{"id":421,"date":"2020-03-13T13:38:57","date_gmt":"2020-03-13T13:38:57","guid":{"rendered":"https:\/\/www.storefrog.com\/?p=421"},"modified":"2020-04-02T13:49:49","modified_gmt":"2020-04-02T13:49:49","slug":"principles-of-product-management","status":"publish","type":"post","link":"https:\/\/www.storefrog.com\/principles-of-product-management","title":{"rendered":"What are the Principles of Product Management?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">What is Product Management?<\/h2>\n\n\n\n<p>Product management is\nthe process of developing and launching and looking after all the marketing and\ncustomer necessities of the product.<\/p>\n\n\n\n<p>Product management involves creating a vision for the product and building a strategic plan to market the product. It is a shared responsibility with other teams in the business. It is also about taking care of the post-sales process, which includes sales performance, customer service, and inventory stock, among others.<\/p>\n\n\n\n<p>In an e-commerce website, product management goes beyond \u201cwhat you are selling.\u201d It deals with the entire site as a \u201cproduct.\u201d Read about product management in e-commerce&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.storefrog.com\/what-is-e-commerce-product-management\" target=\"_blank\">here<\/a>&nbsp;and its importance&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/www.storefrog.com\/importance-of-product-management-in-e-commerce\" target=\"_blank\">here<\/a>.<\/p>\n\n\n\n<p>You can say product management is the core part of a business, especially e-commerce. This article explores various principles of product management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Principles of Product Management<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"609\" height=\"539\" src=\"https:\/\/www.storefrog.com\/wp-content\/uploads\/2020\/02\/image-2.png\" alt=\"Principles of product management\" class=\"wp-image-427\" srcset=\"https:\/\/www.storefrog.com\/wp-content\/uploads\/2020\/02\/image-2.png 609w, https:\/\/www.storefrog.com\/wp-content\/uploads\/2020\/02\/image-2-300x266.png 300w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/figure><\/div>\n\n\n\n<p>Let us look at the\nprinciples of product management one by one.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Competition analysis<\/h3>\n\n\n\n<p>To start planning a business strategy, you might need something to measure your methods against. Especially when you have a cutthroat competition. Who better to start than your competitors?&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201c<strong><em>A horse never runs so fast as when he has other horses to catch up and outpace<\/em>.<\/strong>\u201d\u2013 Ovid <\/p><\/blockquote>\n\n\n\n<p>Study your\ncompetitors. Analyze what and how they do their business. You must try to get\nanswers to the following questions (and more, but most importantly, these):<\/p>\n\n\n\n<ul><li>Who are\ntheir targeted customers?<\/li><li>What are\ntheir niche products?<\/li><li>What are\ntheir selling strategies?<\/li><li>What\nchallenges do they face, and how do they overcome them?<\/li><li>What are\ntheir strengths and weaknesses?<\/li><li>What are\ntheir post-sales commitments?<\/li><\/ul>\n\n\n\n<p>Answers to these\nquestions will give you an insight into how to do business and manage your\nproducts.&nbsp;<\/p>\n\n\n\n<p>Learning from others\u2019\nmistakes is wise. However, you should not rely on your competition too much.\nYour business strategy should be unique, and competition analysis is just the\nway to ensure that.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Customer-centric approach&nbsp;<\/h3>\n\n\n\n<p>A business aims to generate revenue. How does it do that? By selling its products. And who buys the products? Customers.&nbsp;Customers are the most crucial part of any business.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>&#8220;<strong><em>We don&#8217;t want to push our ideas on to customers, we simply want to make what they want.<\/em><\/strong>&#8221; &#8211;   Laura Ashley  <\/p><\/blockquote>\n\n\n\n<p>Once you identify the\nproducts you want to sell, the next step is to make sure you design or manage\nthem per how your customers would like. Since they are the ones who will buy\nyour products.&nbsp;<\/p>\n\n\n\n<p>You must seek answers to these questions:<\/p>\n\n\n\n<ul><li>What type\nof customers looks for these products?<\/li><li>What kind\nof product do they want?<\/li><li>Why do\nthey want it?<\/li><li>What are\ntheir expectations of the product?<\/li><li>How do\nthey search for it?<\/li><li>Where do\nthey mostly buy\/look for it?<\/li><\/ul>\n\n\n\n<p>Customers should be your topmost priority. You must communicate with them and get their feedback about your products and ideas. Accept any constructive criticism with open arms because it will help you in the long run.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Clear and long-term product vision<\/h3>\n\n\n\n<p>Now that you know what\nyou want to sell and to whom, it is time to create a compelling product vision\nthat will drive your business forward.<\/p>\n\n\n\n<p>A product vision is a\nlong-term goal you set for your product-to-be. It is like a statement or\ndocument that should explain what you want to achieve with this product.&nbsp;<\/p>\n\n\n\n<p>Here is how&nbsp;<a href=\"https:\/\/clevertap.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">CleverTap<\/a>&nbsp;plans its product vision:<\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"> \u201c<em>Creating a product vision is like creating a signature dish. Along with the approach, what is also important is that you have the right ingredients for creating the vision<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>The ingredients that I have to come to believe makes for a solid foundational vision are &#8211;<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>a. Ask yourself, \u201cwhy you?\u201d<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>b. Keep your customer persona at the front and centre.<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>c. Be precise. Do not say \u201cWe do this and that.\u201d Don&#8217;t try to be everything for everyone.<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>d. Think big, think long.<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>e. Be inspirational. Like Steve Jobs said, \u201cYour vision should be such that it pulls both your employees and customers.\u201d<\/em><\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\"><em>f. Don&#8217;t be rigid. Be prepared to adjust, iterate and course-correct.<\/em>\u201d <\/p>\n\n\n\n<p style=\"color:#ba6dac\" class=\"has-text-color\">&#8211; <a rel=\"noreferrer noopener\" href=\"https:\/\/www.linkedin.com\/in\/jay-magdani-4289ab4b\/\" target=\"_blank\">Jay Magdani<\/a>, Product Manager at Clevertap<\/p>\n\n\n\n<p>The vision must\nclearly state:&nbsp;<\/p>\n\n\n\n<ul><li>what the motivation behind the product is;<\/li><li>how it differs from others in the market;<\/li><li>what can customers expect from it and how it is going to help them;<\/li><li>the budget required; <\/li><li>the possible time frame, etc.<\/li><\/ul>\n\n\n\n<p>While designing the\nproduct vision, make sure to keep it customer-focused, but at the same time, it\nshould align with the business goal. It should inspire the development and\nmarketing team, and it should be the baseline to plan the product strategy.\nRemember \u2013 keep it short, clear, and engaging.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Communication is key<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>\u201c<strong><em>Communication is your ticket to success, if you pay attention and learn to do it effectively.<\/em><\/strong>\u201d &#8211; Theo Gold  <\/p><\/blockquote>\n\n\n\n<p>Communication is like\na gold mine of any production process. You can achieve so much with effective\ncommunication.&nbsp;<\/p>\n\n\n\n<p>Communication with the team and customers is vital in product management. You must be able to communicate complex matters with the various department effectively. To develop or manage a product, every department has to be in sync. This can only be possible with clear and frequent communication.&nbsp;<\/p>\n\n\n\n<p>Communication with\npotential customers plays a significant role, as well. Getting to know their\nexpectations, requirements, feedback, experience, etc. will help in managing\nand developing the product strategy well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Deliver quality products&nbsp;<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>&nbsp;\u201c<strong><em>Quality is the best business plan.<\/em><\/strong>\u201d &#8211; John Lasseter  <\/p><\/blockquote>\n\n\n\n<p>Customers want what is\nbest in the market. Many factors determine \u201cbest.\u201d One of them is quality.<\/p>\n\n\n\n<p>You can design or sell\nyour products at a lesser price than the competition, but if you compromise\nwith its quality, it might have a negative impact. You must try to strike a\nbalance between cost and quality. People appreciate good quality; they would\neven pay for it no matter the price.&nbsp;<\/p>\n\n\n\n<p>In this competitive\nworld, it is not difficult to find the best thing. If you cannot deliver\nquality products, then the customers will move on to your competitors.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p> \u201c<strong><em>Quality is everyone\u2019s responsibility.<\/em><\/strong>\u201d \u2013 W. Edwards Deming <\/p><\/blockquote>\n\n\n\n<p>Coming up with a\nquality product is teamwork. As already discussed, effective communication is\nthe key to good teamwork. Every member has to work towards developing or\nbringing quality products.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Wrapping Up<\/h2>\n\n\n\n<p>These are the essential principles of product management that any business must follow.&nbsp;It is not easy. It takes time, effort, and a lot of teamwork to get it right.<\/p>\n\n\n\n<p>Did we miss something? Let us know in the comments below. We would love to read your thoughts. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Product Management? Product management is the process of developing and launching and looking after all the marketing and customer necessities of the product. Product management involves creating a vision for the product and building a strategic plan to market the product. It is a shared responsibility with other teams in the business. It [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[22],"tags":[18,16,20],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are the Principles of Product Management? - StoreFrog<\/title>\n<meta name=\"description\" content=\"Product management is the core part of a business, especially e-commerce. 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