Learnings from IIMK Product Strategy Program
Each of the below concepts are studied and discussed thoroughly in conjunction with industry case studies, individual and group assignments, market simulation, and a capstone project.
The core function of any product strategy is to Create, Communicate and Deliver Value to a Targeted market at Profit (CCDVTP).
Market is a battle ground of perceptions but not products. And perceptions can be conditioned.
As products are improved and transformed, target customers might change from the original customers.
Companies cannot replicate capabilities overnight (built from resources and competencies). Differentiation to be based on capabilities.
Steps to develop a Product Strategy from understanding target customers to continuously improve the product vision, goals, and initiatives.
Performing an effective market opportunity analysis, finding the product market fit and subsequent growth strategies.
Product Manager does not go behind all segments at the beginning, but target the Beach head segment and then use ‘Bowling pin effect’ to get to other segments
Positioning is not what you do to a product, but what you do to the mind of the prospect
New product development for accidental vs fully researched product development
Focus group discussions and depth interviews for exploring product ideas
How to develop Go-To Market strategies for technology products
Estimating value of each product feature before handing over the PRDs to engineering team with ‘Conjoint Analysis’.
Significance of market orientation over competitor orientation for a product or company and the antecedents and consequences of each.
How to manage a Product Portfolio: Company product fit & Company market fit when your teams are developing a group of products.
Significance of ‘Product Life Cycle’. All the frameworks and strategies for product strategy to be used as per the product stage in the life cycle.
Positioning and pricing product strategies for innovative products.
Product strategy in other words is to find the North star which PM pursues through releases and milestones and the Scrum Master guides that journey through processes and coaching.
Difference between Efficiency (doing things right) and Efficacy (doing the right things)
Ambidextrous Agile Manifesto and challenges of Agile at scale
Significance of a Deep product Vs shallow product with more features and product gaps.
Knowing the interlinkages and interdependencies between all components and functions for successful product development.
Sincere thanks to our Professors at IIM Kozhikode, Dr. Atanu Adhikari, Dr. Sreejesh S, Emeritus faculty Mr. Paul Kamp, our entire Product strategy batch 6 cohort and my capstone group.
The Product Strategy program at IIM Kozhikode
This program offers a thorough blend of data-driven insights and strategic product comprehension. It assisted in comprehending industry-ready product management methods so that leaders could design a business model with a customer-centric, value-driven product at its core and navigate each step of the product life cycle proficiently.
