Question

Describe phases and planning in product management in at least 175 words, please type response.

Answer 1

Ans- Phases and Planning in the Product Management-

There are around 8 phases and plannings in the Product Management that are as follows-

• Conceptual Phase- As a Product Manager, firstly your role and responsibility is to know your Customers and the market changes. At this phase, your mind get new ideas frequently to do some innovative changes in the product. This is the work where you want to speed up, encourage proactively and do the well for the management. And it is also the Product Managers role is to lead the cross fuctional gap during all the stages of the Conceptual Phase of Product Management as well as thinking out of the box to keep an update of ideas. In this, there are- Generation and Classification of Ideas, Evaluation of Ideas, Choosing the concept to move forward, doing the planning and seeking the concept for that support.
• Feasibility Analysis Phase- In the Feasibility Analysis Phase, one output is generated that is the Business Case. In this phase of product management, as a Product Manager you have to make the Marketing Plan of the Product, Marketing Requirements and the launching plan. In order to get the good results, team works on the Concept that has to be expanded to comprise every shareholder that touch the product lifecycle from every phase conceptual to the end of the product.
• Business Case Phase- It is the place where one do the sound business case for developing the existing product or introducing the new product. Business Cases are used in mostly all the types of organizations to justify their whole range of activities from the business cases built for developing the new products to justify the investment. Just like the Product cycle, the Documents of Business Case are required to be treated as the living, breathing document.
• Product Definition Phase- Product Manager work at this phase is to check whether the necessary documents are completed or not. The Documents are needed to be ready for the Development phase. The two documents that specify the product in detail that are- MRD(Market Requirement Document), PRD(Product Requirement Document).
• Product Development Phase- Product Managers role during the Product Development phase is about using the leadership, management skills into the work. This stage is not just about handling the project to the Development Team, they also have to manage the team and ask for the best. They have to manage all the steps in the process wherever it is required.
• Product Launch Phase- This is the phase where all the Ground Level work is ready to prepare for the launch itself. The Product Development and Launch are the simultanously phases which is required to be in order. The More Workload on the product launch phase automatically increases the workload on the Product Development Phase.
• Post-Launch Phase- This phase is the longest phase of the product lifecycle. It's because whenever a product is launched, it sustains in the market for long time. Even there are some new features or updations comes in the product according to the market requirements. It comprises of many activities from the current product report to the decision to discontinue the phase. In this, they also review the problems facing by the customer and try to solve it.
• End-of-Life Phase- This Phase is like the actual conclusion of the product lifecycle. In this phase, product is removed from the market and new products are introduced in the market because of coming of New Technology. The product manager has to check the various indicators to check whether the product is in decline by seeing the sales, decrease in market share, product revenue etc.

So, this was about the Phases and Planning of the Product Management.

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