Fix typos in product management roadmap (#5862)
* correct pm goal types * corrected typos * swapped project and product * swap project and product on title --------- Co-authored-by: Kamran Ahmed <kamranahmed.se@gmail.com>pull/5863/head
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# Baseline in Product Management |
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# Baseline-based Goals |
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In the dynamic realm of product management, a baseline is a crucial measure or point of reference used in the creation and manipulation of a project or product. This term typically refers to a defined standard for products, against which product managers can assess and compare the product's current performance and features. The baseline serves as a comprehensive documentation of the product's initial phase and essential characteristics, providing a foundation for progress tracking and strategic decision-making. As a product manager, understanding the baseline concept is essential for enabling effective control and management of product development stages, milestones, and iterations. |
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These goals aim to maintain or improve the current level of performance, such as keeping customer satisfaction scores above a certain threshold. |
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# Product vs Product Management |
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# Project vs Product Management |
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Product and Product Management are two core concepts in the world of business and are intricately related yet distinctively different. A 'Product' essentially refers to a physical good, service or experience that a company offers to its customers. It is the result of an idea brought to life, designed to meet a certain need or desire of the customer. |
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Project management focuses on planning, executing, and closing specific projects with defined objectives, timelines, and deliverables, ensuring that tasks are completed on time and within budget. It is concerned with the successful completion of a project, often involving temporary endeavors with a clear beginning and end. In contrast, product management is a continuous process that involves the entire lifecycle of a product, from ideation and development to market launch and ongoing improvements. |
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On the other hand, 'Product Management' is a multifaceted function responsible for guiding and overseeing the development, marketing, sales, and improvement of this product. It's the role of the Product Manager to strategize, roadmap, and define the product, and the direction it should take inorder to succeed in the market. Hence, while the product is the actual offering, product management is the process that ensures its success. |
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Product managers are responsible for defining the product vision, strategy, and roadmap, ensuring that the product meets customer needs and business goals. They work cross-functionally with teams like engineering, marketing, and sales to deliver a product that provides value over its entire lifecycle. While project managers focus on the execution of specific initiatives, product managers concentrate on the long-term success and evolution of a product. |
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# Understanding Target Market |
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# Target-based Goals |
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For a Product Manager, recognizing and understanding the target market is an essential element. This involves identifying the individuals or businesses likely to purchase and benefit from the product you're managing. Defining the target market is crucial for devising effective marketing strategies, crafting relevant product messaging and making informed product decisions. Additionally, understanding the target market can greatly assist the product manager in setting future product development directions by revealing customer needs, preferences, and pain points. |
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These goals specify a clear and quantifiable objective that the product aims to achieve, such as increasing user engagement by 20% within six months. |
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# Timeframe in Product Management |
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# Timeframe-based Goals |
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As a Product Manager, understanding and managing the timeframe is of utmost importance. This involves the proper planning, scheduling, and executing of projects within the decided timeline. A well-orchestrated timeframe accommodates not only product development but also multiple elements like market research, strategizing, execution, testing, and launch. Efficient timeframe management directly impacts the product's success, determining its market readiness and effectiveness. The right timeframe balance allows Product Managers to ensure quality without compromising speed or exceeding budget constraints. |
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These goals set a deadline for achieving specific outcomes, such as launching a new feature by the end of Q3 or completing a market analysis within two weeks. |
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# Trend as a Component of Product Management |
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# Trend-based Goals |
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Trend analysis and projection form an integral part of the specific responsibilities assigned to a Product Manager. In the rapidly changing landscape of product markets, understanding emerging trends can provide invaluable insight for product development and marketing strategies. A Product Manager needs to stay updated on the latest trends that are relevant to their product, interpreting how these trends could influence the product's success, and plan accordingly. Overall, comprehending and incorporating trends can be a defining factor in a product's market dominance and customer satisfaction. |
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These goals focus on leveraging or reversing observed trends, such as accelerating a growing user adoption rate or halting a declining market share. |
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