Digital Product Management: Modern Fundamentals

Start Date: 07/05/2020

Course Type: Common Course

Course Link: https://www.coursera.org/learn/uva-darden-digital-product-management

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About Course

Not so long ago, the job of product manager was about assessing market data, creating requirements, and managing the hand-off to sales/marketing. Maybe you’d talk to a customer somewhere in there and they’d tell you what features they wanted. But companies that manage product that way are dying. Being a product person today is a new game, and product managers are at the center of it. Today, particularly if your product is mostly digital, you might update it several times a day. Massive troves of data are available for making decisions and, at the same time, deep insights into customer motivation and experience are more important than ever. The job of the modern product manager is to charter a direction and create a successful working environment for all the actors involved in product success. It’s not a simple job or an easy job, but it is a meaningful job where you’ll be learning all the time. This course will help you along your learning journey and prepare you with the skills and perspective you need to: Create the actionable focus to successfully manage your product (week 1) Focus your work using modern product management methods (week 2) Manage new products and explore new product ideas (week 3) Manage and amplify existing products (week 4) This course is ideal for current product or general managers interested in today's modern product management methods. This course was developed with the generous support of the Batten Institute at UVA’s Darden School of Business. The Batten Institute’s mission is to improve the world through entrepreneurship and innovation: www.batteninstitute.org.

Course Syllabus

As a product manager, you and your team will always have more ideas and more requests than you can possibly manage. Making matters still more complicated, part of your job is to develop and then ‘sell’ a particular view of what should happen with your product to diverse stakeholders (engineering, marketing, etc.). How do you do it? Success requires an actionable, testable focus. The successful product manager identifies vivid, testable customer outcomes and creates focus around them. This week we’ll show you how to interface effectively with all your stakeholders to create that actionable focus.

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Course Introduction

Digital Product Management: Modern Fundamentals What is Product Management? What are the Modern Product Management Principles and Processes? This course is designed to introduce the learner to the often confusing business landscape created by the continuous evolution of digital products and services. The modern product development landscape includes the evolving digital products and services landscape, as well as the ever-changing requirements of the product development team. The overall goal of this course is to get the new products and services teams up and running as quickly as possible. We will do so by defining what modern product management is, how product management evolved in the digital age, and how product management evolves as a result of new product and service technologies and opportunities. Empowered by leveraging the knowledge and skills developed in previous courses in the specialization, the course focuses on the four key areas of modern product management: Product Management Organization, Product Management Model, Process Control, and Process Control Organization. The course introduces the modern product management methodology and process as it applies to the product development lifecycle. The course also focuses on the modern product management organization, product management model, process control, and process control organization. Each module in the course is paired with a reading assignment which provides additional study material for those who want to follow along and gain exposure to the material in subsequent modules. This allows those who want more in-depth exposure to the material to go deeper into each course. After taking the course quizzes and assessments, students will have a

Course Tag

Product/Market Fit Product Management Design Thinking Innovation Pipeline Lean Startup

Related Wiki Topic

Article Example
Product management Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, and production, or marketing of a product or products at all stages of the product lifecycle. Similarly, product lifecycle management (PLM) integrates people, data, processes and business systems. It provides product information for companies and their extended supply chain enterprise.
Product management The role may consist of product development and product marketing, which are different (yet complementary) efforts, with the objective of maximizing sales revenues, market share, and profit margins. Product management also involves elimination decisions. Product elimination begins with the identification of elimination candidates, proceeds with the consideration of remedial actions, continues with a projection of the impact on the business as a whole if a candidate product is eventually eliminated, and concludes with the implementation stage, where management determines the elimination strategy for an item. The product manager is often responsible for analyzing market conditions and defining features or functions of a product and for overseeing the production of the product. The role of product management spans many activities from strategic to tactical and varies based on the organizational structure of the company. To maximize the impact and benefits to an organization, Product management must be an independent function separate on its own.
Product data management Product data management is the use of software or other tools to track and control data related to a particular product. The data tracked usually involves the technical specifications of the product, specifications for manufacture and development, and the types of materials that will be required to produce goods. The use of product data management allows a company to track the various costs associated with the creation and launch of a product. Product data management is part of product lifecycle management and configuration management, and is primarily used by engineers.
Product management While involved with the entire product lifecycle, the product management's main focus is on driving new product development. According to the Product Development and Management Association (PDMA), superior and differentiated new products—ones that deliver unique benefits and superior value to the customer—are the number one driver of success and product profitability.
Product management As these terms are under discussion, another way of looking at these activities is upstream and downstream product management, where 'upstream' is referring to any activity that helps to define, create, or improve the product, whilst 'downstream' refers to any activity that promotes the product. This avoids the confusion with the term "inbound marketing" which nowadays clearly refers to a way of doing downstream product management, referring to 'making the product accessible', i.e. it can be found by suspects and prospects (compared to 'outbound marketing', where the product is 'pushed' in front of the suspect or prospect).
Service product management Efficient management of service product cost and revenues according to service contract and incurred costs. The same is generally needs a service product manager to provide product data management for Enterprise resource planning systems.
Product management Inbound product management (aka inbound marketing) is the "radar" of the organization and involves absorbing information like customer research, competitive intelligence, industry analysis, trends, economic signals and competitive activity as well as documenting requirements and setting product strategy.
Product data management Product data management (PDM) is the business function often within product lifecycle management (PLM) that is responsible for the management and publication of product data. In software engineering, this is known as version control. The goals of product data management include ensuring all stakeholders share a common understanding, that confusion during the execution of the processes is minimized, and that the highest standards of quality controls are maintained.
Software product management Software product management covers all steps from inception of a product to its end of life. It consists of five major phases in the product life-cycle, namely:
Product management Depending on the company size and history, product management has a variety of functions and roles. Sometimes there is a product manager, and sometimes the role of product manager is shared by other roles. Frequently there is Profit and Loss (P&L) responsibility as a key metric for evaluating product manager performance. In some companies, the product management function is the hub of many other activities around the product. In others, it is one of many things that need to happen to bring a product to market and actively monitor and manage it in-market. In very large companies, the product manager may have effective control over shipment decisions to customers, when system specifications are not being met.
Digital asset management Digital photographs, animations, videos and music exemplify the target areas of media asset management (a sub-category of DAM). Digital asset management systems (DAMS) include computer software and hardware systems that aid in the process of digital asset management.
Software product management Industry and academia established a standard for software product management education. According to this consensus, a software product manager is educated in the following areas:
Digital asset management Digital asset management (DAM) consists of management tasks and decisions surrounding the ingestion, annotation, cataloguing, storage, retrieval and distribution of digital assets.
Service product management Manage the decision process of ramping down service product, and executing the service ramp down thus ending the service product management process.
Service product management Service Product Management deals with managing a service product across its complete life cycle. This organizational function is equally common between Business-to-business as well as Business-to-consumer businesses. A service product, unlike a hardware or software product, is intangible and manifests itself as pure professional services or as a combination of services with necessary software and/or hardware. The service product management practice ensures management of a profitable service in the marketplace. Service Product manager identifies profitable service space, packages services in a productized form and delivers the same to the market. The function is a core service business management function and is a mix of sales and marketing functions. The function interfaces with various organizational groups like Strategy, Planning, Financial Controls /Management Accounting, Sales, Marketing Communications etc.
Product management The confusion stems mainly from the mix up between the term "Marketing" as a discipline, comprising Product Management, MarCom (Marketing Communications), etc. and using the same term 'Marketing' as a synonym for 'Promotion' or 'advertising', i.e. taking a product to the market (i.e. 'downstream').
Product data management The central database will also manage metadata such as owner of a file and release status of the components. The package will: control check-in and check-out of the product data to multi-user; carry out engineering change management and release control on all versions/issues of components in a product; build and manipulate the product structure bill of materials (BOM) for assemblies; and assist in configurations management of product variants.
Software product management The International Software Product Management Association (ISPMA) maintains the public body of knowledge and syllabi for international certification.
Journal of Product Innovation Management The Journal of Product Innovation Management is a bimonthly peer-reviewed academic journal published by Wiley-Blackwell on behalf of the Product Development and Management Association. The current editor-in-chief is Gloria Barczak (Northeastern University).
Product management It comes as a surprise that this confusion and ambiguity is hard to understand- because if you name the main (value creating) departments in today's organizations, you can clearly assign to Sales, R&D, Operations, and Marketing their respective core functions and areas of responsibility. The core function of Marketing, that differentiates it from Sales, Operations, and R&D is the ownership of the marketing mix (= 4 P: Product, Place, Price, Promotion). Still, many organizations put under 'Marketing' only Market Communications (MarCom), which is just the operational end of marketing and only a subset of what 'Promotion' comprises. From a Product Management perspective, MarCom is a supporting function (like IT, HR, Controlling etc.). In organizations, where the Product Management is weak or not existent, its tasks are taken over by the other departments (i.e. sales defines the distribution ('Place'), operations defines the prices, R&D defines the product, MarCom decides on the promotion.