Instructional Area: Product/Service Management (PM)

Determine initial feasibility of product idea (PM:129) (MN)

(feasibility - the state or degree of being easily or conveniently done) - finding out whether this product will work - we need to find if the product can coexist in a competitive environment and bring in profits (conduct industry research and look online to see how other companies did it, prototype, time box) - quick schedule of times showing time boxing

Adjust idea to create functional product (PM:204) (MN)

- Changing plans and concepts to meet goals and standards - Functionality and profitability is most important - living in delusions is harmful for business - (instead of having the product include **features** we can limit it to the most important ones to increase profits without sacrificing customer experience) - Chart of features to price ratios

Create processes for ongoing opportunity recognition (PM:136) (MN)

Benchmark - asses competition and good practices. External Help - Outsourcing. Specialization - Economics Venture team.