|Best Practice Product Management
Products and Services are the lifeblood of the company and as such, must be given appropriate management attention if desired outcomes are to be achieved. Each product / service within the overall portfolio will follow its own ‘lifecycle’, a result of strategic intent and actioned tactical plans. The level of commercial success achieved by each product/service within the portfolio, typically relates to how well market requirements have been satisfied and directly to the ‘standard’ of ‘product management’ they have received.
Taken in context 'Product Management' is in itself a very complex discipline with many interdependencies (TouchPoints) to be taken into account and as such, must not be thought of as the sole responsibility of the 'Product Manager‘. Fundamentally Product Management is a management activity with the complexity of process interdependencies rising exponentially with the size of the portfolio and structure of your target markets. ...at a given point we have found that the most efficient and effective way to cascade 'strategic intent', is by adopting a strong multidisciplinary approach, driven by a triad of strategic management disciplines – CEO/MD, Product Manager/Product Owner and Market Development Manager, although the general ethos has to be acknowledged within any size portfolio.
It is without question that the above approach offers significant and measureable improvements across a wide range of critical success factors. However, it remains important to align any structural / hieratical positions indicated to the specific requirements of your company. In alignment with the above rationale, the PMM process is eminently suitable for managing a portfolio, of whatever size, and fully subscribes to a ‘Best Practice’ and 'lean' planning approach throughout.
Shown below are fundamental portfolio structures, all of which can be supported in various ways by the PMM process.
Single Product, Single Market is often associated (but not always) with a ‘Start-up’ or SME type company. A company in this position is often lean and dynamic and has the natural ability to react quickly to market changes and competitor reactions. It may also be the case that the company is in the ‘start-up phase’ and therefore may not have a Product Manager position as such, but the ethos of robust strategic Product Management thinking is imperative.
Single Product, Multi-Market is a company with a single product addressing multiple target markets (perhaps a result of market development). A company in this position is often dynamic and has the ability to react quickly to market changes and competitor reactions. The role of Product Management is undertaken by a Product Manager and / or Market Development Manager overseen by the CEO / MD of the Company.
Multi-Product, Single-Market is a company with a range of products addressing a single target market (perhaps a result of product development). A company in this position often remains dynamic and has the ability to react quickly to market changes and competitor reactions. The role of Product Management is undertaken by a Product Manager and / or Market Development Manager overseen by the CEO / MD of the Company.
Multi-Product, Multi-Market with perhaps further geo-demographic variations ultimately means a complex array of strategic interdependencies. A company that requires a ‘solution’ based portfolio to address its target market undoubtedly requires a robust planning process orchestrated by a triad of management disciplines. Incoherent management activities will lead to inefficiencies and ad-hoc tactical actions taking place.
The PMM Process provides a robust / agile method when managing complex product portfolios.
Location Innovation Process Management
Unit 4 - 6
147b Wareham Road
Find us on the map
By Car: From M27 Junction 1, follow A31* to Wimborne and then follow signposts for Dorchester and then Corfe Mullen.
From the A31 (Wimborne) roundabout follow the signposted route to Corfe Mullen and continue to travel south on the Wareham Road for approximately 1.5 miles and turn left into Albert Road and immediately left again into the car park at the rear of the building.
Free parking is available all day.
From the car park, and facing the main block, the entrance to IPM is the second blue door from the left.
Poole Railway Station - 6miles
Bournemouth Airport - 11miles
Southampton Airport - 35 miles
Poole Ferry Terminal - 5 miles
Telephone 44 (0)1202 699870