The Role of Market Research in the Product Management Lifecycle

economictimes.indiatimes.com:

Understanding the Product Management Lifecycle

Before we dive into the role of market research, let's briefly outline the product management lifecycle, which typically consists of the following stages:

• Initiation and Conceptualization: This is the inception phase where product ideas are generated, concepts are refined, and feasibility is assessed.
• Planning and Strategy: In this stage, product managers create a roadmap, define objectives, set priorities, and align the product with the organisation's goals.
• Development and Design: This phase involves turning the concept into a tangible product. Engineers, designers, and developers collaborate to build the product.
• Testing and Validation: Products undergo rigorous testing to ensure they meet quality standards and user requirements. User feedback is gathered and incorporated.
• Launch and Marketing: The product is launched to the market, accompanied by marketing and promotional efforts to attract users and customers.
• Growth and Scaling: After launch, product managers focus on optimising performance, expanding the user base, and scaling the product.
• Maturity and Sustaining: The product reaches a stable state where it requires maintenance, updates, and ongoing support.
  

Now, let's explore how market research plays a pivotal role in each of these stages.

Stage 1: Initiation and Conceptualization

Idea Validation

Market research kicks off the product management lifecycle by helping to validate product ideas. It provides insights into market demand, identifies pain points, and confirms whether there's a genuine need for the proposed product. Research helps product managers assess whether the concept aligns with customer preferences and expectations.

Competitive Analysis

During