Product Management
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Chapter 8 - Key Concepts

these are a set of concepts that form the foundation of modern product work.

Holistic Product

When referring to the term product, we have to take a holistic approach. A product is more than just a list of features that have been implemented.
Functionality - the features
Technology - what enables the functionality
User Experience Design - what represents the functionality
Monetization - how we profit from this functionality
Acquiring Users & Customers - how we attract these people
Offline Experiences - an essential aspect of delivering the products value

Continuous Discovery & Delivery

There are two essential high-level activities in product teams:
We need to discover the product to be built.
We need to deliver that product to market.
We are always working in parallel to discover the product being built (product manager and designers role), and to deliver that product (engineerings role).

Product Discovery

Discovery is about the collaboration between product, design and engineering.
The purpose of product discovery is to separate the good ideas from the bad.
The output is a validated product backlog.

Four critical questions must be answered:

Will the user buy this (or choose to use it)?
Can the user figure out how to use this?
Can our engineers build this?
Can our stakeholders support this?

Prototypes

During discovery, we generate prototypes to experiment in a quick and cost-effective manner.
Strong teams test product ideas many times a week (10-20)

Product Delivery

The purpose of prototyping is to quickly come up with something that provides some evidence it is worth building.
The purpose of delivery is to build and deliver these production-quality products.

Products & Product/Market Fit

Just because we make a good product, does not mean someone is going to be it. This is why we need to establish product/market fit.
This is the smallest possible actual product that meets the need of a specific market of customers.
Since these are actual products, they are the result of delivery.

Product Vision

Product vision is the longer-term objective of this product, normally 2-10 years out. It is how we as a product organization intend to deliver on the company’s mission.

MVP - Minimum Viable Prototype

In most organizations, they create a minimum viable product which can lead to a major waste of time and resources.
Instead, MVP should stand for minimum viable prototype. Defining this early on even if there is limited functionality is much more effective and instills confidence in what is being built.

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