One way to think about what product management is, it's a business strategy role.
product development cycles
conceive, plan, develop, iterate, launch, steady state, maintain or kill
- generate problem hyptheses
- use design thinking
- spend time with users/customers
- synthesis with research: market, competitive, company
- brainstorm problem -idea space
- call out assumptions
Problem: "I can never find a cab when I need one" Hypothesis: "If customers could reliably schedule a ride from their phone, they would no longer hail a cab from the street.
- validate your hyptoteheses
- use research to remove assumptions
- focus on the right users
- how many users have this problem?
- form business case
- buy in from stakeholders
- plan the product
- project timelines
- resources required to solve this problem
- build it
- features & prioirtisatoin
- resource management
- development time
- build measure, learn
- work with marketing team to position product
- adoptionm programme
- public launch
- post mortem to figure out what went good/bad and why
- are any our hyptoheses true or false
- collect metrics - kpis
- which cohorts of invidiual are we working with next
- analyse and optiimze roi
- support marketing and sales efforts
- asses continued efforts
- make decisions about what to change in the product
- make deicisoins about what ongoing activity needss to change, support, adoption.
maintain or kill
- major upgrade, begin cycle all over
- transition to end of life
- message userbase
- establish eol p[lan
- stakeholder management, partners management.
hypothesis: business will be willing to give large discounts for shorts period of time in order to get a large number of new customers
product market fit when: could consistently convince businesses to create a deal on Groupon that attracted a large number of customers. Was able to repeat in many cities.