Concept phase work includes assessment of ideas for new products as well as for line extensions, feature enhancements and product derivatives, or new market entry with an existing product. It is a rapid screening process where the dimensions of market size, revenue potential, competitive posture, and differential advantage are examined. The output of this phase is an ‘opportunity assessment.’ At the conclusion of the phase, a decision review takes place (at the decision check point or DCP). At this point, either the concept/idea will proceed to the next phase, or be rejected or further work stopped.
The Feasibility phase provides a more in-depth review of the business, market, and technical dimensions of the proposal. The input to the phase is an opportunity assessment and the output document is a preliminary business case or feasibility study. If a project is considered feasible (possible) from a deeper assessment of economic, market, technical, and economic points of view, it can move to the product definition phase. If it does not meet the established criteria for acceptance, the project is stopped.
Product definition: best product management companies focus on a deep dive into the market, competitive, technical, resource, and operational dimensions of the prospective program. In this phase, the product requirements and business capabilities needed to actually develop and launch this product are more deeply considered. The major funding for development is tied to the successful outcome of this phase. A final business case and set of baselined product requirements are the primary output documents. It is possible to reject the business case if the risks are too great, or if the criteria for acceptance are not met.
These three phases within the area of work called New Product Planning is punctuated by decision points or gates. At each gate, a decision is taken as to whether or not to proceed to the next phase. In best product management companies, many new product or project ideas seem to accumulate, with a feeling that too many projects need to be done with too few resources. Sequent’s classes help participants learn how to screen these projects to ensure that the right products for the right markets are defined, approved, and developed.
As best product management companies guideline, product team leaders managing product planning activities will benefit from experience and training in the following skill areas:
Business planning
Strategy interpretation and alignment
Market and competitive assessments
Business case
Financial planning and analysis tools
Product road mapping
Ideation or idea management
Product Management Company 