{"id":7316,"date":"2018-03-27T12:39:12","date_gmt":"2018-03-27T17:39:12","guid":{"rendered":"https:\/\/actuationconsulting.com\/?p=7316"},"modified":"2018-03-27T12:39:12","modified_gmt":"2018-03-27T17:39:12","slug":"product-concept-develop","status":"publish","type":"post","link":"https:\/\/actuationconsulting.com\/product-concept-develop\/","title":{"rendered":"The Product Concept: Questions to Ask"},"content":{"rendered":"

Before any product direction can be undertaken, you as product manager need to develop your product concept. This is not a thick, in-depth document. Rather, it is a 30,000-foot look at how a product concept you are considering meets market needs. It looks at the market opportunity, how your company can create and deliver the product, and the financial gain associated. Consider it a living, organic document that provides a starting place for you and your team to build out later in depth.<\/p>\n

Questions Your Product Concept Must Answer<\/strong><\/h2>\n

There are 11 questions your product concept document must answer:<\/p>\n

    \n
  1. What is the market problem you are addressing?<\/li>\n
  2. How big is the opportunity?<\/li>\n
  3. Who are the potential buyers and users? Who needs this product?<\/li>\n
  4. How does the product benefit the customer? How does it benefit your organization?<\/li>\n
  5. Do we have evidence that we understand the problem and that the prospect will buy our solution?<\/li>\n
  6. What is the window of opportunity in the market?<\/li>\n
  7. Which competitors will our product face?<\/li>\n
  8. What are the main features of the product and the key success factors?<\/li>\n
  9. How is our product different from the competition?<\/li>\n
  10. How would we market our creation?<\/li>\n
  11. What metrics should be considered in determining the product\u2019s success?<\/li>\n<\/ol>\n

     <\/p>\n

    The real objective of developing a product concept is to provide enough information about the market needs to justify pursuing further investigation at a deeper level.<\/p>\n

    5 Things a Good Product Concept Includes<\/strong><\/h2>\n
      \n
    1. Enough research into the market to document the current situation and actual need for the product<\/li>\n
    2. An understanding of the competition in the market and why the need for your product exists<\/li>\n
    3. A conceptual solution that aligns with your company\u2019s capabilities and objectives<\/li>\n
    4. An explanation of how the new product will be an advancement and added value over what competitors offer<\/li>\n
    5. An indication of the financial and long-term benefits your company can anticipate from the product<\/li>\n<\/ol>\n

      <\/h2>\n

      Looking Ahead<\/strong><\/h2>\n

      In my next post, we\u2019ll take a look at the Idea Prioritization Matrix, a popular tool to use when evaluating different product concepts.<\/p>\n

       <\/p>\n

      Advancing the Profession of Product Management\u2122<\/strong>
      \nwebsite<\/a>\u00a0I\u00a0consulting<\/a>\u00a0I\u00a0training<\/a>\u00a0I\u00a0toolkits<\/a>\u00a0I\u00a0books<\/a>\u00a0I\u00a0blog<\/a>\u00a0I\u00a0twitter<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

      Before any product direction can be undertaken, you as product manager need to develop your product concept. This is not a thick, in-depth document. Rather, it is a 30,000-foot look …<\/p>\n","protected":false},"author":1,"featured_media":7336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[41,331,330,315,46,362,48,49,50,248,54],"tags":[56,337,105,439,161,182,194,346],"class_list":["post-7316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agile","category-disruptive-product","category-innovation","category-marketing-2","category-product-management","category-product-manager","category-product-marketing","category-product-owner-2","category-product-teams","category-take-charge-product-management","category-user-experience","tag-actuation-consulting","tag-agile","tag-greg-geracie","tag-product-concept","tag-product-management-2","tag-product-manager","tag-product-owner","tag-take-charge-product-management"],"yoast_head":"\nThe Product Concept: Questions to Ask - Actuation Consulting<\/title>\n<meta name=\"description\" content=\"Before any product direction can be undertaken, you as product manager need to develop your product concept. 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