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Product managers have a lot of factors to consider before developing a product.
Product manager needs to draw out a well thought plan from conception to Launch. Keeping a check list for all activities . He needs to identify the market, Pricing, Budget, Go to Market Strategy wherein we have Competitions and existing similar products, channels of distribution and Launch.
Aesthetic look and requirement is the basic thing one has to look before developing any product as die and other tools to be developed accordingly.
1. Identify if there exists a need of that product. This would involve extensive market research.
2. Identify Target market
3. Budget and cost analysis.
4. Channel of distribution.
5. Competition Survey ( Considering product already exists in the market at certain price points).
6. Pricing strategy - competitive price points.
