Product Management
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.
Managing a Product Team
Conducting Research
Developing Strategy
Communicating Plans
Coordinating Development
Acting on Feedback and Data Analysis
MVP Development
A minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product.
It is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort. A company might choose to develop and release a minimum viable product because its product team wants to:
- Release a product to the market as quickly as possible
- Test an idea with real users before committing a large budget to the product’s full development
- Learn what resonates with the company’s target market and what doesn’t
It is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort. A company might choose to develop and release a minimum viable product because its product team wants to:
- Release a product to the market as quickly as possible
- Test an idea with real users before committing a large budget to the product’s full development
- Learn what resonates with the company’s target market and what doesn’t
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