Product Management Process

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What is the product management process?

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An important process for a company to stay ahead of competitors, divided into five phases: need identification, product definition, product development, product launch, and product discontinuation.

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What are the five phases of the product management process?

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1. New Product Identification Phase 2. Product Definition Phase 3. Product Development Phase 4. Product Launch and Growth Phase 5. Product Discontinuation Phase

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What is the objective of the New Product Identification Phase?

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To understand customer needs and define functional requirements for new products.

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What activities are involved in the New Product Identification Phase?

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Customer surveys, reading industry literature, attending exhibitions, creating think tanks, and circulating information organization-wide.

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What is the purpose of the Product Definition Phase?

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To discuss and evaluate product ideas generated in the first phase and finalize the product.

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What key activities occur during the Product Definition Phase?

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Defining high-level functions, creating a business case, and selling the product idea to various stakeholders.

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What does the business case in the Product Definition Phase include?

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Market size, target segment, investment needed, profit potential, and competitive analysis.

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What is the focus of the Product Development Phase?

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To create the actual physical product based on finalized specifications.

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What are the main activities in the Product Development Phase?

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Creating detailed specifications, evaluating manufacturing options, developing prototypes, and conducting functional trials.

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What is the significance of the prototype in the Product Development Phase?

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It is evaluated to ensure it meets functional requirements and customer expectations.