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Full Description
Whatever your business sells, product management is one of the most important functions in the organization's pursuit of profits. With everexpanding globalization and increasingly fierce competition, the stakes are higher than ever--and the room for error narrower than ever.Introducing a brand-new Product Management Life Cycle (PMLC) model, The Product Manager's Desk Reference, Second Edition, provides the knowledge, tools, and insight you need to establish yourself as a cutting-edge productmanager who contributes measurably to your company's success.In this fully revised edition of the definitive product management guide, veteran product management thought leader and practitioner Steven Haines clearly illustrates the entire product life cycle, from beginning to end. The Product Manager's Desk Reference is packed with an array of best practices and helpful hints that arecritical to the efficient management of products.Written for practitioners by a practitioner, TheProduct Manager's Desk Reference explains how to:Choose and justify which products to buildPlan for their profitable creation and deploymentDevelop and launch themManage them once they enter the marketGracefully retire them and replace them with new productsEfficiently allocate investments across all of the products in an organizationThe Product Manager's Desk Reference embodieseverything "product management." It is a comprehensive, versatile, must-have resource for anyone who works in any company, in any industry, who seeks to successfully and profitably market and manage products and services.PRAISE FOR The Product Manager's Desk Reference:"There are some books that are destined to become classics in their field. The Product Manager's Desk Reference by Steven Haines is one of those books. Anyone working not just in product management but also marketing and business development should take the time to read and absorb the comprehensive body of knowledge that Steven has organized around product management." -- AMANDA NOZ, Head of Positioning and Messaging, Alcatel-Lucent"Steven has done an excellent job of bringing a standard definition of the roles and responsibilities of this 'accidental profession' to the industry, and has provided a path along with tools to improve your skills within the product management profession." -- BRIAN WEBER, Manager of Product Management, Thomson Reuters"Steven Haines covers this multifaceted topic in a systematic manner that makes the book easy to navigate. His groundbreaking proposal that product management become a formal discipline is an accurate reflection of the acute need for these skills in the business community." -- DAN O'DAY, Senior Director, Product Management, Thomson Reuters"From now on, this book will stand as an important reference point for all product management teams." -- MARK ELLIOTT, Vice President, Product Management, Smiths Detection"The Product Manager's Desk Reference is a practicial guide to the activities fi rms need to engage in to build the discipline of product management. When actively utilized, the Desk Reference promotes consistency and standardization of methodology, which in turn leads to repeatable process, good decision making, and positive outcomes. This is an incredibly valuable resource." -- DEBORAH LORENZEN, Chief Operating Officer, BNY Mellon University
Contents
List of Illustrations xixList of Templates xxiiiForeword Practice What You Preach: A Case Study onSteven Haines . . . Bob Corporale xxvPreface xxxiIntroduction The Accidental Profession xxxvIntroduction to Module 1 1Chapter 1What Is Product Management? 5Question 1: What Is a Product? 6Product Lines 7Product Portfolios 9Solutions, Bundles, and Systems 10Product Elements and Modules 13Platforms 14Question 2: What Is Management? 15What Is a Product Manager? 16What Does a Product Manager Really Do? 16Question 3: What Is Product Management? 19Question 4: How Does Product Management Transform a Business? 21Discovery and Innovation 22New Product Planning Phases 23New Product Introduction Phases (Execution) 24Post-Launch Product Management 25Product Management: A Holistic Activity 25Summary: Why Product Management Matters 26Raising Your Product Management Experience Quotient (PMEQ) 27Chapter 2The Product Master Plan 31The Purpose of a Master Plan 32Plans Change 33The Format of the Product Master Plan 34The Value of a Product Master Plan 35An Insurance Policy for Consistent Communication 37The Basic Construction of the Product Master Plan 37Product and Product Line Business Documents 38Cross-Functional Product Team and Other Organizational Information 42Product Performance and Other Business Information 44Market Data 47Resources and Tools 47A Personal Library 48A Product Management Library 49Summary 49Raising Your Product Management Experience Quotient (PMEQ) 50Chapter 3Leadership: Creating Influence 51You Are Always on Stage 54Stay Calm, Even when Your Hair's on Fire 54Transformation 55The Most Important Values 56Leadership Behaviors and Mindset 57Additional Skills and Subject Matter Expertise 61Experiential Development 62How Do You Improve Your Skills and Experiences? 63Summary 64Raising Your Product Management Experience Quotient (PMEQ) 65Chapter 4Cross-Functional Product Teams: Getting Things Done 67Cross-Functional Team Definitions 68Definition: A Culture of Discipline 69Team Membership 71Teaming Is Not Always Easy 72Curing the Dysfunctional Team 75Building Blocks of a Cross-Functional Product Team 76Team Membership 77Multicultural Product Team Issues 78Product Team Responsibilities 79Cross-Functional Product Team Membership 80Clarifying Roles and Responsibilities 80The Functional Support Plan 82Team Membership Across the Life Cycle 83Cross-Functional Teams in the Global Arena 85Cross-Functional Team Leadership 87Summary 87Raising Your Product Management Experience Quotient (PMEQ) 88Chapter 5Problem Solving and Decision Making: What's Next? 91The Importance of Decision Making 92Decision Making and Problem Solving 93Saving Grace: A Case Study about Decision Making 95Decision-Making Techniques 99Combining Options 100The Morphologic Box 100The Decision Matrix 101The Decision Tree 103Analysis Paralysis and Rational Ignorance 104Gut-Feel Decision Making 106Business Intelligence 107Summary 107Raising Your Product Management Experience Quotient (PMEQ) 108Chapter 6Finance for the Product Manager: Keeping Score 111The Language of Business 112The Basic Financial Statements 112The Income Statement 113The Balance Sheet 117Cash Flow 121Demystifying Discounted Cash Flow 122Financial Planning for Product Managers 124Creating Business Cases for Product Investments 124Assembling Forecasts 125Testing Planning Assumptions Using Sensitivity Analysis 126Deriving Product Cost Models 126Establishing Pricing Models 128Preparing Product Budgets 129Managing the Business 129Making Sure the Product Is Achieving Its Financial Goals 130Financial Ratios 132Last Words on Ratios 134Maturity Assessment: Placing the Product on the Life Cycle Curve 135Using Scorecards 136Summary 137Raising Your Product Management Experience Quotient (PMEQ) 137MODULE 2FOCUSIntroduction to Module 2 139Why Insights Matter 140Chapter 7The Playing Field and the Players: Analyzing the Industry and Competition 145Becoming the Expert 146What Is an Industry? 147Industry Classifications 147Putting Industry Evolution into Perspective 150Carrying out Industry Research 151Securing Additional Data 156Processing the Signals 159Competitive Environment 160Competitive Positioning 161Gaining an Edge: Performance Counts 161Competitive Intelligence in Your Company 162Competitive Intelligence in Your World 163Ethics in Competitive Intelligence 165With Whom Do You Compete? 165Competitor SWOT 166How Do They Do What They Do? 166The Final Analysis 175Summary 176Raising Your Product Management Experience Quotient (PMEQ) 177Chapter 8Finding Markets to Conquer by Understanding Customer Needsand Market Segments 179The Common Denominator in Segmentation: Customer Needs 180How Markets Are Segmented 183Market Segmentation and the Marketing Mix 185Describing the Target Market 186They Don't Know What They Don't Know 188Planning and Carrying out Customer Visits 193The Voice of the Customer 198Using Personas (Or Customer Characterizations) as a Way to Capture Needs 201Your Research Strategy 203Summary 204Raising Your Product Management Experience Quotient (PMEQ) 204Chapter 9Preparing to Set Your Mileposts: Forecasting for the Product Manager 207Forecasting Basics 208Forecasting Is a Cross-Functional Exercise 210Validating Market and Demand Potential 211Forecasts Are Built on Beliefs about the Future 214Validating Assumptions and Applying Customer Preferences 215How Much Can We Really Make? Deriving Market Share Estimates 216Case Study: Forecasting 218Sales Forecasting 223Making the Sales Forecast Useful 224Demand Planning 225Concluding the Case 226Summary 228Raising Your Product Management Experience Quotient (PMEQ) 229Chapter 10Strategic Product Planning: The Inflection Point 231Strategy Is a Dynamic Continuum 232Using a Generic Strategy 233Strategizing Is Like Solving a Puzzle 234The Waterfall Effect 235Dynamic Strategy for the Product Manager 237Strategy in Your World 237The Product as a Business: A Strategic Planning Model 238An Overview of the Model 240The Model in Detail 241Step A. Baseline the Business of the Product 241Organizing the Data 242External Data: Industry and Competition 243Customer Activity 245Organizational Capabilities and Financial Health 246Capturing Product Performance Data 247Synthesizing Data and Creating Useful Information 254Prepare to Tell a Story about the Product 260The State-of-the-Business Product Strategy Review 261Step B: Recast the Vision for the Product 263Step C: Identify Strategic Options 264A Note on Product Roadmaps 268Summary 269Raising Your Product Management Experience Quotient (PMEQ) 269MODULE 3Introduction to Module 3 273Limits and Benefits of Processes 276A Generic Phase Gate Model 277Processes Are Linear, Markets Are Not 278Importance of the Right Pace for New Product Planning 278Faster is Not Always Better, But It Can't Hurt 282The Value of Flawless Execution 283Organization of the Chapters in This Module 284Chapter 11Making a Molehill Out of a Mountain: The Concept Phase 285The Basic Process 286Ideation: What's the Big Idea? 287Experimentation and Discovery 289Categorization of Product "Projects" 290Sorting out Opportunities 291Looking Down the Product Pipeline 295Product Enhancements as a Grouped Opportunity 298"So What?": The Value Proposition for the Opportunity 299Clarifying Your Identity with a Positioning Statement 303Positioning Means Making a Difference 304Narrowing the Field: Choosing Among Opportunities 306Managing Rejected Opportunities 307Securing Approval to Move to the Next Phase: The Concept Review 309Summary 309Raising Your Product Management Experience Quotient (PMEQ) 311Chapter 12Is There Really a Business Here? Assessing Feasibility 313Using Functional Support Plans to Clarify Roles, Responsibilities, and Deliverables 317The Marketing Functional Support Plan (The Marketing Plan for the Product) 321Product Development/IT/Systems Functional Support Plan 323Finance Functional Support Plan 324Customer Service Functional Support Plan 325Sales Functional Support Plan 326Operations Functional Support Plan 327Supply Chain Functional Support Plan 328Legal/Regulatory/Compliance Functional Support Plan 328Manufacturing Functional Support Plan 329International (or Global) Functional Support Plan 330Resource Planning and Summarization 331Document Evolution During Feasibility 334Planning to Monitor the Future Performance of The Product 335The Power of the Prototype 337The Decision Matrix for the Feasibility Phase 337Phase Review: Feasibility 339Summary 341Raising Your Product Management Experience Quotient (PMEQ) 343Chapter 13Appearances Are Everything: Defining and Designing the Product 345Product Definition Documents 349The PRD Outline and Template 352Managing Requirements 353Eliciting Requirements 356Defining Requirements 359Organizing Documents 363Managing Requirements from Beginning to End 364Prioritizing Requirements 366Inspections and Peer Reviews 367Requirements Management and the Product Life Cycle 368The Evolving Product Design 369Linking the Product Definition to "Building" the Product 371Make Versus Buy 371Carrying out a Make Versus Buy Analysis: An Example 372The Countdown Starts Now: Launch Planning 374Counting Back: How to Meet the Launch Goal 376Other Parameters for Successful Launch Planning 378Setting the Conditions to Recognize Future Life Cycle States 378The Exit Plan 381The Product Definition Phase Review 381Summary 382Raising Your Product Management Experience Quotient (PMEQ) 384Chapter 14Justifying Product Investments: The Business Case 387The Purpose of the Business Case 388Characteristics of Good Business Cases 388Activities and Sequencing 390Orchestration of the Case 392Business Case Structure 393Cover Page 393Executive Summary 393Framing 393Business Need and/or Strategic Fit 394Market Assessment 395Product Description 395Project Proposal 396Assumptions, Forecasts, and Financials 396Operations and Implementation 398Risk Analysis and Contingency Plans 399Recommendation 400Appendices 401Kick Start the Business Case 401Case Study: Creating a Business Case 402The Sample Business Case 405Concluding Comments 416Summary 416Raising Your Product Management Experience Quotient (PMEQ) 417Chapter 15Synchronizing the Gears: The Marketing Plan for the Product 419The Marketing Plan for the Product Is a Functional Support Plan 420Getting Organized 420Marketing Plans Always Begin with Strategy 424Building a Historical Marketing Profile 425Historical Inbound Programs 425Competitor Research 426Field Research Data 427Market Segmentation and/or Customer Research 427Industry Research Reports 427Checking for Inbound Data Sufficiency 427Historical Outbound Programs 428Advertising, Promotion, and Customer Education Program Information 428Sales Information 429Marketing and Selling Collateral 429Using the Historical Profile 429Putting the Marketing Mix in Perspective 429Outline for the Marketing Plan 431Setting the Team Up with a Realistic Marketing Plan 432Essential Sections of the Marketing Plan 434Executive Summary 434Strategic Context for the Marketing Plan 434The Market Environment for the Product 435The Marketing Mix: Strategies and Tactics 435Product 436Value-Oriented Pricing 437Advertising, Promotion, and Customer Education 438Place: Sales and Distribution Channels 438Marketing Alliances 440International Marketing Activities 440Product Launches Being Planned or Being Carried Out 441Sales Support and Training Programs 441Customer Service Training 442Additional Research Programs Needed 442Cross-Functional Deliverables and Dependencies 442Integrated Budgets 443Measurements and Metrics 443Risks 444Appendices and Supporting Material 444Summary 445Raising Your Product Management Experience Quotient (PMEQ) 445Chapter 16Execution and Oversight During Product Development 447The Product Manager's Role During the Development Phase 449The Product Manager as Facilitator, Partner, and Orchestrator 451Truth Mixed with Compassion 452Product Managers Must Understand Execution and Mitigate Conflicts 453Surfacing Conflicts and Realities with "How" Questions 453Rapid Product Development 454Progress Tracking 457Frequent Status Updates Are Essential 458Managing Project Plans Helps Manage Risk 459Additional Project Management Tools 462Progress Validation Is Essential 465Product Testing 466The Beta Test 468Product Documentation 469Managing Scope and Budget Creep 470Managing Change: Trade-Offs and Prioritization Decisions 472The Development Phase Review and Checklist 475Summary 477Raising Your Product Management Experience Quotient (PMEQ) 477Chapter 17Introducing the Product and Orchestrating the Launch 481Launch Benchmarking Outcomes 482The Product Launch Phase Workflow 484Executive Champions Need to Lead Important Product Launches 488Confirm the Market Window 488Synchronize Your Documentation (The Business Case, Marketing Plan,and Launch Plan) 490Review Market and Beta Tests-or Conduct Them If Necessary 490Product Availability Ratings 492Provide Adequate Sales Training 492Sales Goals and Compensation 493Ensure Readiness of Marketing Collateral, Website, and Integrated Promotional Programs 494Arrange Coverage by Industry or Market Analysts 496Make Sure Distribution Channels Are Able to Sell and Deliver the Product 496Ensure Readiness of Operational Systems 498Preparing for the Internal Launch 499Launch Metrics Must Be Assembled and Ready to Track 500Risk Management 500Be Willing to Recommend Go or No-Go for Launch 501The Announcement 502The Launch Checklist 503Summary 503Raising Your Product Management Experience Quotient (PMEQ) 505MODULE 4CONTINUING THE JOURNEY: POST-LAUNCH PRODUCT MANAGEMENTIntroduction to Module 4 507Chapter 18Auditing Results After the Launch 511Afterward 512Using an Impartial Auditor 513Market Window Compliance 514Executive Sponsorship 515Business Case Synchronization 516Adequacy and Timing of Collateral 516Adequacy of Sales Training 517Reviewing Operational Readiness 518Conformance to Launch Metrics 518Make Sure to Capture Lessons Learned 519Win-Loss Audits 520Internal Win-Loss Auditing 521External Win-Loss Auditing 522Assembling a Report 523Summary 523Raising Your Product Management Experience Quotient (PMEQ) 524Chapter 19Post-Launch Strategic Performance Analysis 525Running the Business 526The Importance of Measuring Performance 527The Product Business Strategy Model 529Collection of Data 532Sources and Types of Data 534Market Data 534Financial Data 537Sales, Service, and Operations Data 538Observational Data 541Evaluate the Data: What's Happening Now with the Product? 542Identify the In-Market Life Cycle State of the Product 543Answer the Question: "What's Happening Now with the Product?" 547Leading the Cross-Functional Product Team 555Product Team Meetings 556Summary 557Raising Your Product Management Experience Quotient (PMEQ) 559Chapter 20Post-Launch Strategic Mix Management 561Steering the Product Using an Actionable, Integrated Roadmap 565Deriving Value-Based Pricing 569Strategic Context 572Value Orientation 573Creating Programs to Advertise, Promote, and Educate Customers 575Fundamental Advertising, Promotion, and Educational Programs 577Understand What Your Company Is Currently Promoting 579Action Plans to Promote Your Own Product and Educate Your Customers 580Improving Customer Access by Selecting the Best Path to Your Chosen Customer 582Deciding on the Best Path to Take and Creating an Action Plan 585Integrating Other Aspects of the Strategic Mix for the Product's Business 587Creating Unforgettable Customer or User Experiences 587Protecting the Brand 591Garnering Customer Loyalty 591Operating Efficiently 593Summary 594Raising Your Product Management Experience Quotient (PMEQ) 595Chapter 21Life Cycle Product Portfolio Management 597Dispelling Some Myths about Product Portfolio Management 598What Is Life Cycle Product Portfolio Management? 600A Portfolio Reference Model 601The Ideal Work Structure for Product Portfolio Management 602The Cross-Functional Product Review Board 603A Life Cycle Product Portfolio Model 604Methodology 607Considering Existing Products 608Product Projects in New Product Introduction 611Products Being Planned 611Create Your Own Product Portfolio Model 613Portfolio Decision Making 614Availability of Data Is Critical 616Summary 616Raising Your Product Management Experience Quotient (PMEQ) 617Chapter 22Enough's Enough! Discontinuing the Product 619Barriers to Discontinuation 620The Discontinuation Decision 621Product Discontinuation Documentation 621The Cross-Functional Team 622Other Types of "Discontinuation" 623The Discontinuation Notice 626Summary 628Raising Your Product Management Experience Quotient (PMEQ) 629MODULE 5PROFESSIONALIZING PRODUCT MANAGEMENTIntroduction to Module 5 631Chapter 23Charting Your Career 633It's Up to You 634A Career Strategy 635Where Are You Now? 636Assessing Knowledge, Skills, and Experiences 636Career Action Planning 639Your Applied Learning Project 639Summary 643Chapter 24Organizing for and Managing Product Management 645Getting Organized 646Leading Product Management 649Transforming the Organization 651Chartering and Supporting Cross-Functional Product Teams 651Empowerment 652Acting as the Product Portfolio Review Council and Directing Product Investments 654Assigning an Owner for All Product Management Processes and Documents 655Providing Data for Product Managers 657Creating a Repository of Templates and Tools 658Resolving Problems as Escalated by the Product Teams 659Staffing Strategies for Product Managers 660Ensuring Ongoing Professional Development of Product Managers 662Support the Building of a Product Management Community 663Establishing an Environment for Creating and Sustaining Customer Partnerships 665Investing in Market Research to Support the Product Teams 665Coaching Product Managers 666At the Heart of Business: Product Management Matters 668MODULE 6THE PRODUCT MANAGER'S TOOLBOX 671Customer Visit Plan Template 672Functional Support Plan Template 674Opportunity Statement Template 676Product Positioning Statement Template 677Competitive Analysis Dossier 678Business Case Template 685Product Strategy Template 697Product Marketing Plan Template 701Product Launch Template 713Product Discontinuation Outline 717Product Master Plan Outline 718Product Requirements Document Guideline and Template 721Glossary 725References and Resources 755Index 759NER(01): WOW
