Chapter Summary

Product management is the comprehensive set of activities required to create and sustain winning solutions.
Creating the first version of a software product begins with a concept proposal that justifies the product and ends with a launch plan. These processes are larger and more comprehensive than similar software development processes. The processes for creating subsequent releases are lighter and build upon the materials created during the first release.
Well-run product development processes are characterized by a stringent "go/kill" decision at every stage. They are augmented and improved by successive freezing, change management protocols, and an idea recycle bin.
The business plan is the central document that justifies a product's ongoing development.
The four Ps of marketing are: product (offering), price (and the business model), place (distribution), and promotion (advertising, marketing communications).
The total available market is all of the customers who could possibly use your good or service.
The total addressable market is the subset of the total available market that you can reach.
A market segment is a group of customers who share specific characteristics, chief of which is that they must communicate with each other.
The adoption of innovations, such as a new product or the new release of an existing product, follows an S-shaped curve. Key adopter categories within this curve are the innovators, the early adopters, the early majority, the late majority, and the laggards.
The concept of the whole product comprises the generic product, the expected product, the augmented product, and the potential product. The target product is the specific product being offered to a specific market segment.
Position is an objective and accurate assessment of how your customers currently categorize or perceive your product. Positioning is a strategic, managed effort to create and defend a distinctive concept that your customer can care about and remember. Your "main message" is a short (one- or two-phrase) statement that creatively captures positioning.
Your brand is the promise you make to a customerIt is why people care. Everything you and your company do is reflected in its brand.

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We have defined some mechanism for capturing requirements.
Product management represents the "voice of the customer."
There is a way to kill a project or product in our company.
We understand what our competitors are doing. We know what we need to do to win.
We understand for whom we are building our product and to whom we are selling.
We have a useful change management protocol.

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Who is playing the role of product manager? When was the last time you ate lunch with this person?
Who is playing the role of program manager? When was the last time you ate lunch with this person?
It might seem convenient to think that a given person is always an innovator or a member of the early majority. Fortunately, this is not true. Each of us has a unique response to an innovation (some new product or service). Sometimes we're innovators, sometimes members of the late majority, and sometimes we don't adopt an innovation at all even if we're members of the target market. Name at least one innovation in which you were an innovator, an early adopter, a member of the early majority, a member of the late majority, or a laggard, and did not adopt at all. If you're having trouble with this question, ask yourself, Have I purchased a DVD player? If yes, when? Have I purchased a cell phone? If yes, when? When was the last time I downloaded a file from a peer-to-peer Web site? Have I purchased freeze- dried food in the last 12 months?
Get a copy of your current position, positioning, and messaging statements from product management. Critically examine each. Do you think your position statement describes your product with integrity and accuracy? Why or why not? Is your positioning statement credible, true, unique, ownable, simple, relevant, memorable, sustainable? Does it paint a future you'd like to create? Is your message short and direct? Does it creatively link your position and your positioning?
The essence of a brand is captured in one word or a short phrase: Mercedes means prestige while BMW means professional driving. What is your brand? How does it compare to what you think of your product?

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