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What Products Approval Criteria in the Product Management Cycle?
I have a question regarding the Products Approval Criteria in the Product Management Cycle. I am acting as the Product Manager, however, in my company, there is a committee through which all product ideas need to be filtered and only chosen ones are passed through to production. However, we are in the phase of redefining the criteria on which we accept and approve our products ideas to be realized into real products. From here, I wanted to check if there is an industry standard set of rules to approve product ideas. Our company worked in Software for Enterprises and Organization and not for mass distribution. I hope you can help me.
Any decisions on product plans need to be grounded in a solid business case.
Your business case should articulate:
How the project will enhance your ability to deliver value to your target markets?
Which market segments will be impacted by the output?
What market problems are you solving with the project (and are they the right problems to focus on)?
What technology is required to win in your space?
How will the project impact the competitive landscape?
Is there a solid financial case for the investment?
These are the critical criteria I would urge you to adopt. Thanks for the question and good luck.
Answered By: Rich Nutinsky
