Stage One: Product Discovery
The first stage of product management is product discovery.
This stage involves researching and identifying market opportunities and defining the product vision.
During this stage, the product manager will conduct market research to identify customer needs and pain points that the product can address.
The product manager will also create buyer personas to better understand the target audience and their preferences.
The outcome of this stage is a product vision that outlines the product’s goals, target audience, and value proposition.
Stage Two: Product Development
Once the product vision has been established, the next stage is product development.
This stage involves designing, building, and testing the product. During this stage, the product manager will work with designers, developers, and other stakeholders to develop a product roadmap and create a minimum viable product (MVP).
The MVP is then tested with potential customers to validate if it meets their needs and if any changes need to be made.
The outcome of this stage is a well-designed and tested product that is ready to be launched.
Stage Three: Product Launch
The final stage of product management is product launch.
This stage involves introducing the product to the market and ensuring its successful adoption.
During this stage, the product manager will work with the marketing team to develop a go-to-market strategy that includes pricing, promotion, and distribution.
The product manager will also monitor the product’s performance and gather feedback from customers to identify areas for improvement.
The outcome of this stage is a successful product launch that meets the needs of the target audience.
By following these three stages, product managers can ensure that their products meet the needs of their target audience, are well-designed and tested, and have a successful launch.
By understanding these stages, businesses can create products that are not only successful but also deliver value to their customers.
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I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.