The roles of the best product management companies are somewhat misunderstood because its definition varies across companies and across industries. Furthermore, roles and responsibilities may not be well articulated in any given company, and the absence of legacy documents leaves new or transferred product managers without the perspective they need to do their jobs. The best product management companies function can first be described in terms of the kinds of work that needs to be done. Three distinct ‘areas of work’ exist for introducing and managing products in a corporation:
1. New Product Planning
2. New Product Introduction
3. Post-Launch Product Life Cycle Management
Having this holistic perspective on how products are conceived, developed, and finally managed after introduction into the marketplace helps establish a broad understanding of what typically happens across the entire life of a product. The model illustrated below shows how each of these areas of work is sequenced:
New Product Planning involves sifting through new product ideas, evaluations of new features, and possibly new market entries. It includes planning enhancements and derivatives of existing products as well. This work includes ideation activities, concept screens, product feasibility assessments, business case preparation, and overall product definition.
New Product Introduction involves actual product development (creating the product) activities, crossfunctional team management, product launch, and ensuring the on-time delivery of product. This is the execution of all new products planning work.
Post-Launch Best Product Management companies involves strategic and tactical management of products which are already in the market, adjusting the marketing mix, and influencing new product plans for derivatives, line extensions, new features, new markets, etc., as well as inputs to plans for replacement products.