Behind the scene

A typical Product Life Cycle Management consists of four stages: introduction, growth, maturity, and decline. I added a new one called the pre-introduction phase, during which three critical decisions are made.

Decision 1 : Set Business Goals

• As a Organisational strategy we want to enter into the new market or into new domain of business.
• We want to satisfy a specific consumer need and make the business profitable with increased market share.
• As an action item we would conduct a market analysis and see what other similar business entities are doing and whether there is a significant gap in their products and service offerings.
• Identify how can we make a significant impact and build a story or a conceptual model and evaluate the same with stakeholders.
• After all the activities ultimately a business goal is formed, for example, “Be the top player in healthcare space in the APAC market by making healthcare affordable”.

Decision 2 : Set Product Vision

• We want to identify why would the product even exist and set a north star vision which would define the future state of the product.
• Define the KPIs and the success metrics of the product.
• Define why, what and how we are doing it. 5 why’s can also be a good method as well.
• In order to understand who will benefit from the product a generative research would be conducted.
• Finally craft a shared vision of for the produce where we include every business stakeholder like Product managers , engineering, sales and marketing to define the vision which could be something like this . “Making healthcare accessible for everyone”

Decision 3 : Set Product Roadmap

• Craft a team of designers, product managers and Engineers.
• Build experience goals.
• This is the phase where we would like to build epics and user stories and further prioritise them based on release cycles.
• In this phase we also need evaluate data models, tech stack, platform/data security and architecture.
• Define how the team will achieve release goals and the resources they will need.
• Build and release as per plan.

Now we are all set to move to the next phase of PLM which is called as the introduction phase.