The need for up-gradation of a product arises from the need for preservation of relevance. The commercial relevance of a product determines the demand for the same. And the commercial relevance is determined by the ability to serve the needs of its target consumer base. Thus a product is designed to serve and be a medium of contact between the business and consumers. And this contact point must be as friendly as possible for ensured sales. The process of product upgradation requires a lot of data of both internal and external origins. Thus a product executive must be adept at handling and making sense of large chunks of data. And while planning the upgrades, take care of all concerns regarding financial and human resource utilization. The role of a product executive is essential when it comes to connecting with a consumer population. And the relevance of an ln MBA in product management is thus expected to reach new heights shortly. However, the product upgrade process requires more than degrees, qualifications and eligibility. Hands-on experience makes all the difference when it comes to product up-gradation. And in each step, these experiences are tested and evaluated. The process is divided into a few distinct steps.
Accumulation of data
The data needed for the up-gradation of a product is mostly of external origin. And the data needed for planning and executing up-gradation operations can be of both internal and external origins.
The external data for the up-gradation of a product primarily comes from the end-users. A product leader or executive is responsible for the analysis of this data and putting the same to good use. The end-user data reveals the expectations and willingness of an entire targeted population. And based on that the upgrades are planned.
While planning the upgrades an executive utilizes a lot of internal data for the assessment of fitness. And checking the sustainability of a plan. In order to get an idea of the capabilities and limitations of a product team, a product manager gets in touch with all the relevant and allied divisions and makes necessary tweaks to a plan. External data is also used for assessing the financial or socio-financial circumstances that might arise.
Analysis of data
Clearly, just an MBA in product management can not suffice for the needs of elaborate product up-gradation operations. An executive working with a product must be adequately aware of the situations in the real world. Under practical circumstances, the experience of a product executive determines the outside of a scenario. Thus the analysis of collected data is also a task that relies on the experience of an analyst. The data is filtered and assessed for noises and analyzed for hidden patterns and signs. An analyst thus understands first-hand what an institution is capable of. And what the customers are expecting from a product. The data from competitive products of similar genres are also analyzed. And the pricing and packaging of the product are done with a motive of rivalry.
Prescriptions are made after the expectations of a consumer population are revealed by analysis. Changes are then ranked based on importance and possibility. All the amenities that might affect the upcoming operations are evaluated. And an executive checks out the feasibility of the plan by evaluating the overall health of an organization. With all lights turned green, a business product executive initiates the operation of product upgradation.
How to find the right MBA in product management course?
- A good institute offering an MBA in product management must be transparent and willing to reveal all the aspects of a course. So that the student can freely browse and find answers to all the relevant questions.
- The syllabus should be updated as per the industry requirements. And there should be ample room for innovation and freedom of learning.
- The scope, support and temporal allowance for hands-on training and at-work skill development should be ample. A long-standing institute is the most ideal candidate when it comes to placement support. A reputed and old institute is expected to have students holding key positions in the industry. Thus placing a new batch should be a piece of cake for them.
- The reviews and ratings must be authentic and mostly done by interested and involved parties.
- The faculty should be academically active and should be willing to get in touch with potential students. An active faculty will try to generate knowledge and publish, opening up new avenues of possibilities for a potential researcher. And a syllabus designed by them must be always updated with industry trends and demanding skill development propositions.
- The contact details for relevant alumni must be revealed by an institute. In order to help a student know better through first-hand experiences. And get all the necessary help before making an enrollment decision.