Product Manager’s Desk Reference

Steven Haines is the founder of Sequent Learning Networks, a global product management training and advisory services firm based in New York City. He's also the founder of The Business Acumen Institute, a training firm dedicated to business acumen excellence. He is the author of several bestselling books, including The Product Manager's Survival Guide (2nd edition), The Business Acumen Handbook and Managing Product Management.

Room for error in today's fast-paced business environment shrinks by the minute. Packed with an array of new tools, techniques, and best practices-along with an explicit emphasis on data, analytics, and product performance-this new edition of the definitive product management resource is a timely and actionable guide to kicking your product management strategies into high gear.

Illustrations Preface Introduction MODULE 1Foundations of Product ManagementIntroduction to Module 1 CHAPTER 1What Is Product Management? Question 1: What Is a Product? Product Lines Product Portfolios Solutions, Bundles, and Systems Product Elements and Modules Platforms Question 2: What Is Management? What Does a Product Manager Really Do? The Product Management Life Cycle Model Question 3: What Is Product Management? Product Management: A Holistic Activity Summary: Why Product Management Matters CHAPTER 2The Product Master Plan The Purpose of a Master Plan Plans Change The Format of the Product Master Plan The Value of a Product Master Plan An Insurance Policy for Consistent Communication The Basic Construction of the Product Master Plan Product Business Documents Organizational Information Product Business Information Customer and Market Data Financial Information Resources and Tools A Personal Library A Product Management Library Summary CHAPTER 3Leadership: Creating Influence You Are Always on Stage Stay Calm, Even When Your Hair's on Fire Transformation Important Leadership Values Leadership Behaviors and Mindset Your Leadership Experiences Evaluation and Personal Development Summary CHAPTER 4Leveraging Teams to Get Things Done Product Teams vs. Project Teams Agile Project Teams Team Membership Teaming Is Not Always Easy Building Blocks of a Cross-Functional Product Team Team Membership Multicultural Product Team Issues Distributed Development Teams Product Team Responsibilities Cross-Functional Product Team Membership Clarifying Roles and Responsibilities The Functional Support Plan Team Membership Across the Life Cycle Cross-Functional Teams in the Global Arena Cross-Functional Team Leadership Summary CHAPTER 5Problem-Solving, Decision-Making, and Prioritizing The Importance of Decision-Making Decision-Making and Problem Solving Saving Grace: a Case Study About Decision-Making Decision-Making Techniques Combining Options The Morphologic Box The Decision Matrix The Decision Tree Analysis Paralysis and Rational Ignorance Gut-Feel Decision-Making Business Intelligence Summary CHAPTER 6Finance for the Product Manager: Keeping Score The Language of Business The Basic Financial Statements The Income Statement The Balance Sheet Cash Flow Demystifying Discounted Cash Flow Financial Planning for Product Managers Creating Business Cases for Product Investments Assembling Forecasts Testing Planning Assumptions Using Sensitivity Analysis Deriving Product Cost Models Establishing Pricing Models Preparing Product Budgets Managing the Business Making Sure the Product Is Achieving Its Financial Goals Financial Ratios Last Words on Ratios Maturity Assessment: Placing the Product on the Life Cycle Curve Using Scorecards and Other Evaluative Tools Summary MODULE 2Building Insights and Driving Strategiesby Making the Market Your Primary FocusIntroduction to Module 2 Market Data Matters Customer and Market Insights Are Vital A Market Insights Development Process CHAPTER 7The Playing Field and the Players:Analyzing the Industry and Competition Becoming the Expert What Is an Industry? Putting Industry Evolution into Perspective Carrying Out Industry Research Securing Additional Data Competitive Environment Competitive Positioning Gaining an Edge: Performance Counts Competitive Intelligence in Your Company Competitive Intelligence in Your World Ethics in Competitive Intelligence With Whom Do You Compete? Competitor SWOT How Do They Do What They Do? Sizing Up the Competitive Landscape The Final Analysis Summary CHAPTER 8Finding Markets to Conquer by UnderstandingCustomer Needs and Market Segments The Common Denominator in Segmentation: Customer Needs How Markets Are Segmented Market Segments Are Dynamic Describing the Target Market They Don't Know What They Don't Know Planning and Carrying Out Customer Visits Capturing the Voice of the Customer Conducting Customer Interviews Using Personas and Customer Narratives to Capture Needs Capturing the Customer's Journey Associating Customer Needs with Product Features Summary CHAPTER 9Preparing to Set Your Mileposts:Forecasting for the Product Manager Forecasting and Market Potential Forecasts Are Built on Beliefs About the Future Validating Assumptions and Applying Customer Preferences Forecasting Is a Cross-Functional Exercise Sales Forecasting Validating the Forecast Demand Planning Summary CHAPTER 10Product Strategy Formulation Strategy Is a Dynamic Continuum Strategizing Is Like Solving a Puzzle Cascading Strategies Dynamic Strategy for the Product Manager Strategy in Your World The Product Strategy Formulation Process Using the Product Strategy Formulation Process Baselining the Business of the Product Organizing the Data External Data: Industry and Competition Customer Activity Organizational Capabilities and Financial Health Capturing Product Performance Data Life Cycle State The Marketing Mix Company Resources That Contribute to the Product's Business Synthesizing Data and Identifying Opportunities Your Product's Future Establishing Goals Identifying Strategic Options Linking Your Strategy to a RoadmapDid We Get There? Summary MODULE 3The Start of the Product's JourneyIntroduction to Module 3 Limits and Benefits of Processes Importance of the Right Cadence Faster Is Not Always Better, but It Can't Hurt Organization of the Chapters in This Module CHAPTER 11Making a Molehill Out of a Mountain:Linear Product Planning and Prioritization Linear Product Planning What's the Big Idea? Categorization of Product Ideas Sorting Out Opportunities "So What?": The Value Proposition for the Opportunity Clarifying Your Identity with a Positioning Statement Selection and Prioritization Managing Rejected Opportunities Securing Approval to Move to the Next Phase:The Concept Review Is There Really a Business Here? Assessing Feasibility Clarifying Roles, Responsibilities, and Deliverables Marketing Product Development/Engineering/IT Finance Customer Service Sales/Account Management Operations Supply Chain Legal/Regulatory/Compliance The Business Case Characteristics of Strong Business Cases Activities and Sequencing Business Case Structure Section 1: Framing Section 2: Customer Context and Problems Section 3: Industry and Competitive Environment Section 4: Overall Market Context Section 5: Product or Solution Section 6: Forecast and Pricing Section 7: Scenario Planning Section 8: Financial Analysis Section 9: Operations and Integration Section 10: Go to Market/Launch Section 11: Risk Assessment Section 12: Review and RecommendationMake Versus Buy Carrying Out a Make Versus Buy Analysis: An Example The Decision Matrix for the Feasibility Phase Summary CHAPTER 12Appearances Are Everything:Defining and Designing the Product Product Definition Documents The PRD Outline and Template Managing Requirements Eliciting Requirements Defining Requirements Organizing Documents Managing Requirements from Beginning to End Prioritizing Requirements Inspections and Peer Reviews Requirements Management and the Product Life Cycle The Evolving Product Design The Product Definition Phase Review Summary CHAPTER 13Product Planning and Prioritizing in the Digital World Perspective Customers First Designs and Prototypes Customer Value Drivers Verification of Strategic Fit and Prioritization of Features Staging Features for Development and Release Planning Summary CHAPTER 14Execution and Oversight During Product Development The Product Manager's Role During Development Truth Mixed with Humility Product Managers Must Understand Executionand Mitigate Conflicts Surfacing Conflicts and Realities with "How" Questions Linear Product Development Managing Project Plans Helps Manage Risk Progress Validation Is Essential Product Testing The Beta Test Product DocumentationManaging Change and Scope: Trade-Offs and Prioritization Iterative Product Development Priming the Pump Kanban Product Managers Versus Product Owners Connecting the Processes Summary CHAPTER 15To Market, to Market: Launching and Releasing Products Launch Benchmarking Outcomes Putting the Launch into Perspective The Launch Plan Launch Execution Executive Champions Need to Lead ImportantProduct Launches Confirm the Market Window Review Market and Beta Tests-or Conduct Them If Necessary Prerelease/Early Adopter ReviewProduct Availability Ratings Provide Adequate Sales Training Sales Goals and Compensation Ensure Readiness of Marketing Collateral, Website,and Promotional Programs Leverage Digital Marketing Arrange Coverage by Industry or Market Analysts Make Sure Distribution Channels Are Able to Selland Deliver the Product Ensure Readiness of Operational Systems Preparing for the Internal Launch Launch Metrics Must Be Assembled and Ready to Track Risk Management Be Willing to Recommend Go or No-Go for Launch The Announcement Summary MODULE 4Continuing the Journey:Post-Launch Performance ManagementIntroduction to Module 4 CHAPTER 16Auditing Results After the Launch After the Launch Using an Impartial Auditor Market Window Compliance Executive Sponsorship Business Case Synchronization Adequacy and Timing of Marketing Material Adequacy of Sales Training Reviewing Operational Readiness Conformance to Launch Metrics Make Sure to Capture Lessons Learned Win-Loss Audits Internal Win-Loss Auditing External Win-Loss Auditing Assembling a ReportSummary CHAPTER 17Post-Launch Performance Management Running the Business The Importance of Measuring Performance Creating a Data-Driven Fact Base Data and Metrics Market Metrics Financial Metrics Sales, Service, and Operations Metrics Evaluation: What's Happening Now with the Product? Assessing the Impact of Your Cross-Functional Product Team Identifying the Life Cycle State of the Product Evaluating Financial and Business Data Using Product Scorecards Using a Product Dashboard and a Product Health Report Pricing and Product Performance Updating Your Product Roadmap Summary CHAPTER 18Product Portfolio Management Dispelling Some Myths About Product Portfolio Management What Is Life Cycle Product Portfolio Management? A Portfolio Reference Model The Ideal Work Structure for Product Portfolio Management The Cross-Functional Product Review Board A Life Cycle Product Portfolio ModelMethodology Further Analysis: Current Products Create Your Own Product Portfolio Model Portfolio Decision-Making Availability of Data Is Critical Summary CHAPTER 19Enough's Enough! Discontinuing the ProductBarriers to Discontinuation The Discontinuation Decision Product Discontinuation Documentation The Cross-Functional Team Other Types of "Discontinuation" The Discontinuation Notice Summary Index