About this Course

This course provides a comprehensive overview of lean portfolio and product management, focusing on transforming business models through customer-centric approaches and innovative product development strategies. Key topics covered: CUSTOMER ARCHITECTURE The course begins by emphasizing the importance of developing a deep customer-centric perspective. It introduces various frameworks and methodologies to understand and segment customers effectively: - Jobs to be Done (JTBD) framework: This approach helps identify the core needs and motivations of customers, focusing on what they\'re trying to accomplish rather than just their demographic characteristics. - Customer segmentation: Techniques to categorize customers based on their needs, behaviors, and characteristics. - Customer experience mapping: Creating detailed journey maps to understand how customers interact with products across a portfolio. PRODUCT MARKET FIT A significant portion of the course is dedicated to achieving and measuring product-market fit: - Value Proposition Canvas: A tool to align product offerings with customer needs and desires. - Minimum Viable Product (MVP): Strategies for creating and testing initial product versions to validate market demand. - Metrics for measuring fit: Including Net Promoter Score (NPS), customer retention rates, and customer lifetime value. INNOVATION MODELS The course covers various innovation models and strategies to foster continuous improvement and product development: - Design Thinking: A human-centric approach to problem-solving and innovation. - Lean Startup: Methodology for rapid experimentation and iterative product development. - Blue Ocean Strategy: Focusing on creating uncontested market spaces rather than competing in existing markets. - Three Horizons Model: Balancing current business needs with future growth opportunities. PRODUCT ARCHITECTURE The course delves into product architecture, emphasizing the importance of modular design and scalability: - Component model: Understanding products as a sum of interconnected, standardized parts. Plug-and-play architecture: Designing products for easy integration and expansion. - Internal platforms: Building scalable foundations for multiple products within a portfolio. BUSINESS MODEL INNOVATION Students learn about various ways to innovate not just in product features, but in how businesses deliver value and generate revenue: - Freemium models: Offering basic services for free while charging for premium features. - Subscription-based models: Shifting from one-time purchases to recurring revenue streams. - Direct-to-consumer sales: Eliminating intermediaries in the sales process. PORTFOLIO MANAGEMENT The course provides insights into managing a collection of products effectively: - Balanced portfolio framework: Balancing quick wins, core improvements, and big bets. - Feature gap analysis: Identifying unmet customer needs across product lines. - Cross-product synergies: Leveraging strengths across different products in a portfolio. METRICS AND KPIS Throughout the course, there\'s a strong emphasis on measuring success and driving improvements: - Objectives and Key Results (OKRs): A framework for setting and tracking goals. - Key Performance Indicators (KPIs): Metrics to measure product and portfolio performance. - Customer satisfaction metrics: Including CSAT, NPS, and customer effort score. INNOVATION CULTURE AND PROCESSES The course discusses how to foster a culture of innovation within organizations: - Collaborative culture: Encouraging cross-functional teamwork and idea sharing. - Empowerment: Giving teams the freedom and resources to innovate. - Risk tolerance: Balancing the need for innovation with responsible risk management. BUSINESS MODEL CANVAS Students learn to use the Business Model Canvas as a tool for visualizing and developing business models for new and existing products: - Nine key components: Including value propositions, customer segments, revenue streams, and cost structure. - Feasibility, desirability, and viability: The three key areas to evaluate business model strength. REVENUE MODELS The course explores various revenue models that can be applied to products: - Transactional models: One-time purchases, licensing, and royalties. - Recurring revenue models: Subscriptions and software-as-a-service (SaaS). - Platform models: Advertising, data monetization, and transaction fees. PRACTICAL APPLICATION Throughout the course, real-world case studies and examples are used to illustrate concepts, along with knowledge checks to test you on the lessons. - Netflix Kids case study: Demonstrating how to launch a differentiated portfolio offering. - Automotive industry examples: Showing how lean manufacturing and modular design principles are applied. This course is designed for product managers, business strategists, and entrepreneurs looking to develop innovative, customer-centric products and manage diverse product portfolios. It combines ...

Created by: University of Maryland, College Park