RESOURCES--PRODUCT DEVELOPMENT
Developing a Product Management Cycle is Critical to Product SuccessIn
order to maximize the potential of a product, it is necessary to develop a
product management cycle. In order to do this, product development
planning documents need to be created. These documents include:
- The Market Requirements Document (MRD) analyzes the markets for the
product, determines the feature sets needed for it to succeed,
develops the vision for the product, determines the size and structure of
the markets, researches the risks, the price points and the resources needed
to bring the product to market successfully. Patent issues should also be
addressed.
- The Business Plan uses the information from the MRD to determine
the structure of the business, staff and funding needs. The Business
Plan includes financial projections and a budget.
- The Marketing and Distribution Plan is based on the MRD and shows
how the product should be priced and sold. This plan includes branding
and packaging suggestions.
-
Specific Requirements are developed using the research from the MRD to
state the features needed for the product to be successful and development
priority. The Specs include technical requirements and manufacturing
process. Testing requirements are also included in this document.
-
Product to Market Schedule is developed from the Specs stating
milestones and manufacturing schedule as well as distribution and sales
goals.
These planning documents provide a discipline that enables successful
product development with as little risk as possible. Manufacturing
decisions, branding focus, marketing decisions, sales goals and other
business decisions can be made in an informed manner based on complete
information.
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