The Product Manager's Desk Reference 2E 1 9780071824507 Whatever your business sells, product management is one of the most important functions in the organization's pursuit of profits. With everexpanding globalization and increasingly fierce competition, the stakes are higher than ever--and the room for error narrower than ever. Introducing a brand-new Product Management Life Cycle (PMLC) model, The Product Manager's Desk Reference, Second Edition, provides the knowledge, tools, and insight you need to establish yourself as a cutting-edge product manager who contributes measurably to your company's success. In this fully revised edition of the definitive product management guide, veteran product management thought leader and practitioner Steven Haines clearly illustrates the entire product life cycle, from beginning to end. The Product Manager's Desk Reference is packed with an array of best practices and helpful hints that are critical to the efficient management of products. Written for practitioners by a practitioner, The Product Manager's Desk Reference explains how to: Choose and justify which products to build Plan for their profitable creation and deployment Develop and launch them Manage them once they enter the market Gracefully retire them and replace them with new products Efficiently allocate investments across all of the products in an organization The Product Manager's Desk Reference embodies everything "product management." It is a comprehensive, versatile, must-have resource for anyone who works in any company, in any industry, who seeks to successfully and profitably market and manage products and services. PRAISE FOR The Product Manager's Desk Reference: "There are some books that are destined to become classics in their field. The Product Manager's Desk Reference by Steven Haines is one of those books. Anyone working not just in product management but also marketing and business development should take the time to read and absorb the comprehensive body of knowledge that Steven has organized around product management." -- AMANDA NOZ, Head of Positioning and Messaging, Alcatel-Lucent "Steven has done an excellent job of bringing a standard definition of the roles and responsibilities of this 'accidental profession' to the industry, and has provided a path along with tools to improve your skills within the product management profession." -- BRIAN WEBER, Manager of Product Management, Thomson Reuters "Steven Haines covers this multifaceted topic in a systematic manner that makes the book easy to navigate. His groundbreaking proposal that product management become a formal discipline is an accurate reflection of the acute need for these skills in the business community." -- DAN O'DAY, Senior Director, Product Management, Thomson Reuters "From now on, this book will stand as an important reference point for all product management teams." -- MARK ELLIOTT, Vice President, Product Management, Smiths Detection "The Product Manager's Desk Reference is a practicial guide to the activities fi rms need to engage in to build the discipline of product management. When actively utilized, the Desk Reference promotes consistency and standardization of methodology, which in turn leads to repeatable process, good decision making, and positive outcomes. This is an incredibly valuable resource." -- DEBORAH LORENZEN, Chief Operating Officer, BNY Mellon University
The Product Manager's Desk Reference 2E

The Product Manager's Desk Reference 2E

1st Edition
By Steven Haines
ISBN10: 0071824502
ISBN13: 9780071824507
Copyright: 2015

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ISBN10: 0071824502 | ISBN13: 9780071824507



The estimated amount of time this product will be on the market is based on a number of factors, including faculty input to instructional design and the prior revision cycle and updates to academic research-which typically results in a revision cycle ranging from every two to four years for this product. Pricing subject to change at any time.

Program Details

List of Illustrations xix
List of Templates xxiii
Foreword Practice What You Preach: A Case Study on Steven Haines . . . Bob Corporale xxv
Preface xxxi

Introduction The Accidental Profession xxxv

Introduction to Module 1 1

Chapter 1
What Is Product Management? 5
Question 1: What Is a Product? 6
Product Lines 7
Product Portfolios 9
Solutions, Bundles, and Systems 10
Product Elements and Modules 13
Platforms 14
Question 2: What Is Management? 15
What Is a Product Manager? 16
What Does a Product Manager Really Do? 16
Question 3: What Is Product Management? 19
Question 4: How Does Product Management Transform a Business? 21
Discovery and Innovation 22
New Product Planning Phases 23
New Product Introduction Phases (Execution) 24
Post-Launch Product Management 25
Product Management: A Holistic Activity 25
Summary: Why Product Management Matters 26
Raising Your Product Management Experience Quotient (PMEQ) 27

Chapter 2
The Product Master Plan 31
The Purpose of a Master Plan 32
Plans Change 33
The Format of the Product Master Plan 34
The Value of a Product Master Plan 35
An Insurance Policy for Consistent Communication 37
The Basic Construction of the Product Master Plan 37
Product and Product Line Business Documents 38
Cross-Functional Product Team and Other Organizational Information 42
Product Performance and Other Business Information 44
Market Data 47
Resources and Tools 47
A Personal Library 48
A Product Management Library 49
Summary 49
Raising Your Product Management Experience Quotient (PMEQ) 50

Chapter 3
Leadership: Creating Influence 51
You Are Always on Stage 54
Stay Calm, Even when Your Hair’s on Fire 54
Transformation 55
The Most Important Values 56
Leadership Behaviors and Mindset 57
Additional Skills and Subject Matter Expertise 61
Experiential Development 62
How Do You Improve Your Skills and Experiences? 63
Summary 64
Raising Your Product Management Experience Quotient (PMEQ) 65

Chapter 4
Cross-Functional Product Teams: Getting Things Done 67
Cross-Functional Team Definitions 68
Definition: A Culture of Discipline 69
Team Membership 71
Teaming Is Not Always Easy 72
Curing the Dysfunctional Team 75
Building Blocks of a Cross-Functional Product Team 76
Team Membership 77
Multicultural Product Team Issues 78
Product Team Responsibilities 79
Cross-Functional Product Team Membership 80
Clarifying Roles and Responsibilities 80
The Functional Support Plan 82
Team Membership Across the Life Cycle 83
Cross-Functional Teams in the Global Arena 85
Cross-Functional Team Leadership 87
Summary 87
Raising Your Product Management Experience Quotient (PMEQ) 88

Chapter 5
Problem Solving and Decision Making: What’s Next? 91
The Importance of Decision Making 92
Decision Making and Problem Solving 93
Saving Grace: A Case Study about Decision Making 95
Decision-Making Techniques 99
Combining Options 100
The Morphologic Box 100
The Decision Matrix 101
The Decision Tree 103
Analysis Paralysis and Rational Ignorance 104
Gut-Feel Decision Making 106
Business Intelligence 107
Summary 107
Raising Your Product Management Experience Quotient (PMEQ) 108

Chapter 6
Finance for the Product Manager: Keeping Score 111
The Language of Business 112
The Basic Financial Statements 112
The Income Statement 113
The Balance Sheet 117
Cash Flow 121
Demystifying Discounted Cash Flow 122
Financial Planning for Product Managers 124
Creating Business Cases for Product Investments 124
Assembling Forecasts 125
Testing Planning Assumptions Using Sensitivity Analysis 126
Deriving Product Cost Models 126
Establishing Pricing Models 128
Preparing Product Budgets 129
Managing the Business 129
Making Sure the Product Is Achieving Its Financial Goals 130
Financial Ratios 132
Last Words on Ratios 134
Maturity Assessment: Placing the Product on the Life Cycle Curve 135
Using Scorecards 136
Summary 137
Raising Your Product Management Experience Quotient (PMEQ) 137

Introduction to Module 2 139
Why Insights Matter 140

Chapter 7
The Playing Field and the Players: Analyzing the Industry and Competition 145
Becoming the Expert 146
What Is an Industry? 147
Industry Classifications 147
Putting Industry Evolution into Perspective 150
Carrying out Industry Research 151
Securing Additional Data 156
Processing the Signals 159
Competitive Environment 160
Competitive Positioning 161
Gaining an Edge: Performance Counts 161
Competitive Intelligence in Your Company 162
Competitive Intelligence in Your World 163
Ethics in Competitive Intelligence 165
With Whom Do You Compete? 165
Competitor SWOT 166
How Do They Do What They Do? 166
The Final Analysis 175
Summary 176
Raising Your Product Management Experience Quotient (PMEQ) 177

Chapter 8
Finding Markets to Conquer by Understanding Customer Needs and Market Segments 179
The Common Denominator in Segmentation: Customer Needs 180
How Markets Are Segmented 183
Market Segmentation and the Marketing Mix 185
Describing the Target Market 186
They Don’t Know What They Don’t Know 188
Planning and Carrying out Customer Visits 193
The Voice of the Customer 198
Using Personas (Or Customer Characterizations) as a Way to Capture Needs 201
Your Research Strategy 203
Summary 204
Raising Your Product Management Experience Quotient (PMEQ) 204

Chapter 9
Preparing to Set Your Mileposts: Forecasting for the Product Manager 207
Forecasting Basics 208
Forecasting Is a Cross-Functional Exercise 210
Validating Market and Demand Potential 211
Forecasts Are Built on Beliefs about the Future 214
Validating Assumptions and Applying Customer Preferences 215
How Much Can We Really Make? Deriving Market Share Estimates 216
Case Study: Forecasting 218
Sales Forecasting 223
Making the Sales Forecast Useful 224
Demand Planning 225
Concluding the Case 226
Summary 228
Raising Your Product Management Experience Quotient (PMEQ) 229

Chapter 10
Strategic Product Planning: The Inflection Point 231
Strategy Is a Dynamic Continuum 232
Using a Generic Strategy 233
Strategizing Is Like Solving a Puzzle 234
The Waterfall Effect 235
Dynamic Strategy for the Product Manager 237
Strategy in Your World 237
The Product as a Business: A Strategic Planning Model 238
An Overview of the Model 240
The Model in Detail 241
Step A. Baseline the Business of the Product 241
Organizing the Data 242
External Data: Industry and Competition 243
Customer Activity 245
Organizational Capabilities and Financial Health 246
Capturing Product Performance Data 247
Synthesizing Data and Creating Useful Information 254
Prepare to Tell a Story about the Product 260
The State-of-the-Business Product Strategy Review 261
Step B: Recast the Vision for the Product 263
Step C: Identify Strategic Options 264
A Note on Product Roadmaps 268
Summary 269
Raising Your Product Management Experience Quotient (PMEQ) 269

Introduction to Module 3 273
Limits and Benefits of Processes 276
A Generic Phase Gate Model 277
Processes Are Linear, Markets Are Not 278
Importance of the Right Pace for New Product Planning 278
Faster is Not Always Better, But It Can’t Hurt 282
The Value of Flawless Execution 283
Organization of the Chapters in This Module 284

Chapter 11
Making a Molehill Out of a Mountain: The Concept Phase 285
The Basic Process 286
Ideation: What’s the Big Idea? 287
Experimentation and Discovery 289
Categorization of Product “Projects” 290
Sorting out Opportunities 291
Looking Down the Product Pipeline 295
Product Enhancements as a Grouped Opportunity 298
“So What?”: The Value Proposition for the Opportunity 299
Clarifying Your Identity with a Positioning Statement 303
Positioning Means Making a Difference 304
Narrowing the Field: Choosing Among Opportunities 306
Managing Rejected Opportunities 307
Securing Approval to Move to the Next Phase: The Concept Review 309
Summary 309
Raising Your Product Management Experience Quotient (PMEQ) 311

Chapter 12
Is There Really a Business Here? Assessing Feasibility 313
Using Functional Support Plans to Clarify Roles, Responsibilities, and Deliverables 317
The Marketing Functional Support Plan (The Marketing Plan for the Product) 321
Product Development/IT/Systems Functional Support Plan 323
Finance Functional Support Plan 324
Customer Service Functional Support Plan 325
Sales Functional Support Plan 326
Operations Functional Support Plan 327
Supply Chain Functional Support Plan 328
Legal/Regulatory/Compliance Functional Support Plan 328
Manufacturing Functional Support Plan 329
International (or Global) Functional Support Plan 330
Resource Planning and Summarization 331
Document Evolution During Feasibility 334
Planning to Monitor the Future Performance of The Product 335
The Power of the Prototype 337
The Decision Matrix for the Feasibility Phase 337
Phase Review: Feasibility 339
Summary 341
Raising Your Product Management Experience Quotient (PMEQ) 343

Chapter 13
Appearances Are Everything: Defining and Designing the Product 345
Product Definition Documents 349
The PRD Outline and Template 352
Managing Requirements 353
Eliciting Requirements 356
Defining Requirements 359
Organizing Documents 363
Managing Requirements from Beginning to End 364
Prioritizing Requirements 366
Inspections and Peer Reviews 367
Requirements Management and the Product Life Cycle 368
The Evolving Product Design 369
Linking the Product Definition to “Building” the Product 371
Make Versus Buy 371
Carrying out a Make Versus Buy Analysis: An Example 372
The Countdown Starts Now: Launch Planning 374
Counting Back: How to Meet the Launch Goal 376
Other Parameters for Successful Launch Planning 378
Setting the Conditions to Recognize Future Life Cycle States 378
The Exit Plan 381
The Product Definition Phase Review 381
Summary 382
Raising Your Product Management Experience Quotient (PMEQ) 384

Chapter 14
Justifying Product Investments: The Business Case 387
The Purpose of the Business Case 388
Characteristics of Good Business Cases 388
Activities and Sequencing 390
Orchestration of the Case 392
Business Case Structure 393
Cover Page 393
Executive Summary 393
Framing 393
Business Need and/or Strategic Fit 394
Market Assessment 395
Product Description 395
Project Proposal 396
Assumptions, Forecasts, and Financials 396
Operations and Implementation 398
Risk Analysis and Contingency Plans 399
Recommendation 400
Appendices 401
Kick Start the Business Case 401
Case Study: Creating a Business Case 402
The Sample Business Case 405
Concluding Comments 416
Summary 416
Raising Your Product Management Experience Quotient (PMEQ) 417

Chapter 15
Synchronizing the Gears: The Marketing Plan for the Product 419
The Marketing Plan for the Product Is a Functional Support Plan 420
Getting Organized 420
Marketing Plans Always Begin with Strategy 424
Building a Historical Marketing Profile 425
Historical Inbound Programs 425
Competitor Research 426
Field Research Data 427
Market Segmentation and/or Customer Research 427
Industry Research Reports 427
Checking for Inbound Data Sufficiency 427
Historical Outbound Programs 428
Advertising, Promotion, and Customer Education Program Information 428
Sales Information 429
Marketing and Selling Collateral 429
Using the Historical Profile 429
Putting the Marketing Mix in Perspective 429
Outline for the Marketing Plan 431
Setting the Team Up with a Realistic Marketing Plan 432
Essential Sections of the Marketing Plan 434
Executive Summary 434
Strategic Context for the Marketing Plan 434
The Market Environment for the Product 435
The Marketing Mix: Strategies and Tactics 435
Product 436
Value-Oriented Pricing 437
Advertising, Promotion, and Customer Education 438
Place: Sales and Distribution Channels 438
Marketing Alliances 440
International Marketing Activities 440
Product Launches Being Planned or Being Carried Out 441
Sales Support and Training Programs 441
Customer Service Training 442
Additional Research Programs Needed 442
Cross-Functional Deliverables and Dependencies 442
Integrated Budgets 443
Measurements and Metrics 443
Risks 444
Appendices and Supporting Material 444
Summary 445
Raising Your Product Management Experience Quotient (PMEQ) 445

Chapter 16
Execution and Oversight During Product Development 447
The Product Manager’s Role During the Development Phase 449
The Product Manager as Facilitator, Partner, and Orchestrator 451
Truth Mixed with Compassion 452
Product Managers Must Understand Execution and Mitigate Conflicts 453
Surfacing Conflicts and Realities with “How” Questions 453
Rapid Product Development 454
Progress Tracking 457
Frequent Status Updates Are Essential 458
Managing Project Plans Helps Manage Risk 459
Additional Project Management Tools 462
Progress Validation Is Essential 465
Product Testing 466
The Beta Test 468
Product Documentation 469
Managing Scope and Budget Creep 470
Managing Change: Trade-Offs and Prioritization Decisions 472
The Development Phase Review and Checklist 475 Summary 477
Raising Your Product Management Experience Quotient (PMEQ) 477

Chapter 17
Introducing the Product and Orchestrating the Launch 481
Launch Benchmarking Outcomes 482
The Product Launch Phase Workflow 484
Executive Champions Need to Lead Important Product Launches 488
Confirm the Market Window 488
Synchronize Your Documentation (The Business Case, Marketing Plan,and Launch Plan) 490
Review Market and Beta Tests—or Conduct Them If Necessary 490
Product Availability Ratings 492
Provide Adequate Sales Training 492
Sales Goals and Compensation 493
Ensure Readiness of Marketing Collateral, Website, and Integrated Promotional Programs 494
Arrange Coverage by Industry or Market Analysts 496
Make Sure Distribution Channels Are Able to Sell and Deliver the Product 496
Ensure Readiness of Operational Systems 498
Preparing for the Internal Launch 499
Launch Metrics Must Be Assembled and Ready to Track 500
Risk Management 500
Be Willing to Recommend Go or No-Go for Launch 501
The Announcement 502
The Launch Checklist 503
Summary 503
Raising Your Product Management Experience Quotient (PMEQ) 505

Introduction to Module 4 507

Chapter 18
Auditing Results After the Launch 511
Afterward 512
Using an Impartial Auditor 513
Market Window Compliance 514
Executive Sponsorship 515
Business Case Synchronization 516
Adequacy and Timing of Collateral 516
Adequacy of Sales Training 517
Reviewing Operational Readiness 518
Conformance to Launch Metrics 518
Make Sure to Capture Lessons Learned 519
Win–Loss Audits 520
Internal Win–Loss Auditing 521
External Win–Loss Auditing 522
Assembling a Report 523
Summary 523
Raising Your Product Management Experience Quotient (PMEQ) 524

Chapter 19
Post-Launch Strategic Performance Analysis 525
Running the Business 526
The Importance of Measuring Performance 527
The Product Business Strategy Model 529
Collection of Data 532
Sources and Types of Data 534
Market Data 534
Financial Data 537
Sales, Service, and Operations Data 538
Observational Data 541
Evaluate the Data: What’s Happening Now with the Product? 542
Identify the In-Market Life Cycle State of the Product 543
Answer the Question: “What’s Happening Now with the Product?” 547
Leading the Cross-Functional Product Team 555
Product Team Meetings 556
Summary 557
Raising Your Pr
oduct Management Experience Quotient (PMEQ) 559

Chapter 20
Post-Launch Strategic Mix Management 561
Steering the Product Using an Actionable, Integrated Roadmap 565
Deriving Value-Based Pricing 569
Strategic Context 572
Value Orientation 573
Creating Programs to Advertise, Promote, and Educate Customers 575
Fundamental Advertising, Promotion, and Educational Programs 577
Understand What Your Company Is Currently Promoting 579
Action Plans to Promote Your Own Product and Educate Your Customers 580
Improving Customer Access by Selecting the Best Path to Your Chosen Customer 582
Deciding on the Best Path to Take and Creating an Action Plan 585
Integrating Other Aspects of the Strategic Mix for the Product’s Business 587
Creating Unforgettable Customer or User Experiences 587
Protecting the Brand 591
Garnering Customer Loyalty 591
Operating Efficiently 593
Summary 594
Raising Your Product Management Experience Quotient (PMEQ) 595

Chapter 21
Life Cycle Product Portfolio Management 597
Dispelling Some Myths about Product Portfolio Management 598
What Is Life Cycle Product Portfolio Management? 600
A Portfolio Reference Model 601
The Ideal Work Structure for Product Portfolio Management 602
The Cross-Functional Product Review Board 603
A Life Cycle Product Portfolio Model 604
Methodology 607
Considering Existing Products 608
Product Projects in New Product Introduction 611
Products Being Planned 611
Create Your Own Product Portfolio Model 613
Portfolio Decision Making 614
Availability of Data Is Critical 616
Summary 616
Raising Your Product Management Experience Quotient (PMEQ) 617

Chapter 22
Enough’s Enough! Discontinuing the Product 619
Barriers to Discontinuation 620
The Discontinuation Decision 621
Product Discontinuation Documentation 621
The Cross-Functional Team 622
Other Types of “Discontinuation” 623
The Discontinuation Notice 626
Summary 628
Raising Your Product Management Experience Quotient (PMEQ) 629

Introduction to Module 5 631

Chapter 23
Charting Your Career 633
It’s Up to You 634
A Career Strategy 635
Where Are You Now? 636
Assessing Knowledge, Skills, and Experiences 636
Career Action Planning 639
Your Applied Learning Project 639
Summary 643

Chapter 24
Organizing for and Managing Product Management 645
Getting Organized 646
Leading Product Management 649
Transforming the Organization 651
Chartering and Supporting Cross-Functional Product Teams 651
Empowerment 652
Acting as the Product Portfolio Review Council and Directing Product Investments 654
Assigning an Owner for All Product Management Processes and Documents 655
Providing Data for Product Managers 657
Creating a Repository of Templates and Tools 658
Resolving Problems as Escalated by the Product Teams 659
Staffing Strategies for Product Managers 660
Ensuring Ongoing Professional Development of Product Managers 662
Support the Building of a Product Management Community 663
Establishing an Environment for Creating and Sustaining Customer Partnerships 665
Investing in Market Research to Support the Product Teams 665
Coaching Product Managers 666
At the Heart of Business: Product Management Matters 668

Customer Visit Plan Template 672
Functional Support Plan Template 674
Opportunity Statement Template 676
Product Positioning Statement Template 677
Competitive Analysis Dossier 678
Business Case Template 685
Product Strategy Template 697
Product Marketing Plan Template 701
Product Launch Template 713
Product Discontinuation Outline 717
Product Master Plan Outline 718
Product Requirements Document Guideline and Template 721

Glossary 725
References and Resources 755
Index 759