By Paula Quiroz
In this blog, we answer the most common questions that come up regarding product planning:
What is Product Planning?
Product planning is the processes a business uses to plan the development a new product.
Planning the development of a new product requires product managers to create processes that maximize efficiency and set them up for success. Note: This type of planning does not include marketing and deployment – these are external aspects of product development.
Why is it important for companies that are product-oriented?
For product-oriented companies (in contrast to companies that mainly provide services), product planning allows for optimized efficiency and effectiveness. Companies should look to cut down costs and wasted time and resources.
What are the steps that lead to efficient and successful product planning?
A vision is created, goals and milestones are set, divided into tasks, and then assigned to team members within a product management team. This creates a hierarchy of priorities that are manageable and actionable. In addition, it is clear to every team member what their role and tasks are.
Product managers typically follow these steps:
- Ideation – Define the product concept
- Know your Audience and strategize how to target them
- Roadmapping – Set processes and action items
- Update your initial product idea with your market research findings
- Quality Assurance is key – Set up a product testing process
- Determine your product life cycle – Go back, assess issues and wins, and look for opportunities for improvement
What are the benefits of good product planning?
Great product planning is pivotal to how quickly you can develop a product, the level of quality that the product possesses, and to what degree it resonates with audiences.
A successful plan will result in improved:
- Customer service
- Control on inventory
- Optimum resource use
Need guidance with your product planning initiatives?
Our experts are providing product managers across all industries with the latest and most insightful market research to help them successfully execute their product launches.
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