A software designed to satisfy specific set of requirements is called a Software Product. It is an intangible asset with no physical form. For example, ‘Hospital Information System’ is called a Software Product to meet the administrative and clinical requirements of a Hospital.
Three essential components that need to be considered while designing any product are:
- Domain: Domain that the product will address. Example: Healthcare, Automobile, Transportation, Banking and so on.
- Technology: Technology on which the product will be built. Example: Web based product built using Java, SQL Server as the backend and on Windows platform.
- Market: Market that the product is intended for. Example: ‘Hospital Information System’ product targeted for medium sized hospitals in Asia Pacific market.
Characteristics of a good Software Product
Quality is an important aspect of any software product for sustainability and growth in this competitive world. Let us understand what are the quality characteristics that needs to be present in the product:
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Software Product Management & Lifecycle
Software Product Management is the process of building and managing the product from its inception to growth. It is paramount to keep a hawk’s eye on the market variations, identify appropriate opportunities, develop the product and continue this cycle for profitable growth of the product. Let us understand this lifecycle of the product:
Role of Product Manager and Product Owner in Product Management
Product Manager and Product Owner play key roles in product management where one owns the product (Product Manager) and the other (Product Owner) manages the product. Product Manager works with the stakeholders to create a blue print of the product whereas Product Owner works with the development team to build the product based on the blue print. Even though these two are distinct roles, some of their responsibilities overlap. Let us understand the responsibilities of these two roles in the Product Management Lifecycle:
Note: The roles mentioned in this section are based on Agile Software Development.
To summarize, the three essential components that needs to be considered while conceptualizing and designing a product are domain, market and technology. In addition to this, incorporating the 10 essential characteristics in the product will enable the organization to deliver quality product and in turn increase their customer base. Also, the product management process is a critical business function essential to forecast, define, develop, sell and sustain the product growth in the market against competition.