Technology Product Strategy
Technology product strategy departments map out plans for managing the full life cycle of technology products. This includes strategic planning for all new products and existing products. Product strategy departments manage the product roadmap, which includes new features and functionality. Creation of marketing plans and the pricing strategy also falls under product strategy. The product managers working in the product strategy department focus on understanding the market and customer needs.
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Strategic Planning
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The product strategy department develops plans for each technology product. These plans define the priorities of the company and align them with the key objectives of the product. Customer segments enable the organization to take a snapshot of their customers and list product features by segment. The product strategy department also links the technology product roadmap within the strategic plan. The roadmap contains all of the features of the product and a timeline for development. A risk assessment in the strategic plan helps the product strategy department identify any potential problems they may encounter.
Market Research
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Once the product strategy department has a clear outline of the plan, they perform market research. This involves identifying trends in the technology market and conducting customer research. When conducting research, the product strategy department studies existing and future (or potential) customers. They identify their target market and assess buying trends. They want to know how these customers will use the product. This provides the product strategy department with a clear picture of what features the product needs to have.
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Financial Management
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The product strategy department has the responsibility of determining the price and budget for technology products. This involves classifying costs, such as administrative, marketing and support costs. They also develop a pricing strategy, which outlines a price structure for the product. This strategy varies based on the type of technology product and the customer segment. How product strategy plans on positioning the product in the market and competitor pricing both play a role in determining the product price.
Product Planning
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All products undergo product-planning activities. For new products, ideas and customer-requested features undergo analysis for inclusion in the product roadmap. Product planning for existing products involves creating maintenance plans and product updates. Product development builds the features included in the product roadmap. The product then moves through testing. Once completed, the product moves into a launch phase. During this phase, the product strategy department determines the dates for the launch and implements the sales strategy.
Product Management
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After product launch, the product strategy department continues to manage the product. They collect competitive data and continue to conduct market analysis. They work with the sales team and support product demonstrations. When new opportunities for enhancement arise, product strategy initiates new product development phases.
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References
- Photo Credit old technology image by martini from Fotolia.com
