Word of the day

Product Management and its strategies

In marketing, a product is a system made available for consumer use, it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods.

Here, I would like to explain the role of a product manager, as in our starting career we have came across with many products in our life and you may have some doubts related the role of product manager and may have questions that, what actually a product manager do? some of may say product manager, is a mini CEO of a product who handles all works regarding of product from launching a product or marketing in among the customers.

The product manager is someone, who ships quality of products to the customers in the market, in broad terms it can be broken down into simple terms like

  • User and market intelligence 
    • The first thing in product marketing or launching your product into the marketing, the first thing the product manager do is, he understands the user and market first, as a PM you are building a great product for your users and trying to solve their problems, so understanding the users is the core part in the process and how the product manager do it ? their are multiples options to do it like doing surveys, doing interviews, people do seat with the users to understand them and also they see data like how users use their products and there are multiple ways regarding this topics which will let to do, deep studies. In simple words, you can say a PM does a solid work on understanding a user and market with their competitive market place.
  • Build a Business strategies
    • This part is very essential in any business, remember when you build a product for users on their benefits, but don’t forget your ultimate goals of your companies are to increase profits or revenue or the engagement that are the key metrics for your company so that it is very important for product manager  to invest time in understanding his/her companies business models and making sure that the strategy she/he building for the product is in line with the business model.
  • Design the user experience
    • As a product manager, once you have defined the problem by understanding users and market thinking about a business models etc. Next step is first writing a strategy or vision for your product like, what do you want to achieve with this product and second step is figuring out a user flow for how you want to solve this problem depending on the size of the company or the type of company you are working at you have a team of designers to help you with the study of wireframe, think like a blueprint and architect design of your used in buildings and then build a prototype in a working model of the product, which you will take back to the users and collect their feedback and let them play with around.
  • Build the technical product
    • Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services
  • Build the go-to-market strategy 
    • In this step or process its thinking about the product how you can take it to the market. Typically for B2C product this would involve 2 things, One is thinking about why new users would adopt a product like what is the compelling features that will get those users to try and use your product like how much they are communicating the users and product. second thing is growth, what can you build with in the product such that you product  reaches to more and more users .

This above things are the basic parts involve in any product marking and its management.

 

 

 

 

 

Satish Gupta
Done bachelors in Mechanical Engineering in 2018. #LEARNER #BLOGGER

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