Product development cycle

<p>In modern companies, this is often under the umbrella of the <a class="wikilink" href="/product_management/">Product Management</a> division (PMO, for example). </p> <p>It goes through different phases, such as:</p> <ul> <li><strong>Finding</strong> problems worth solving. (See also <a class="wikilink" href="/problem-solution_cycle/">problem-solution cycle</a>).<ul> <li>In this case, the <a class="wikilink" href="/jobs_theory/">jobs theory</a> is an appropriate tool to identify opportunities.</li> <li>Creating competitive landscapes</li> <li>Identify missing expertise in the company</li> <li>Is it a new product or a new feature?</li> </ul> </li> <li><strong>Designing</strong><ul> <li>How would a solution to the problem look like? </li> <li>Not just UI, also what the user does not see. How is data stored? (<a class="wikilink" href="/user_experience/">User Experience</a>)</li> </ul> </li> <li><strong>Building</strong><ul> <li>Iterative releases (easier with software than hardware)</li> <li>Prioritization is important</li> <li>It has to be iterative with design. Issues and opportunities may arise that require new design choices. </li> <li><a class="wikilink" href="/minimum_viable_product/">minimum viable product</a> to test the core features</li> </ul> </li> <li><strong>Sharing</strong><ul> <li>Launching</li> <li>Sharing with target customers<ul> <li><a class="wikilink" href="/marketing/">Marketing</a><ul> <li><a class="wikilink" href="/interruption_marketing/">Interruption Marketing</a></li> <li><a class="wikilink" href="/inbound_marketing/">Inbound Marketing</a></li> </ul> </li> <li>Focus on benefits, not features</li> <li>Capabilities, not technology</li> <li>Differentiation</li> <li>Value proposition</li> </ul> </li> </ul> </li> <li><strong>Assessing</strong><ul> <li>What do we do next?</li> <li>How was the process? </li> <li>Identify strengths and weaknesses -&gt; What can we do to improve?</li> <li>What <strong>metrics</strong> do you use to judge success? Revenue, number of users?</li> </ul> </li> </ul>