What is product development?
Product development is more than a department in your organization. It’s a way to create unique products that differentiate you from your competitors. A complicated process, product development involves many different facets and can appear intimidating to newcomers. But if you use it as a way to create value for customers, it's actually simple. According to John Kodumal, Ph.D., founder, and chairman of JMK Consulting Services, Inc., in an article from Business Expert Press, the key to simplifying the process is to create a guiding vision that instills discipline and accountability in all stakeholders while allowing creativity to thrive.
The role of a Product Manager
Product development is the process of creating a new product. This includes defining its characteristics, such as features, usability, performance, price etc. The result of this process is a specification used as a guideline for the rest of the project. Product development is an important topic to differentiate between the concepts of product and service because both are different with regard to their production and marketing.
The role of product development is critical to any firm aiming to stay competitive in an industry. Businesses need new and innovative products in order to appeal to their target market, and this is why product development plays such an important role. The process of creating a new product can be massive on many different levels, but once you've brought that brand-new product into the limelight, it's important to make sure it reaches consumers effectively and efficiently.
In every single step, it is important to know the clients' needs and be able to create a solution that meets those needs.
The role of a Product Manager
A good product manager is pretty much essential to any modern company now. All areas of business have some element of product development, even freelance work. The job of a product manager is a key part of the overall management team since they are responsible for the success or failure of the product. Having a good grasp of this role and its importance is essential to understanding how to improve upon it and what benefits you can gain from doing so.
The role of a product development manager is to lead his team through the creation and enhancement of new products. He is responsible for defining the scope, schedule, quality assurance, and cost. The quality and success of those products depend entirely on the capabilities of the product development managers under him. The role of a manager also includes advising business leaders as they define their products and guiding them toward making smart decisions.
A well-rounded product manager has a series of core competencies that they need to have mastered to be an effective product manager. Here are our top 7 list of the essential competencies that all professional product managers should have:
- Being able to establish goals and create roadmaps for accomplishing them
- Time management and knowing how to prioritize tasks
- Understanding of how to market and grow products
- Conducting Market Research
- Analyze data and use it to inform decisions made about the product
- Communication skills
- Knowledge Of User Experience Best Practices
In this article, we have given an overview of what Product Development is and the role of a Product Manager. A process that is used at every stage of a new product's conception to manufacturing a finished product or service.
If you want to learn more about this fascinating topic, explore our 6-week remote short course.
Product Development Course| 6 Weeks online & part-time