There are many different aspects to consider in Product Planning. This is part of the Product Manager‘s job. He must create a product with the help of the right resources, and product planning is the essence of project management.
What is Product Planning?
Product planning is about all the internal decisions, steps, and tasks needed to develop a successful product. It consists of all the actions that you need to take to introduce the product and also to market it.
It is the process of identifying and implementing new product ideas. The goal is to align the company’s assets and operational factors. Through the strategy, you can increase the success, and achieve the business goals.
A product plan should answer the following questions:
- What features should the product have?
- How will the prices be determined?
- What are the goals and metrics?
- How can you determine success?
Why planning is important
Product planning is an important part of the introduction of a product. The strategy ensures the safe development of the product and reduces potential problems and risks.
It also provides benefits for the following:
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