How the course is designed?

Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.

Product managers are responsible for managing a company's product line on a day-to-day basis. As a result, product managers are critical in both driving a company's growth, margins, and revenue. They are responsible for the business case, conceptualizing, planning, product development, product marketing, and delivering products to their target market. Depending on the company size, industry, and history, product management has a variety of functions and roles. Frequently there is an Income statement (or Profit and Loss) responsibility as a key metric for evaluating product manager performance.Product managers analyze information including customer research, competitive intelligence, industry analysis, trends, economic signals, and competitive activity,as well as documenting requirements, setting product strategy, and creating the roadmap. Product managers align across departments within their company including product design and development, marketing, sales, customer support, and legal.

Product discovery is the process of identifying and understanding customer needs, and then using that knowledge to create and develop a new product or service. Here are some popular frameworks for product discovery

• Jobs-to-be-Done (JTBD)
• Design Thinking
• Lean Startup
• Agile development
• Discovery Sprint
• Customer development

As a PM of a product like Shopify, your role in market research would be to identify and analyze customer needs and preferences to inform product development strategies.

This would involve researching existing products in the market to identify customer needs and preferences, conducting surveys and interviews to gain insights about customer behaviors, and analyzing the data to determine where Shopify should focus its product development efforts. Additionally, you would monitor customer feedback and trends in the industry to identify areas for improvement and iteration.

As a PM of a product like LinkedIn, your role is to collect and analyze data on a company's competitors, including their products and services, pricing, marketing strategies, distribution channels, and customer base. This information can be obtained through various sources, such as industry reports, market research, and direct observation of competitor activities.The information obtained through competitive analysis is then used to identify potential opportunities and threats to the company, and to develop strategies that will enable the company to compete effectively in its industry.

PM should be aware of The Business Model Canvas, it helps them to present an overall PRODUCT business model and it is a strategic management tool that helps businesses to develop and document their business model in a visual and structured format..The Business Model Canvas consists of nine components:

• Key Partners
• Key Activities
• Key Resources
• Value Proposition
• Customer Segments.
• Channels
• Customer Relationships
• Revenue Streams
• Cost Structure

Product strategy is a plan that outlines the direction and goals for a company's products or services, including how they will be developed, marketed, and positioned in the marketplace. The product strategy serves as a roadmap for the company's product development and marketing efforts, and helps ensure that they align with the overall business strategy and goals.

For example : You are a PM for KUKU FM, your task is to perform Product strategy and it includes identifying the target market and customer needs, defining the product's unique value proposition, and determining the key features, benefits, and pricing of the product. It also involves considering factors such as distribution channels, branding, and competitive positioning.

Assume you are a PM and need to define Product vision for a new product and it goes like this as a high-level statement that outlines the long-term goals and aspirations for a company's product or service. It provides a clear and compelling picture of what the product or service should achieve, who it should serve, and how it should differentiate itself from other products in the market. A product vision statement should be concise, inspiring, and easy to understand. It should also be aligned with the company's overall mission and values, and reflects the needs and desires of the target market.A well-crafted product vision can help a company to:

• Set clear goals and priorities for product development
• Inspire and motivate the product development team
• Attract and retain customers who share the same values and aspirations
• Build a strong brand identity and reputation
• Differentiate itself from competitors

As a PM you will include the following elements

• Product goals and objectives
• Features and functionality
• Milestones and deliverables
• Timeline and schedule
• Resources and budget

Your role as a PM of TIKI is to formulate a series of assumptions or hypotheses that are tested and refined through market research and customer feedback. This process helps to identify the most promising target market segments, refine the product features and positioning, and optimize the pricing and distribution strategies.

As a PM you will answer for the following things

• Target market segment
• Value proposition
• Key features and benefits
• Competitive positioning
• Metrics for success

OKR stands for Objectives and Key Results, and it is a goal-setting framework used by companies to align their efforts and track progress towards achieving their goals. Product management teams typically use OKRs to set and measure their objectives and key results. OKR stands for Objectives and Key Results, and it is a goal-setting framework used by companies to align their efforts and track progress towards achieving their goals.

Example : As a PM your Objective: Increase customer engagement

• Increase the number of daily active users by 20% within the next quarter
• Increase the average session duration by 30% within the next quarter
• Launch at least two new features that drive user engagement within the next quarter

As a PM of a new startup you want to conduct a User research, you will gather insights and feedback from users to understand their needs, preferences, and behaviors related to a product or service. The goal of user research is to inform and guide product development, ensuring that the product meets the needs and expectations of its target audience.

You follow this steps to conduct user research:

• Define the research goals
• Choose a research method
• Recruit participants
• Conduct the research
• Analyze the data
• Share the findings

Assume yourself as a PM for a startup, who wants to come up with a new product, your task is to come up with an idea that solves the actual problem of the people and creates value to the customer. To do this you should follow this steps

• Empathize
• Define
• Ideate
• Prototype
• Test
• Implement

As a Product Manager, one of the primary tasks is to generate and develop new product ideas. Here are some techniques for product ideation:

• Brainstorming: Brainstorming is a technique that involves generating as many ideas as possible without evaluating them. The goal is to encourage creativity and free thinking, and to build on the ideas of others.
• Mind Mapping: Mind mapping is a visual technique that involves creating a diagram to link different ideas, concepts, and thoughts. This helps to identify the relationships between ideas and to generate new ideas based on those connections.
• Customer Feedback: Listening to customer feedback is an effective way to identify new product ideas. By understanding the needs and pain points of customers, product teams can identify opportunities for new product ideas.
• Competitive Analysis: Analyzing competitors and the market can help identify gaps and opportunities for new product ideas.

As a PM you need to build a MVP, MVP stands for Minimum Viable Product, which is a product development approach where you create the smallest version of your product that can provide value to your customers. The goal of an MVP is to quickly and inexpensively test your product's viability in the market and gather feedback from early adopters. This feedback will help you improve your product, iterate on it, and ultimately build a successful product that meets the needs of your customers.

Here are some things you should include when building an MVP:

• Identify the core problem
• Define your target audience
• Create a simple design
• Include essential features
• Test and iterate

User Personas: User personas are fictional representations of your target audience. They are created based on demographic information, user behavior patterns, and user goals. Creating user personas helps you understand your target audience's needs, wants, and pain points, which helps you create a product that resonates with them. When creating user personas, consider factors such as age, gender, occupation, goals, challenges, and behaviors.

User Stories: User stories are short, simple descriptions of a user's interaction with your product. They typically follow a format such as "As a [type of user], I want [goal], so that [reason]." User stories help you understand how your target audience interacts with your product, what features they need, and what problems they face. When creating user stories, focus on the user's needs, goals, and motivations.

User Flow: User flow is the path a user takes when using your product to accomplish a specific task or goal. It is a visual representation of the steps a user takes to complete a task. User flows help you identify potential pain points in your product and optimize the user experience. When creating a user flow, start with the user's goal and map out the steps required to achieve it.

User Journey: User journey is the entire experience a user has with your product, from the first interaction to the final outcome. It includes all touchpoints, interactions, and emotions a user experiences during the process. User journeys help you understand the user's perspective and identify areas for improvement in your product. When creating a user journey, consider all the touchpoints a user has with your product, including marketing, onboarding, using the product, and support.

Design tools are software applications used to create visual designs, mockups, and prototypes. They are commonly used by designers, developers, and product managers to create and refine products. Design tools vary in functionality and complexity, and some popular examples include Figma, Sketch, Adobe XD, and InVision.

Wireframing is a design process used to create a basic visual representation of a product's layout and structure. Wireframes are typically created using simple shapes, icons, and placeholders represent the different elements of a product. They help designers and product managers visualize the layout and structure of a product, identify potential issues, and refine the design before moving on to prototyping.

Prototyping is the process of creating a functional, interactive model of a product that can be tested and refined before development. Prototyping tools allow designers and product managers to create clickable, interactive prototypes that simulate the user experience. Prototyping helps teams identify issues with the user experience, test different design options, and refine the product before moving on to development.

A Product Requirements Document (PRD) is a document that outlines the requirements, features, and specifications for a product. It serves as a guide for the product team, including designers, developers, and product managers, to ensure that everyone is aligned on what the product should be and what it should do.

Writing a product spec involves documenting the product requirements, features, and specifications in a clear and concise manner. Here are some key steps to writing an effective product spec:

• Define the problem
• Identify the target audience
• Outline the features
• Detail the specifications
• Include acceptance criteria
• Get feedback

• Sprint planning is a part of the Agile development process that involves the team coming together to plan the work that will be done during the next sprint. The sprint is a timeboxed period of work, typically lasting two to four weeks, during which the team works to complete a set of tasks or user stories.
• Epics and stories are a way of organizing the work that needs to be done during a sprint. An epic is a large body of work that can be broken down into smaller, more manageable pieces called stories. Stories are typically used to define a single piece of functionality that a user would like to see in the product.
• SCRUM is an Agile framework that is designed to help teams work together to develop, deliver, and maintain complex products. SCRUM involves a series of ceremonies, including sprint planning, daily stand-ups, sprint reviews, and sprint retrospectives, that help teams to work efficiently and effectively.
• Agile methodologyis a set of values and principles that prioritize collaboration, flexibility, and responsiveness to change. Agile emphasizes the importance of working closely with stakeholders, delivering products incrementally, and responding to feedback and changes as they arise.

Stakeholders can be individuals, groups, or organizations that have an interest or stake in the project, and can include customers, employees, partners, investors, regulators, and others. Effective stakeholder management involves understanding the needs and expectations of each stakeholder, communicating with them regularly, and addressing any concerns or issues that arise.

Here are some key steps to effective stakeholder management:

• Identify stakeholders
• Analyze stakeholders
• Engage stakeholders
• Manage expectations
• Monitor and evaluate

Feature prioritization is the process of determining which features or functionalities should be developed and released first based on their importance and impact on the product or business. Prioritizing features helps product teams to allocate resources efficiently and ensure that they are delivering the most value to their customers.Here are some common methods for feature prioritization:

• MoSCoW: This method categorizes features into four groups: Must-haves, Should-haves, Could-haves, and Won't-haves.
• Kano model:This method helps teams to prioritize features based on how they impact customer satisfaction. Features are categorized as Must-haves, Performance attributes, and Delighters. Performance attributes are features that directly impact customer satisfaction, while Delighters are features that are unexpected and can lead to increased customer loyalty.
• Impact vs Effort:This method helps teams to prioritize features based on their impact on the product or business and the effort required to develop them. Features that have a high impact and low effort should be prioritized first.

Metrics and analytics are important tools for tracking the success of a product and making data-driven decisions. Here are some common metrics that can be used to track product success:

• User engagement: This metric measures how frequent users are interacting with the product, such as how many users are logging in or how often they are using specific features.
• Conversion rate:This metric measures the percentage of users who complete a desired action, such as making a purchase or signing up for a subscription.
• Churn rate: This metric measures the percentage of users who stop using the product or service over a specific time period.
• Net Promoter Score (NPS):This metric measures how likely customers are recommending the product or service to others.

Tracking product success involves setting clear goals and objectives, identifying key performance indicators (KPIs), and regularly measuring and analyzing data to assess progress and make informed decisions.

In addition to metrics and analytics, it's important to gather qualitative feedback from users through surveys, interviews, and user testing. This can provide valuable insights into user needs and preferences, and help teams to make improvements and iterate on the product.