Product Management Cycle

What is the product management cycle? If you are interested in this study, do not hesitate to read this. You can get more information from this article.

What is the Product Management Cycle?

The product management cycle is a process that starts with the creation of a product. Also, it ends with the product’s retirement. 

The process includes: analyzing customer needs, defining the product, and establishing the product’s positioning in the market. 

The cycle continues with the product’s development, launch, and introduction to the market. After that, it evolves through the product’s life cycle.

Determining Customer Needs

When creating a product, you must determine customer needs. You can ask customers what they need. 

You can also observe customers while they use your product. Then, you can analyze who your customers are and how they use your products.

After you have determined customer needs, you have to understand them completely. For example, if your customers are businesses, you can identify their businesses’ needs. 

If your customers are individuals, you can identify their personal needs. Of course, customers will often change their needs during the product’s life cycle. Therefore, continue to monitor customer needs.

Defining the Product

Product definition is the process of creating a proposal for a product idea. It includes creating a brief description, determining costs, and deciding on a release schedule. 

Use your customer needs to define the product. For example, if your customer needs are low cost and a secure connection, define the product to be inexpensive and protected from uninvited guests. 

Your definition also must include what features your product will include. You can write down all features you think your product will have, but do not include all features in your final definition. 

After writing down all features, you must determine which features to include in your product definition. 

The features you choose should meet your customer’s needs. You should also include your product’s advantages and disadvantages. 

If you want your product to be successful, you must determine why customers will choose your product over other products. 

Finally, you must decide how to develop the product. For example, you may decide to develop the product internally or purchase the product from a third party. 

Decide

You must decide when to release the product. You can launch the product quickly with few features, or you can wait until the product is perfect before releasing it. 

You must also decide how much your product will cost. Your customers will use your price to compare your product to other products.

The amount you spend to develop your product will affect your price. If you plan to spend a lot of money developing the product, your price will also be high. Also, if you plan to spend little money, your price will be low. 

You must also decide how much profit you expect to make on the product. If your profit will be high, you can charge more for your product. If your profit will below, you can charge less. 

You must decide when to release the product. You can launch the product quickly with few features, or you can wait until the product is perfect before releasing it. 

Conclusion

The product management cycle starts with the product’s creation. After that, it continues with the product’s development, launch, and introduction to the market. 

The cycle ends with the product’s retirement. When your product retires, you can create a new product or retire the same product with new features.