Product Management Frameworks - The Ultimate Guide 2024

Product Management Frameworks - The Ultimate Guide 2024

Introduction to Product Management Frameworks

The product management frameworks assess, analyze, define, deliver, and execute innovative products that customers need. The framework aligns with organizational structure, models, and workflows that benefit the business.

With better competitors and changing, product improvements with thousands of similar products out in the market, the product management framework guides numerous companies to understand the product value and to propel the product management strategy forward to the next level.

Multiple aspects like budget, pricing, channels, collaborators, and others come into play to optimize and develop a customer-oriented product.

This article covers the 7 top product management frameworks applied by various companies. Such a framework successfully ensures the product caters adequate value to the business and customer's level in the dynamic market.

 

Who does the Project Management Frameworks?

 

Product managers from the beginning till the end of the product success along with the product team emphasize research, planning, and organizing to meet product standards and implement a powerful market strategy.

In fact, Product Lifecycle Management plays an integral role to plan, testing, launching, conceiving, deliver before the exposure of the products or services in the market. This product is split into four portions;

Internal: Current Teams, Management

External: Supply Chain, Market

Upstream: Planning, Development, Launch

Downstream: In-Progress Lifecycle Management

The main objective and goal are not only to reach customer satisfaction with project success but to apply a feasible strategy to review work processes that benefits the organization and your product.

The product management role demands product management skills like hands-on accountability, collaboration with multiple internal stakeholders, and achieving the company brand standards.

Top 7 Types of Product Management Frameworks

Entrepreneurs, Project Managers, and Market leaders apply product management frameworks to deliver successful and better products. Frameworks simplify the product-building methodology, and processes and identify the issues or problems with the changes that need to be done. This approach aims to solve customer problems, reach user-intent requirements, outplay the other competitors, grow market shares and maintain consistent brand awareness at the business game.

Here are the saving 7 popular frameworks in practice to polish and develop a quality product:

 

Storytelling

Storytelling is the most basic framework for mobilities, performativity, and performances to help consolidate hypothetical concepts and break down complex contents that aid brands to communicate to their target audience.

Just like a story has a character, beginning, body, and ending; a product must have stories too. Similarly, in a storytelling framework, product managers must aim at the target audience, the need for their product or service, how their service provides a solution, and the parameters of the product in terms of market share, brand awareness, subscriptions, returns and customer experience that help to create customer-oriented products.

 

CIRCLES

A CIRCLES method is a problem-solving framework that guides project managers to approach an introspective response to any product design question. 

It comprises seven linear steps to follows as to,

Comprehend the situation (What? Why? Who? How?): Know about the need for the product and its client's requirements.

Identify the customer: Design persons for your target audience.

Report the customer’s needs: Create lists of why customers might require the product.

Cut, through prioritization: Base the prioritization of products that are more important to create. 

List solutions: Possible solutions to resolve issues.

Evaluate tradeoffs: Analyze, and evaluate objectives and solutions options with the pros and cons of the solutions.

Summarize your recommendation: Design a product summary of the above points.

 

AARRR

It is an Agile Product Management Framework that includes five methods to help businesses grow.

The AARR comprises,

Acquisition: Implements strategic plans to acquire new customers.

Activation: Focus to develop better customer experience service.

Retention: Drive insights and brainstorm on improvising products to maintain consistent new and old customers.

Revenue: Draw ideas to escalate finance growth through your customers.

Referral: Delivers quality product quality that gains users' trust and recommendation to others through them.

 

HEART

The HEART Product Management Framework designed by the Google Research Team is a methodology to improve the user experience (UX) of software. The rows are the steps, and the columns are the parameters. Parameters include goals, signals, and metrics to determine and monitor product results.

 

Product management frameworks 3

 

Following are the steps,

Happiness: Scales feedback, experience, and features secure from the clients.

Engagement: Gauge the number of users engaging or interacting per given time.

Adoption: The number of signups, subscriptions, and new users with the product.

Retention: Measures active users, repeat purchases, and return customers from customer data.

Task Success: Number of successful goals by users from the assigned goals using the product or features.

 

5 Whys

The 5 Whys enables the product managers to solve the main cause of problems or issues. These superficial issues or problems are analyzed to reach the root cause that questions the situation 5 times. This, in turn, unlocked new ways to analyze a problem.

For instance; ask about;

Why did the issue occur? (1) If the problem runs into another underlying problem, ask again, why did this occur? (2). Similarly, until the root cause is confirmed. A total of 5 Whys is necessary.

 

4Ps of Marketing

A process where the four key considerations perform analysis for overall stages before successfully marketing a product or service. The 4Ps of marketing comprise:

Product: Outlines the features (form, functions, appearance, and packing) of the product or service.

Price: Pricing strategy is studied by taking considerations of the discount, offer, perceived value, and devaluation with the trend, and time in particular. Pricing value is a key consideration for a customer.

Place: Activities in which the release of the product or service will be stored, transported, and target market for selling.

Promotion: Circulating information about the product, product line, brand, and company to potential buyers through public relations, campaigns, online advertisement, and others.

 

Product management frameworks 1

 

5 Cs of Pricing

The 5 Cs of pricing is a system utilized by lenders to calculate the creditworthiness of your customers for your product or service. Various 5 Cs are;

Cost: This factor is the most integral section which affects pricing decisions. One must know your product cost structure in and out.

Customers: Product value by customers must be in tune with the price, market size, buying process, trends, and customer satisfaction.

Channels of distribution: Considerations of how much intermediaries, third parties, alliances, transportation, and other distribution channels raise the product price.

Competition: A bird's eye view of current and prospective competitors with similar product costs and market share.

Compatibility: Examine an adaptable approach with the total pricing and sales objectives to boost your business.

 

Product management frameworks 2

 

 

Takeaway

Without product management frameworks, it will be an exhausting metric to figure out the issues affecting your product and ways to sustainable changes to prioritize the requirements.

It actually provides the simplest workflows that allow the overall team involvement in the product to work without any roadblocks about the product.

Furthermore, it is the quickest solution to eliminate deliverables delays and is a saver for business.

To further your career in project management and product management, a thorough understanding of these concepts is a must. Getting a certification offered by a governing body like PMI can help prove your competence in this regard. Taking the help of a reputed training body like Sprintzeal will be highly beneficial in the pursuit of this knowledge as well as the certifications. Join Sprintzeal now!

Courses to check out,

PRINCE2® 6th Edition Foundation Certification Training Course

PMI PBA Certification Training Course

Frequently Asked Questions

 

What are product management frameworks?

Product development frameworks are a step-by-step approach to creating and growing businesses.

A product roadmap to discover, solve problems, backlog items, prioritize, and decide product objectives and ideas with the product team to achieve product success.

 

What are the five stages of product management frameworks?

The five major stages in product management frameworks are;

Identify: Finding customer requirements and managing product ideas.

Develop: Initiate vision to problem-solving.

Implement: A guide for having effective management.

Prioritize: Organize product features as per the relevancy and demand.

Delivery: Estimate and meet the deliverables and maintain product records and performance.

 

What are the 3 major areas of product management?

The product management frameworks focus on these three major areas;

- Product discovery

- Product Planning

- Product Development

 

What is a product framework?

A Product Management Framework is a series of processes an organization or company follows during the product creation process. It gives a pyramid of clarity with the time it takes to produce a quality product that interests customers.

 

Subscribe to our Newsletters

Nchumbeni Yanthan

Nchumbeni Yanthan

Nchumbeni is a content writer who creates easy-to-read educational blogs, articles, varying client request, and social media content helping millions of learners meet their career goals.

Trending Posts

Best Agile tools for Project Managers in 2024

Best Agile tools for Project Managers in 2024

Last updated on Jan 16 2024

Conflict Resolution in Project Management

Conflict Resolution in Project Management

Last updated on Jul 9 2024

How to Use Google Calendar as a Project Management Tool

How to Use Google Calendar as a Project Management Tool

Last updated on Feb 19 2024

Best Practices to Measure Resource Utilization

Best Practices to Measure Resource Utilization

Last updated on Mar 29 2023

PMI-PMP® Exam Changes Explained in 5 Minutes

PMI-PMP® Exam Changes Explained in 5 Minutes

Last updated on Jan 23 2024

Guide to Advancing Project Management Career with PMP Certification

Guide to Advancing Project Management Career with PMP Certification

Last updated on Oct 17 2022

Trending Now

What is pass percentage for the CAPM exam?

Article

Is it worth getting the CAPM certification?

Article

Is PMP Better than MBA?

ebook

Issue Log in Project Management - Uses and Importance

Article

Supply Chain Response And The Factors Involved In It

Article

Best Agile tools for Project Managers in 2024

Article

PMI-PMP® Exam Changes Explained in 5 Minutes

ebook

Project Initiation Phase - Importance and Roles Involved

Article

Delphi Technique and Its Role in Project Management

Article

PMBOK Guide and Project Management Certification Updates 2024

Article

How to Use Google Calendar as a Project Management Tool

Article

10 Reasons Why You Should Get PRINCE2 Certification

Article

CAPM Cheat Sheet 2024

Article

CAPM Certification Study Guide

Article

CAPM Certification Exam Preparation Guide 2024

Article

Top Benefits of CAPM Certifications

Article

Guide to Advancing Project Management Career with PMP Certification

Article

PMP Vs PRINCE2 - Which Project Management Certification is Better?

ebook

Project Management Interview Questions and Answers for Managers

Article

Project Management Software to Use in 2024

ebook

Best project management certifications in 2024

Article

Project Feasibility Study in Seven Steps

Article

CAPM vs PMP – Which Project Management Certification Is Better?

Article

Project Scope Management Guide 2024

Article

Project Management Complete Guide 2024

Article

CAPM Exam – Difficulty, Details and Preparation Tips

Article

What is Project Management?

Article

What is PMI ACP certification?

Article

Is PMP exam difficult?

Article

Is PMI ACP worth it?

Article

PMP or CAPM – which is better?

Article

PMP or PMI ACP – which certification should you get?

Article

PMP Certification Cost Details

Article

How to get PMP certification - Guide 2025

Article

How to create an effective project plan

Article

Top Project Manager Interview Questions and Answers 2024

Article

Guide to Change Management for Organizational Transformation

Article

Resource Manager Interview Questions and Answers 2024

Article

Project Schedule Management Guide for Beginners

ebook

Top Project Manager Qualifications and Career Path in 2024

Article

Network Diagram - Types, Topology and Use in Project Management

Article

Project Management Life Cycle and Its Phases

Article

Guide to Project Management Processes, Methodologies and Lifecycles

Article

Process Capability Analysis Explained

Article

Financial Risk and Its Types

Article

Construction Project Management - Roles, Stages and Benefits

Article

Risk Management Strategies in Project Management

Article

Project Management Principles - 12 Essentials

Article

Project Management Framework Guide

Article

Strategic Management Guide 2024

Article

Project Management Books List - Best of 2024

Article

Project Documentation and Its Importance

ebook

Project Management Tips - Best of 2024

Article

Project Management Apps Best of 2024

Article

Digital Project Manager – Skills, Salary, and Scope

Article

Project Communication Plan – How to Create and Use

Article

Earned Value Management and Its Significance

Article

Planning Poker Estimation Technique

Article

Project Management vs Product Management

Article

Project Crashing in Project Management

Article

Project Controlling and its Importance in Project Management

Article

How to create a work breakdown structure

ebook

Project Report and its Significance in Project Management

Article

Project Budget: Definition, Overview & How to Create One

ebook

Estimate at Completion - Formulae and Calculations

Article

Project Cost Management Guide 2024

Article

Product Lifecycle Management

Article

Project Portfolio Management Guide

Article

Program Manager vs Project Manager - Comparison of Roles and Careers

Article

WBS Dictionary - A Beginner's Guide

Article

Stakeholder Analysis and Stakeholder Management Guide

Article

Project Management Phases Explained

Article

Project Management Knowledge Areas

ebook

Leadership Theories for Managers

ebook

PMP Pass Rate in 2024 - Guide to Clear the PMP Exam

ebook

Gantt Charts - The Ultimate Guide

ebook

Conflict Resolution in Project Management

ebook

Project Deliverables in Project Management

ebook

PERT vs CPM in Project Management

ebook

Work Breakdown Structure in Project Management

ebook

Top Gantt Chart Makers in 2024

ebook

Gantt Chart Tools - Best of 2024

ebook

Negotiation in Project Management: The Utimate Guide

ebook

Project Manager Resume Guide – Best Tips and Examples

ebook

Product Planning - A Beginner's Guide

ebook

What is Product Management? - A Beginner's Guide

ebook

Guide to Project Stakeholder Management

ebook

PMP® Certification Salary: Job and Salary Scope in 2024

ebook

Top Project Engineer Skills

ebook

Guide to Technical Project Management

ebook

Top 10 project management competencies

ebook

Time Management in Project Management - Steps to Implement it

ebook

Top Program Manager Skills of Successful Program Managers

ebook

A Brief Guide to Conflict Management Approaches

ebook

What is a Risk Management Plan? A Comprehensive Guide

ebook

Workflow Diagram - Steps to Create, Symbols, Types, and Uses

ebook

Best Practices to Measure Resource Utilization

ebook

Workload Management: How to Optimize Your Team’s Workload?

ebook

What is Project Execution? A Comprehensive Guide

ebook

Project vs Program Management: Key Differences

ebook

Kanban Methodology in Project Management – A Complete Guide

ebook

Hybrid Project Management Guide 2024

ebook

Project Characteristics: Key Elements in a Project

ebook

The Ultimate Guide to the Waterfall Methodology in Project Management

ebook

The Ultimate Project Kickoff Meeting Guide

ebook

Project Timeline: How to Build One, Definitions, and Examples

ebook

Project Scope Statement: How to Write One With Example

ebook

Statement of Work in Project Management Guide 2024

ebook

Project Management in Product Development : Essential Role

ebook

10 Best Change Management Tools to Use

ebook

Mastering Resource Scheduling to Unlock Project Success

ebook

Project Risk Analysis: Tools, Templates & Best Practices

ebook

How to Write a Project Summary in 4 Steps

ebook

Top Leadership Skills: Mastering the Art of Effective Leadership

ebook

How to Write a Project Descriptions: A Step-by-Step Guide

ebook

What is Project Monitoring? A Comprehensive Guide

ebook

What Are Project Fundamentals? A Quick Guide

ebook

Kanban Board: A Detailed Guide to Understanding and Usage

ebook

10 Effective Management Styles for Leaders (With Real-Life Examples)

ebook

Product Manager Career Path: What to Expect

Article

Career Path for Program Manager - Strategic Navigation for Professional Growth

ebook

Exploring Career Path for Product Owner

Article

An Ultimate Guide to Project Coordinator Career Paths

Article

How to Become an ISO 21502 Lead Project Manager

Article

What are the Basics of ISO 21502 Foundation? A Brief Guide

ebook

The Role and Responsibilities of an ISO 20400 Lead Manager

Article

Energy Saving Standards and ISO 50001 Best Practices

ebook

Comparing Different ISO Certifications for Project and Energy Management

ebook

The Ultimate Guide to ISO Certifications for Effective Project and Energy Management

Article

Why ISO 50001 is the Perfect Match for Energy Efficiency?

Article

AI Tools for Project Managers: A Game Changer for Project Success

Article