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Product management 8-2

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Product Management 2/8
PDC 2018 DEC
Lorena GAO

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1. Introduction to Product Management
2. Conceive
3. Plan
4. Develop & Quality
5. Launch
6. Maximize
7. Retire / change
8....

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PDC
Conceive
WHAT: a company or team generates new ideas and evaluates and priorities them to
determine whether to move fo...

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Product management 8-2

  1. 1. Product Management 2/8 PDC 2018 DEC Lorena GAO
  2. 2. 1. Introduction to Product Management 2. Conceive 3. Plan 4. Develop & Quality 5. Launch 6. Maximize 7. Retire / change 8. Case Study
  3. 3. PDC Conceive WHAT: a company or team generates new ideas and evaluates and priorities them to determine whether to move forward with them and spend time and resource. PM'S DUTY: articulate the customers' needs and the solvable problems in such a way that the potential solution to the problem can be accurately validated with customers.
  4. 4. What · Generate · Evaluate · Present
  5. 5. PDC What make up a good idea Case 0-1: Define your People Outcomes 1. Identify the People Problem you are trying to solve. 2. Define an initial target audience. 3. Describe what people will do differently if your product is wildly successful. Medium:The 4 Stages of 0->1 Products
  6. 6. PDC Some real gap Five box positioning model 1. Identify the segment of the market that needs your product. 2. Know current belief and action 3. Image the desired belief and action 4. The product brings value proposition, the marketing brins reasons to believe. THE FIVE BOX POSITIONING MODEL
  7. 7. Users vs. Customers
  8. 8. PDC Users vs. Customers Pay Or Use ● Sometimes, the people who pay for your product (customers) are not the same people that use it (users). Price Or Usability ● they will give different feedback from different facet of the product or service. i.e. customers focus on price while users care technical issues.
  9. 9. What · Generate · Evaluate · Present
  10. 10. PDC How to generate a new idea The best way: Understand your users ● “If you look at the way successful founders have had their ideas, it's generally the result of some external stimulus hitting a prepared mind.”--PAUL GRAHAM ● quickly become your users, if not consult your users, ● make sure you cover all persona roles, for a online shopping platform there are seller, buyer, selling service provider, logistics provider, etc. ● Discover what they really want,develop personas. How to get startup ideas
  11. 11. Paul Graham In 1996, Graham and Robert Morris founded Viaweb, the first application service provider (ASP). Viaweb's software, written mostly in Common Lisp, allowed users to make their own Internet stores. In the summer of 1998 Viaweb was sold to Yahoo! for 455,000 shares of Yahoo! stock, valued at $49.6 million.[7] After the acquisition, the product became Yahoo! Store.
  12. 12. PDC Tool 1: Brainstorming WHAT: a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members. HOW TO PLAY: ● Planning ● Generate notes ● Grouping ideas Gamestorming: 3-12-3 Brainstorm
  13. 13. PDC Tool 2: Mind mapping WHAT: a diagram used to visually organize information ● It works by starting with one central concept and then branching out. ● It is very precise presentation to show both top-down and side-by-side logical relationships. ● An Online Tool: Baidu Mindmap Wikipedia: Mind Map
  14. 14. What · Generate · Evaluate · Present
  15. 15. PDC Research Steps to do research 1. Decide your research objective 2. Clarify what questions you need to answer to satisfy the research 3. Choose the techniques a. Secondary research and Primary research b. Qualitative and Quantitative research 4. Design-conduct research 5. Collect, analyze and visualize data 6. Presentation Product Management for dummies
  16. 16. PDC Research Purpose for Product 2.Competitive landscape Define your competitive edge by finding different ways of being unique in the marketplace. By differentiating your product, service, personnel or brand, you can establish a unique position in your market. 3.ROI: The question is, how do you know if your idea is worth investing in? And, if it is worthy of investment, how much? ROI is a performance measure used to evaluate the efficiency of an investment. 1.Market Scale landscape Sizing the market is a necessary task for business and marketing planning, and budgeting for all startups, especially those that seek third-party financing such as venture capital (VC).
  17. 17. PDC Market Scale landscape 1. Define your target customer 2. Estimate the number of target customers 3. Determine your penetration rate 4. Calculate the potential market size: Volume and value 5. Apply the market-size data How to estimate market size: Business and marketing planning for startups
  18. 18. PDC Competitive landscape 1. Find Benchmarks 2. Know what are their historical achievements and positioning 3. Be first in the market 4. Leverage your expertise: Establish leadership 5. Focus your market expertise 6. Make your products stand out as new and improved 7. Work constantly to maintain your competitive edge. Defining your competitive edge: Product positioning in your target market
  19. 19. PDC Research Output: MRD WHAT: A market requirements document (MRD) in project management and systems engineering, is a document that expresses the customer's wants and needs for the product or service. The MRD has historically been used in waterfall and phase-gate development processes rather than Agile. It is designed to capture a deep description of the market needs that customers have. In Agile product development, a short Market Requirements Document is an effective way to capture and understand the market needs before diving into writing user stories and cranking out features in the product backlog as fast as possible. What is included: ● Input:Personas,Problem scenarios or problem statements,Customer journey/workflow ● Output:Market needs statements
  20. 20. PDC ROI Analysis Profitably address the customer's problem, there are 3 common calculate formula: 1. Net Present Value (NPV) 2. Internal Rate of Return (IRR) 3. Payback You should also know this:How to Calculate the Value of Your Early-Stage Startup Analyze The ROI Of Your Innovation Idea, Step By Step
  21. 21. PDC The advantage: MVP WHAT: A minimum viable product (MVP) is a product with just enough features to satisfy early customers, and to provide feedback for future product development. WHY: ● Validate and testify your idea ● Collect feedback from seed users ● Brand building very quickly
  22. 22. What · Generate · Evaluate · Present
  23. 23. PDC Present Technique 1:The Business Model Canvas WHAT: Key partners, Key activities, Key resources, Value proposition, Relationships, Chanels, Customer segment, Cost structure, Revenue streams. Example of Skype
  24. 24. PDC Present Technique 2: Pitch Deck ● Prioritize the ideas ● Aim at your users ● Define a vision ● Pitch Deck of Airbnb
  25. 25. PDC The optional Output: BRD WHAT: A business requirements document (BRD) details the business solution for a project including the documentation of customer needs and expectations. FOR: Business requirements are the critical activities of an enterprise that must be performed to meet the organizational objective(s) while remaining solution independent. WRITING A WINNING SIX SIGMA PROJECT BUSINESS REQUIREMENTS DOCUMENT

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