They are not able to meet customer demands better than alternatives

Reason Products Fail

This is the most important concept in product development. Target customers and their needs define market and solutions you have developed defines product. If product does not match with the market, you fail.

Product Market Fit

This pyramid identify the hierarchy for product development

Product Market Fit Pyramid

Lean Manufacturing is a concept generated by japan manufacturing giants like Toyota with the purpose of reducing waste. This process is consist of 5 cyclical steps.<ol><li>Define Target Customer</li><li>Identify pain points & undeserved needs.</li><li>Create value proposition.</li><li>Identify feature set.</li><li>Create UX</li></ol>

Lean Product Process

There is a great example of Space pen. Core of the story is NASA wanted a pen worked on space because standard pens weren’t working because of zero gravity. Cost was 6m$ but at the same time Russians went to space with red pencils.Product managers should stay at problem space.

Problem Space vs Solution Space

The missing manual on how to apply Lean Startup to build products that customers love The Lean Product Playbook is a practical guide to building products that customers love. Whether you work at a startup or a large, established company, we all know that building great products is hard. Most new products fail. This book helps improve your chances of building successful products through clear, step-by-step guidance and advice. The Lean Startup movement has contributed new and valuable ideas about product development and has generated lots of excitement. However, many companies have yet to successfully adopt Lean thinking. Despite their enthusiasm and familiarity with the high-level concepts, many teams run into challenges trying to adopt Lean because they feel like they lack specific guidance on what exactly they should be doing. If you are interested in Lean Startup principles and want to apply them to develop winning products, this book is for you. This book describes the Lean Product Process: a repeatable, easy-to-follow methodology for iterating your way to product-market fit. It walks you through how to: Determine your target customers Identify underserved customer needs Create a winning product strategy Decide on your Minimum Viable Product (MVP) Design your MVP prototype Test your MVP with customers Iterate rapidly to achieve product-market fit This book was written by entrepreneur and Lean product expert Dan Olsen whose experience spans product management, UX design, coding, analytics, and marketing across a variety of products. As a hands-on consultant, he refined and applied the advice in this book as he helped many companies improve their product process and build great products. His clients include Facebook, Box, Hightail, Epocrates, and Medallia. Entrepreneurs, executives, product managers, designers, developers, marketers, analysts and anyone who is passionate about building great products will find The Lean Product Playbook an indispensable, hands-on resource.

startup

Startups

books

Books

product

Product & Design

The missing manual on how to apply Lean Startup to build products that customers love The Lean Product Playbook is a practical guide to building products that customers love. Whether you work at a startup or a large, established company, we all know that building great products is hard. Most new products fail. This book helps improve your chances of building successful products through clear, step-by-step guidance and advice. The Lean Startup movement has contributed new and valuable ideas about product development and has generated lots of excitement. However, many companies have yet to successfully adopt Lean thinking. Despite their enthusiasm and familiarity with the high-level concepts, many teams run into challenges trying to adopt Lean because they feel like they lack specific guidance on what exactly they should be doing. If you are interested in Lean Startup principles and want to apply them to develop winning products, this book is for you. This book describes the Lean Product Process: a repeatable, easy-to-follow methodology for iterating your way to product-market fit. It walks you through how to: <ul> <li>Determine your target customers</li> <li>Identify underserved customer needs</li> <li>Create a winning product strategy</li> <li>Decide on your Minimum Viable Product (MVP)</li> <li>Design your MVP prototype</li> <li>Test your MVP with customers</li> <li>Iterate rapidly to achieve product-market fit</li> </ul> This book was written by entrepreneur and Lean product expert Dan Olsen whose experience spans product management, UX design, coding, analytics, and marketing across a variety of products. As a hands-on consultant, he refined and applied the advice in this book as he helped many companies improve their product process and build great products. His clients include Facebook, Box, Hightail, Epocrates, and Medallia. Entrepreneurs, executives, product managers, designers, developers, marketers, analysts and anyone who is passionate about building great products will find The Lean Product Playbook an indispensable, hands-on resource.

The Lean Product Playbook

Reason Products Fail

Product Market Fit

Product Market Fit Pyramid

Lean Product Process

Problem Space vs Solution Space

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