Every company has a product management approach that fits its needs and requirements. What matters is that a company’s product management approach creates great products and ensures customer satisfaction and overall profitability.

What is a product management framework? A product management framework is a set of steps that a company follows during the product creation process to optimize the time it takes to develop a quality product. A product management framework helps companies build on successful products and apply the same approach to create another potentially successful product.

Now let’s introduce several product management frameworks. These frameworks take several different factors into account. The first is the storytelling framework, which is basic and a standard approach. Just like a story has a beginning, a body, and an end, in the storytelling framework, first, you need to determine who the story is about and who the target customer is. Next, you need to determine what the customer needs for the product and then look for alternatives that can serve as solutions. Then, after finding a solution, you need to put it into practice. The end of the story is mainly the results obtained from the content or analysis, which can be categorized into result parameters, such as how much efficiency has been improved, how much process has been optimized, how much time has been shortened; and so on.

The second is the closed-loop design framework, which is a comprehensive set of steps. First, understand the environment in which product demand is generated, try to think about customer needs from the customer’s perspective, and list the reasons why customers may need the product. Then, provide an estimated demand and demand pain points for the product in the market, list the expected solutions to the problem, evaluate the trade-offs, understand the priorities and design the product accordingly, and then think about whether it meets the real needs from the customer’s role, and then evaluate it.

The third is the product development framework, which is a convenient product management framework. First, formulate a plan to acquire new customers and clarify how to make them have a good initial experience after acquiring customers. Then formulate a strategy to make customers buy multiple times, think about how to design products, how to make money from customers, and let customers recommend it to others to form a market.

The fourth is the time and efficiency framework for product development. Establish a coordinate axis, where the horizontal axis represents time urgency (urgent and non-urgent) and the vertical axis represents task importance (important and non-important). The four quadrants are: important urgent tasks, unimportant urgent tasks, non-urgent important tasks, and non-urgent unimportant tasks.

The fifth is the five market forces model, which forms a development framework for the competitiveness of products when they enter the market. The strategy should be based on the influence of the following five market forces. The first force is the threat of new entrants, that is, how new entrants will affect the position of existing products in the market. The second force is the threat of substitution, that is, whether consumers can find alternative products. The third force is the influence of suppliers, that is, to what extent suppliers determine the cost and availability of products, and how to control the risks brought by the supply chain. The fourth force is purchasing power, that is, how easy it is for buyers to form purchasing power in response to price fluctuations of products. The fifth force is competitiveness, that is, how powerful and mature the competitor’s products are.

Products can be developed using the product management frameworks listed above. Each framework works well with one or more types of products. However, it is important to have a specific plan for successful application in the free market.

In any company, whether it is an early or mature company, no one person is fully responsible for product development. Product development requires the union of various departments, including design, engineering, manufacturing, marketing, planning, etc. Each group plays an important role in the process of defining, designing, building, testing and delivering products. The complexity of the product development process makes product management particularly important.