Product Making Cycle from the standpoint of a Product Manager

 

Intro

As a Product Manager, you are responsible for the success of a product in the market. To achieve this, you need to understand the product making cycle and the different stages involved in it.

 

Hope you enjoy it!

 

Product Ideation

This is the stage where you identify a need or opportunity in the market and come up with a concept for a product. You gather ideas and research to validate the product idea and ensure that it meets the needs of the target customers. I recommend to research prospective customers who you think. It should be effective to know their real needs. You can meet them in many ways such as kakao open chat, LinkedIn, Instagram, e.t.c.

 

Market Research

In this stage, you conduct extensive research to validate the product concept and understand the target market. You gather data on customer needs, market size, competitors, and potential growth opportunities. This information helps you refine the product concept and determine its viability in the market.

 

I think the most important process in this stage. It is to define a problem that customer feels, hypothesis that you think, methods to solve and indicators to be able to judge success.

 

Product Development

Once you have validated the product concept through market research, it's time to start developing the product. You work with the development team to create a product that meets the needs of the target customers. You also define the product roadmap, which outlines the key milestones and deadlines for the development process.

 

Launch and Go-to-Market Strategy

In this stage, you launch the product and implement the go-to-market strategy. This includes marketing, advertising, and sales efforts to get the product in the hands of customers. You also monitor the product's performance in the market and gather feedback from customers to inform future product improvements.

 

Continuous Improvement

The product making cycle does not end with the launch. As a Product Manager, you continuously monitor the product's performance and gather feedback from customers to identify areas for improvement. You also gather data on customer behavior and market trends to inform future product development decisions.

 

Conclusion

The product making cycle is an iterative process that involves continuous research, development, and refinement to ensure the success of a product in the market. As a Product Manager, you play a crucial role in driving this process and ensuring the product meets the needs of the target customers.