Product creation is all about getting the product idea to a tested system. This can be used in the customer-oriented process for better people and resource management. The product creation process involves technology and People Management. The product creation process includes everything right from the development of the production process, then arranging the design of the logistics flow and structure including the development of required services, market declaration, and ultimately market introduction. Together all create a new product.
Now the advanced product management software tool is useful for the project manager and the management to identifying a market need, researching the competitive landscape to implement the proposed idea, conceptualizing a solution, building a product roadmap to create a minimum viable product.
Not necessarily all the product goes through the same process. But usually, a product development process includes the following stages.
• Development
• Design
• Marketing
• Sales
• Finance
• Testing
First Stage: Ideate
This is the first and foremost step where the team shares all of its innovative ideas and brainstorm on the concept.
Second Stage: Research
Here the management Validate the idea with potential users, to find the competitive offerings available.
Third Stage: Plan
Next is the planning stage which involves sourcing suppliers, making the production budget, and identifying the pricing method for the new product.
Fourth Stage: Prototype
This is all about developing a sample of your finished product to see its feasibility with the stakeholders.
Fifth Stage: Source
Coordinating the aspects like vendors, materials, and other resources together to produce the mass-market product.
Sixth Stage: Cost
This is the last stage where all the costs involved are documented well to bring the product to market.
Project Production Process
The product manager must drive the product development process from a strategic standpoint. The role of the project manager or PMP is to pull together the required resources, the cross-functional team and gauge the team’s progress. Yes, they are ultimately responsible for the success or failure of the company’s products. So the project management should be very careful about the product development process.
