The Product Management Lifecycle Explained
So, how do you actually build products?
Product management is the process of developing products that meet customer and business needs and expectations. A product can be something tangible like a good or intangible like a service, regardless the goal of a product is to satisfy the needs and/or desires of customers.
Every organization has its own way of delivering products to market, but at the core the Product Management Lifecycle has seven defined phases: conceive, plan, develop, qualify, launch, deliver, and retire.
Conceive Phase: This phase involves first identifying new or existing market opportunities that can be addressed by a product and secondly, researching the potential product concept’s viability and attractiveness.
Plan Phase: This phase involves the defining of the product and creation of a project plan, marketing strategy, and business case.
Development Phase: This phase involves the actual building of the product, market validation, launch planning, and program review.
Qualify Phase: This phase involves getting feedback from the market on the product through Beta testing or another form of market testing.
Lauch Phase: This phase involves introducing the product to the market through the actual launch activities and post-launch activities.
Delivery Phase: This phase involves growing the products usage and adoption within the market, maintaining the product, iterating the product, and ultimately supporting the products decline.
Retirement Phase: This phase involves developing and executing a structured plan gracefully withdraw a product from the market while minimizing the impact on existing customers.
Together this Product Management Lifecycle Framework outlines a common and effective way to bring products to a market and withdraw them.
“Without effective product management, product development is prone to guesswork, misguided development projects, and missed opportunities. With world class product management, companies develop products with robust knowledge of both customers and markets, increasing the likelihood of market success.” - Greg Geracie and Steven D. Eppinger