The Product Manager & Lifecycles

Business acumen

The ability, skill, and capability to understand business practices and the variables that impact it.

Functional Area

A specific department or area of expertise in an organization. Typically, functional areas follow a traditional vertical hierarchy with a manager dedicated to that area.

Product Lifecycle

The product life cycle consists of four phases: Introduction, Growth, Maturity, and Decline.

Product Management Lifecycle

The product management lifecycle includes seven phases – Conceive, Plan, Develop, Qualify, Launch, Deliver, and Retire.

RACI Concept

Idea of assigning roles for specific deliverables. R = responsible, A = Accountable, C = Consulted, I = Informed.

Research

Collecting data about the customer, market, competition, and internal capability. It can also include data collection in other areas as well.

Stakeholders

Anyone interested in the product can influence product decisions or is affected by the outcome and deliverables of your work.

Vision

The idea for a product for which the Product Manager is responsible.