What is Product Discovery? The product discovery process has two distinct parts. It includes developing a profound understanding of customers, then using that knowledge to build vital products for customers. Product discovery plays a key role in helping product teams decide which features or products to prioritize and build, while setting the stage for achieving […]
A Product Strategist identifies new opportunities, assesses the company’s product performance, and helps develop its long-term strategic plans for future product lines. This distinguishes the role from the Product Manager (PM), although the two will work together. Whereas the PM is responsible for the market success of specific products, the product strategist takes a broader […]
An operating model describes how an organization delivers value and unites cross-functional teams within the organization with a single purpose. It merges the why (strategy) with the how (process) to create the what (operating model). Most importantly, it seeks an essential alignment within an organization to develop a product that delivers the most significant value […]
What is Product Consolidation? Product consolidation refers to combining several products that sell separately but have overlapping functionality or user personas into one product. Note: product consolidation has different definitions in different industries If you research product consolidation, you will find it has different meanings according to the audience. For example, in the logistics industry, […]
What is a Product Disruptor? A product disruptor is an innovation that represents a change in a product’s direction, business model, or value proposition. The term is borrowed from industry disruptor. That concept describes an innovation (Uber, for example) that creates a new industry by displacing an existing one (taxicabs). In a similar way, a […]
What is Market Validation? Market validation is the process of presenting a concept for a product to its target market and learn from those prospective buyers whether or not the idea is worth pursuing. This process typically takes place early-on in the conception stage, before any significant investment has been made in developing the product. […]
What is a Product Launch? A product launch refers to a business’s planned and coordinated effort to debut a new product to the market and make that product generally available for purchase. A product launch serves many purposes for an organization— giving customers the chance to buy the new product is only one of them. […]
What is a Value Proposition? A value proposition is a statement that identifies measurable benefits prospective customers can expect when buying a product or service. When done well, it serves as a competitive differentiator. It motivates potential customers to choose a product or service over others in the marketplace, thus giving organizations a powerful competitive […]
What is a Product Strategy? A product strategy is a high-level plan describing what a business hopes to accomplish with its product and how it plans to do so. The strategy should answer key questions such as who the product will serve (personas), how it will benefit those personas, and the company’s goals for the […]
What is a Product Vision Statement? A product vision, or product vision statement, describes the overarching long-term mission of your product. Vision statements are aspirational and communicate concisely where the product hopes to go and what it hopes to achieve in the long term. The statement should serve as a guide and reminder to all […]
