Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same.
Description: A product needs to be relevant: the users must have an immediate use for it. A product needs to be functionally able to do what it is supposed to, and do it with a good quality. A product needs to be communicated: Users and potential users must know why they need to use it, what benefits they can derive from it, and what it does difference it does to their lives. Advertising and 'brand building' best do this.
A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names.
A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream.
Understanding the Life Cycles of Product and Project ManagementProduct management and project management are two closely intertwined disciplines in the business world. Both have their own life cycles that outline the necessary steps for success. The product management lifecycle includes idea generation, market research, product development, testing, launch, post-launch monitoring, maturity and growth, and decline or sunsetting. On the other hand, the project management lifecycle consists of initiation, planning, execution, monitoring and controlling, and closure.
Product Leadership vs. Management: Balancing Roles for SuccessProduct leadership and product management are two distinct but interrelated roles in successful product development. Product leadership involves envisioning the future, setting a strategic direction, inspiring teams, and maintaining a customer-centric approach.
Scaling Agile: Product management Strategies for Large-Scale SuccessAgile methodologies have revolutionized software development, but as organizations grow, scaling Agile becomes necessary. Large-scale product management presents challenges such as coordination, dependency management, and resource allocation. Several strategies and frameworks can help address these challenges, including SAFe, LeSS, the Spotify Model, Scrum at Scale, Kanban at Scale, Agile portfolio management, and integrating lean thinking and DevOps. These approaches enhance collaboration, efficiency, and adaptability in managing complex projects within large organizations. Leadership plays a crucial role in supporting and driving the transformation towards scaling Agile.