When we refer to lifecycle, we essentially means that something having a beginning and an end. In case of product management, the lifecycle would always start with a problem statement. Some may argue that it is an idea where the process would start but ideas are always in relation to a problem to be solved. Now what we define as a problem can be subjective.
With problem comes the yearning to resolve the problem. Take a moment now and just look around the room. Every product which you see around solves a problem. Isnt it? So we think of an innovative idea to resolve a problem.
But how do we know if the idea will work? So we decide to create a prototype or proof of concept and test waters with the proof we created. We reach out to various touchpoints to validate the solution. All or some of them would have initially contributed to the process by defining the problem statement.
Once the solution is validated, feedback is incorporated and then actual process of building the solution starts. This is followed by rolling out the solution/product and eventually a feedback loop is put in place based on which additional features are added.
Final phase, as with anything, is the end of the product or phasing out the product.
What we have covered above is, in a nutshell, in summary the product management lifecycle. Let’s try putting this in phases as discovered above
- Problem statement
- Idea and business case
- Build a prototype and demo
- Product development
- Product marketing, rollout and support
- Product enhancements and new feature rollouts
- Product wind down
We will cover each of the above area in detail one by one in the subsequent sections. A quick point on the fourth phase. Product development is detailed process in itself and can cover various steps.
ProductSME 