a timely manner. ● Common frameworks for requirements management are 1. MoSCoW 2. RICE by Intercom Must have Should have Could have Would have Reach How many people will this impact? Impact How much will this impact each person? Confidence How confident are you in your estimates? Effort How many “person-months” will this take? Rice Score = (Reach * Impact * Confidence ) /Effort
  8. 8. Product Metrics North Star Metric Product metrics are quantifiable data points that a business tracks and analyzes to gauge the success of its product Behavioural Metric Pirate Metric Revenue Metric Success Metric
  9. 9. Product Metrics 1. North Star Metric (Most used metric) 2. Behavioural Metric 3. Success Metric ● Expresses Value ● Represent vision and strategy ● A leading indicator of success ● It's understandable, measurable and actionable ● Not a vanity metric ● Time spent on the product by user ● Frequency of visit ● Metrics post launch if the product is succeeding. continued..
  10. 10. Product Metrics 1. North Star Metric (Most used metric) 2. Behavioural Metric 3. Success Metric 4. Revenue Metric 5. Pirate Metric ( AARRR) ● Orders ● Transactions ● Average Ticket Acquizition Acquire users Activation User to be converted to active user Retention User staying in the app/product Revenue Users contributing to growth Referral Sharing the app with others (get new users)
  11. 11. Thank you Contact : ptrcreates@gmail.com

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