Portfolio product management - Trang Nguyen
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This presentation provides the ultimate guide to Portfolio Product Management 1) New Product Development New Product Development Process Internal Sources of New Product Ideas External Sources of New Product Ideas Idea Screening Concept Testing Business Analysis of New Products Develop a Marketing Strategy Agile Product Development - Scrum Framework Test Marketing Commercialization 2) Performance Evaluation Performance Evaluation: Major Component Activities Performance Evaluation Process Performance Attribution Analysis Scope of Performance Appraisal Scope of Investment Performance Presentation 3) Risk Management Risk Management Procedure Risk Identification Risk Assessment Risk Control Matrix Risk Item Tracking 4) Portfolio Prioritization Portfolio Prioritization Process Project Portfolio Prioritization Matrix Product Prioritization Frameworks 5) Resource Optimization Factors Affecting Project Resource Management including Optimization Resource Optimization - Time phased resource plan Schedule Optimization Multi-Project Critical Path Multi-Project Critical Chain 6) ROI Maximization Agile Investment Management Product Portfolio Investment Map 5 Tips for Product Development Strategy 7) Product Consistency Brand Consistency UX/UI Consistency
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Portfolio product management - Trang Nguyen
- 2. 2 New Product Development Performance Evaluation Risk Management ROI Maximization Portfolio Prioritization Product Consistency Resource Optimization Agenda
- 4. New Product Development Process 08. Introduction The product is introduced in the Market 01. Idea Generation Pool of Ideas is created 02. Idea Screening Most feasible ideas reselected from the pool of Ideas 03. Concept Development A concept is developed & Tested 04. Business Strategy Development Marketing & other business strategies are developed 05. Product Development Product prototype is created 06. Test Marketing Prototype introduced for research & feedback 07. Commercialization Final briefing & strategy formulation is done New Product Development 4
- 5. Internal Sources of New Product Ideas Sales Force Innovation Group Meetings Stockholders Employee Suggestions Research and Engineering • ProductTesting • ProductEnhancement • Brainstorming • Accident Management • Strategic Planning • Marketing Manager 5
- 6. External Sources of New Product Ideas ‘Fallout’form predictions ofchanging economic and socialconditions Analysis ofexisting product perceptions Studying activitiesto identify unsatisfiedneeds Locatingareasof consumer dissatisfactionwith currentproducts Learning from competition Overseas experiencetransferring foreignproducts New Product Long Range Studies Market Gap Analysis Consumer Activity Analysis Learning From Competitors Market Research 6
- 7. Idea Screening Idea 05 02 04 03 01 06 Rate a “criteria coefficient” for each criteria from 1 (low importance) to 5 (high importance) Rate your criteria Time Cost Potential impact Monetary impact How much of your organization is affected Business critical Ownership Linked to strategic goals Choose criteria First ’filter’ to select the most- workable ideas through voting Select the ideas Score from 1 to 5 (1 being the least effective, 5 being the most) Score each idea Calculate each idea’s weighted score Calculate each idea Sum the weighted scores and compare Sum & Compare 7
- 8. 01 02 03 04 05 Why: set a goal for your test When: to run a Concept Test (1) at the discovery stage, (2) during the design stage, (3) before the product launch What: Ask your audience the right questions How: Survey Methodology: (1) Single Concept Evaluation, (2) Multiple Concept Evaluation, (3) Concept Selection, (4) Concept Selection and Evaluation Who: Tap into your target audience Concept Testing 8
- 9. Concept Testing Process 9 Set a Goal for the Test Choose a Survey Population Choose a Survey Format Communicate the Concept Measure Customer Response Interpret the Results Reflect on the Results and the Process
- 10. Business analysis of new products 4. Identify your break-even point 7. Scope your marketing strategy 1. Estimate your product price 2. Identify your product's market potential 3. Forecast your sales volume 6. Consider the long term 5. Determine your minimum sale price 10
- 11. Develop a marketing strategy 11 Marketing Strategy Identify your business goals Profile your competitors State your marketing goals Develop strategies to support your marketing goals Research your market Use the '7 Ps of marketing' Profile your potential customers Test your ideas
- 12. People › Employees › Management › Culture › Customer Service The 7 Ps of Marketing 12 Place › Retail › Wholesale › Mail order › Internet › Direct Sales › Peer to Peer › Multi-Channel › Smart › Run-down › Interface › Comfort › Facilities Physical evidence Price Strategies: › Skimming › Penetration › Psychological › Cost-Plus › Loss leader, etc Promotion › Special Offers › Advertising › Endorsements › User trials › Direct mailing › Leaflets/posters › Free gifts › Competitions › Joint ventures Process › Especially relevant to service industries › How are services consumed? 7 Ps of Marketing › Design › Technology › Usefulness › Convenience › Value › Quality › Packaging › Branding › Accessories › Warranties Product
- 13. Agile Product Development – Scrum Framework 13 Image Source
- 14. 01 02 03 04 05 Why Should Companies Test Market? Provide valuable information to help in this decision- making process What Are the Methods? (1) Market testing (2) Focus group interviews (3) Consumer surveys (4) Trade show exhibits What Is Being Tested? (1) Product positioning strategy (4) Product pricing (2) Advertising strategy and tactics (5) Branding and product packaging (3) Product distribution strategy (6) Budget levels 3 Test Market Approaches: (1) Standard test markets (2) Controlled test markets (3) Simulated test markets How Much Market Testing Is Needed? Depend on each new product or service If confident -> little or no test marketing is needed Test Marketing 14
- 15. 01 02 03 04 05 Production Distribution Marketing Sales Customer Support Commercialization 15
- 16. New Product Detailed Overview Product Detailed Strategic › Degree to which project aligns with business strategy › Strategic importance Product Advantage › Unique benefits › Meets customer needs better › Value for money Market Attractiveness › Market size › Market growth › Competitive situation Synergies › Market synergies › Technological synergies › Manufacturing/processing synergies Technical Feasibility › Technical gap › Complexity › Technical uncertainty Profitability Analysis › Expected profitability (Magnitude ; E. G. NPV ) › Return(e.g. IRR) › Payback Period › Low cost and fast to do 16
- 18. Performance Evaluation: Major Component Activities 18 Performance Measurement Measure risk and return Performance Attribution Identify and quantify the sources of performance of portfolio Performance Appraisal Identify and measure investment skill includes technical aspects Manager Selection Whether to hire, retain or dismiss a portfolio manager Investment Performance Presentation Provide information about the investment portfolios
- 19. Performance Evaluation Process 19 Performance Measurement Performance Attribution Performance Appraisal Investment Performance Presentation Data Management Manager Selection Other Management and Support Processes Other Considerations and Information Operating Processes Integrating Processes 1 2 3 4 5
- 20. Performance Attribution Analysis 20 Illustration to show the difference between two approaches Arithmetic Market start value = $1,000,000 Market end value = $1,070,000 Profit = $70,000 Fund return = 7% Benchmark Return = 5% Added value = Fund return – Benchmark return = 7% - 5% = 2% Geometric Added Value = (Fund Return-Benchmark Return) / Benchmark Return = ($1,070,000-$1,050,000)/$1,050,000 = $20,000/$1,050,000 = 1.9 %
- 21. Scope of Performance Appraisal 21 Analyze Interpret Conclude The proposed and implemented investment strategy Interpret Analyze Measure The results of past investment decisions Investment decision-making process
- 22. Scope of Investment Performance Presentation 22 Sales Processes Example:Sales Support Prospective & Existing Clients ManagementProcesses Example:Quality Review Investment Portfolios & Products MonitoringProcesses Example:Compliance Checks Investment Policies, Guidelines& Regulations Focus Area of Investment Performance Presentation
- 25. Risk Identification Identify Risks • Schedule overruns • Tasks omitted from Schedule • Opportunity to compress Schedule Time • Poor communication (Stakeholder dissatisfaction) • Positive & timely communications (Positive publicity) Communication • Scope creep • Scope poorly defined • Project changes poorly managed Scope • Budget Exceeded • Unanticipated Expenditure Cost • Team is under-resourced • Materials shortage • Machinery unavailable • Industrial Action • Skills gap Resources • Bad weather results in re-work • Weather delays progress • Adverse environmental effects occur • Environmental approvals not compiled with Environment 25
- 31. Project Portfolio Prioritization Matrix 31
- 32. Product Prioritization Frameworks 32 Impact v Effort or Value v Effort 01 The Kano Model 02 RICE 03 Cost of Delay 04 WSJF 05 HiPPO 06 Custom Weighted Scoring 07 Opportunity Scoring 08 Buy a Feature 09 MoSCoW 10 Hierarchy of Purpose 11 Story Mapping 12 Product Trees 13 Balanced Scorecard 14 Quality Function Deployment (QFD) 15 NPV 16 Ian McAllister’s Product Prioritization Framework 17
- 33. Impact vs Effort Matrix 33 1 2 3 5 8 13 Effort Impact #1 MUST #2 NICE #3 CAN #4 REVIEW Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story Epic / Story
- 35. Factors Affecting Project Resource Management including Optimization 35 01. Clear Understanding Know the skill set of the members& the skills required for the project 02. Resource Scheduling Develop the Budget and time frame forcompletionof the project 03. Resource Optimization Keep track of the resources indemand and the resources available 04. Quantifying your Efforts Calculating resource Utilization and realization 05. Using Software to Manage Use software to connect projectand financial data
- 36. Resource Optimization 36 Annual Utilization Time phased Resource Plan Simpler Unrealistic workloads Optimized plan Harder Better resource forecasts
- 37. Schedule Optimization •Multi-Project Critical Path • load dependencies between projects into a master integrated schedule •Multi-Project Critical Chain • combine both resource optimization and schedule optimizationtogether • prioritizes the scheduling of tasks that utilize bottleneck resources 37
- 39. Maximize ROI = Agile Investment Management 39
- 40. Product Portfolio Investment Map 40 1. BROADEN Extend innovation outside the Core Product (into Augmented Product) 2. DECIDE Choose your strategic position as an Innovator, Follower, or Lowest Cost Producer 3. INVEST Consider investing in Transformational Product if your culture tolerates risk 4. LINK Align your vision to your Product Development Strategy to yearly budget commitment 5. IMPLEMENT Ensure your governance, Funding Model, and process supports your Product Development Strategy
- 41. 5 Tips for Product Development Strategy 41 Tip #1. INNOVATE Innovate away from your core product Tip #2. EXISTING PRODUCTS Find applications for existing products in new markets Tip #3. PRODUCT STRATEGY Consider investing in Transformational Product if your culture tolerates risk Tip #4. PRODUCT PORTFOLIO Managing a product portfolio requires a process tied to R&D spending and budgeting Tip #5. NEW PRODUCT IDEAS Nurturing new product ideas, and loading the pipeline with successful new products
- 43. Brand Consistency 43 Use your logo and design elements consistently and provide access to employees 01 Select the right topics for your brand’s content calendar 02 Bring offline marketing events into your online branding efforts 03 Keep your brand’s tone and personality consistent across channels 04 Partner with the sales team on the development of a sales playbook 07 Align your brand with the right influencers 06 Participate in platforms and channels that align with your brand’s identity & customers’ preferences 05 Brand guidelines + Content + Internal Branding
- 44. UX/UI Consistency 44 Consistent communication 05 Product content: content structure, brand content, appropriate user defaults 04 Consistent actions in application 03 Establish design patterns for product UI and UX design consistency 02 User-focused UI and UX design research 01 Design guidelines + Design System