Day: April 5, 2024

In today’s competitive job marketplace, advancing to senior management positions requires more than just technical expertise. It demands a comprehensive understanding of strategic leadership, business acumen, and the ability to drive sustainable organisational success. 

This is where senior management programs come into play. They empower individuals to ascend the corporate ladder and achieve their career goals. 

However, choosing the best senior management programs among the plethora of such courses available can seem challenging. In order to help you, this article will provide a detailed guide to uncover the top senior management programs currently available and their benefits. 

What Are Senior Management Programs?

Senior management programs typically cater to professionals who are eager to advance their careers in management or aspire to take on leadership roles within their organisations. These programs are specifically designed to provide candidates with the knowledge and perspectives necessary to excel in senior leadership roles. 

The curriculum of senior management programs is structured comprehensively, covering a wide range of topics. Additionally, they focus on developing essential leadership skills that are critical for success, such as communication, decision-making, negotiation, and team management. Participants get to engage in experiential learning activities and practical exercises to hone their skills and build their confidence in their ability to lead effectively. 

Why Should You Enroll In Senior Management Programs?

Apart from skill development, there are numerous other benefits that you can enjoy by participating in senior management courses. Some of these include,

• Professional Networking

Enrolling in a senior management program provides you with the opportunity to network with peers, faculty members, and industry professionals. It facilitates the exchange of ideas and experiences, thereby enabling candidates to build valuable connections that enhance their career prospects.

• Career Advancement

Recruiters are constantly seeking candidates with advanced qualifications and leadership skills. Therefore, by completing a senior management program, you can significantly enhance your career prospects and advancement opportunities. Additionally, you also have enough leverage to command higher salaries than your fellow co-workers, due to your enhanced skill set and ability to drive business success.

 

• Prestigious Credential

Completing a senior management program from a reputable institution can enhance your credibility and recognition within the industry. It will help to demonstrate your commitment to professional development and leadership excellence, thereby increasing your visibility as a leader in your chosen field.

Understanding the Senior Management Programme – IIM Lucknow

The IIM Senior Management program, brought to you in collaboration with Imarticus Learning, is a comprehensive educational offering designed to equip professionals with the skills and insights necessary to thrive in today’s business environment. This IIM Senior Management Program for career growth focuses on establishing a strong business foundation and honing essential skills in various key areas, such as marketing and digital transformation. 

Some of the key aspects of this 11-month duration course include,

• Imarticus GameStudio Business Simulation: The program incorporates the Imarticus GameStudio Business Simulation, allowing candidates to apply their knowledge and skills in a realistic business scenario. By making strategic decisions across finance, operations, and marketing, you can hone your decision-making skills and gain hands-on experience.
• Dynamic learning experience and campus immersion: This program offers individuals the golden opportunity to partake in live virtual sessions and interactive masterclasses for an unparalleled learning journey. It offers a dynamic learning experience that combines online learning with campus immersion, allowing students to engage with faculty and peers in both physical and virtual settings.
• Executive alumni status: As a participant in the program, you get to join a global network of executive alumni who are leaders in their respective fields. It allows to develop invaluable connections, mentorship, and career opportunities, thereby helping you to achieve all your professional goals. 

In addition to this, the IIM senior management program also has a detailed curriculum, covering various key topics in the vast realm of business, such as,

• Demand and supply dynamics
• Financial reporting and quality of earnings
• Consumer markets, behaviour, and CRM
• Investment analysis, and more.

Conclusion

To sum up, ascending the corporate ladder does not simply imply climbing ranks within an organisation. Instead, it is about undergoing an invaluable experience that equips you with the knowledge and expertise required to thrive in senior management roles. 

By enrolling yourself in a program such as Imarticus’ senior management program, you can embark on a journey of self-discovery and growth, continuously challenging yourself to expand your horizons and adapt to the ever-evolving needs of the business world. 

Whether you are aspiring to lead a team or an entire organisation, the best senior management programs will undoubtedly provide the foundation for long-term leadership excellence. 

Did you know that the global market for leadership development programs is expected to hit US$216.9 billion by the end of 2034?

In today’s rapidly evolving business landscape, the role of senior leadership has become more crucial than ever. As organisations navigate complex challenges and pursue growth opportunities, strong leadership at the top has become quintessential for fostering innovation and achieving success. 

This is where senior leadership programs come into play. They not only enable you to enhance your skills and broaden your perspective, but they also facilitate career advancement. 

With that being said, in this article, we will navigate various senior leadership development program benefits, and how they can propel individuals towards professional success and fulfillment. 

Why Should You Consider Senior Leadership Development Programs?

Whether you aspire to advance your career, expand your professional network, or enhance your leadership skills, there are numerous benefits that you can avail with these training courses. A few examples include,

• Enhanced Leadership Skills for senior management positions

Senior leadership programs offer a structured environment for developing essential leadership competencies. These include strategic thinking, decision-making, emotional intelligence, communication, and more. By leveraging interactive learning experiences, case studies, and simulations, candidates get to sharpen their leadership abilities and acquire new strategies for driving organisational success.

• Networking Opportunities

Senior leadership programs offer a forum for professionals from diverse industries, backgrounds, and geographic locations to connect and share their ideas and opinions. Participants get the chance to interact with peers and thought leaders, thereby expanding their professional network and fostering collaboration on future projects or ventures. These connections can further lead to mentorship opportunities, career advancement, and new business opportunities.

• Career advancement opportunities

Last but not least, participation in a senior leadership program can enhance your visibility and credibility as a leader within your organisation and the broader industry. By demonstrating your commitment to professional growth and leadership excellence, you can become the top choice for executive roles or leadership positions within any enterprise. 

Understanding the Postgraduate Certificate in Senior Leadership – XLRI

The XLRI Senior Leadership Program, offered in collaboration with Imarticus Learning, is specially tailored for professionals aspiring to excel in senior management roles within today’s dynamic corporate landscape. Designed to address real-world challenges and insights, this 12-month course offers a comprehensive curriculum focused on hands-on skill development and strategic leadership competencies. 

Some of its key features include,

• Insight into business functions: Participants get to gain an inside perspective on the day-to-day functioning of business activities. Covering dimensions such as strategy, sustainability, and digital transformation, this course offers a holistic understanding of the responsibilities and challenges that are inherent in senior management roles.
• Industry expert guidance: You get access to industry stalwarts who offer expert guidance and insights into industry standards, best practices and emerging trends. This leads to the enhancement of valuable perspectives and practical wisdom that can facilitate your leadership approach and decision-making.
• XLRI’s Prestigious Certification: Upon completion of the course, candidates receive XLRI’s Senior Leadership Certificate, a prestigious credential that signifies their commitment to leadership excellence and professional development. Additionally, they can become part of XLRI’s robust alumni network, gaining access to a diverse community of industry leaders and experts.

Apart from this, the XLRI Senior Leadership Program also boasts a detailed curriculum that covers some of the most important topics in this field. It includes,

• Strategic thinking for leadership growth
• Anchors of leadership
• Conflict management and resolutions
• Digital transformation and
• Enterprise risk management, among others.

Conclusion

To sum it all up, senior leadership programs offer a transformative learning experience that empowers individuals to excel as leaders across various domains and industries. By building leadership skills for senior management positions and facilitating both personal and professional growth, these programs can significantly boost career advancement and contribute to long-term success and fulfilment.

The key is to realise that the completion of these courses does not imply an end to your professional learning or developing leadership skills. Instead, it marks the beginning of a continuous process of solidifying your knowledge and applying the same to your leadership approach. 

So, check out the course offered by Imarticus and get ready to advance career through leadership program today!

General management is a discipline focused on learning a bit of everything. General management gives a basic overview of everything so that people can take charge of roles that involve dealing with multiple stakeholders. Multiple management courses focus on general management. This is because the companies today are always on a lookout for resources who can shoulder multiple responsibilities at once. 

On that note, let’s try to understand what are the benefits of general management courses and what is the importance of courses like these. The best part about these courses is that all of them come with a shareable certification. You can add the same to your credentials. 

What Does a General Management Course Cover?

A general management course touches upon a variety of topics that are relevant for the corporate world. Some of these inclusions are discussed below. 

Business Management: Business management involves dealing with multiple activities that are staple to a particular business. It involves overseeing the tasks of different verticals and coordinating with them to achieve a common business goal.

Sales and Marketing: Sales and marketing go hand-in-hand. Any company that offers goods and services to consumers has to get into sales and marketing. Marketing is important because you need to make people aware of the products and services you offer. The sales function is pivotal as you need to make your products available. 

Finance Management: When you handle a business, it comes with a financial implication. Therefore, financial management is very important. You must have control on the P&L of your business and hence, understanding the basics of corporate finance is important.

Operations Management: Operations is another important part of every organization. Operations cover the administrative aspect of the organization. It also covers supply chain and other associated functions. 

Leadership Development: Becoming a leader is important if you want to oversee a business. It does not only involve personal development but also how you handle a team and nurture talent. This aspect is a very important part of general management courses. 

Benefits of a General Management Course

There are multiple benefits of general management courses that you must be aware of before you start exploring online general management courses. Let’s have a look at some of these benefits. 

Mastering Multiple Disciplines

The best part about enrolling in a general management course is that you can get a hold of multiple disciplines. It gives you an exposure into verticals like marketing, finance, HR and other functions of the business. The courses teach you how these verticals move together in the direction of the business objective. 

Better Job Opportunities

While specialists are still finding their way to corporate life, the companies are now moving towards hiring generalists. This is because it enables them to make use of the resource for multiple functions. Hence, with a general management course, your chances of ending up with a good job is quite high. 

These courses are designed keeping the importance of leadership skills for managers at the core. Hence, employability is guaranteed. These courses will help you secure coveted roles in the top-tier cities. 

Brings in a Global Perspective

In this cosmopolitan world, it is very important for you as a prospective leader to bring in a global perspective. General management courses will broaden your perspective and open up your horizons. These courses will give you insights on how companies across the world operate. You will get a better understanding of the culture and practices of the companies operating globally. 

Build a Network

When you enrol in one of the general management courses, you get a platform to network with people who have similar interests but diverse backgrounds. Hence, it helps you build a solid network of people who can contribute effectively to your personal and professional lives. 

Also, some of these courses are specially curated by industry experts. You might get a chance to interact with them during live sessions and expand your professional network. You get to learn from their experiences which can contribute significantly to your career growth. 

Critical Management Skills

When you enrol in a general management course, you expect to learn several critical management skills. These courses are designed to meet the diverse needs of upcoming business managers. These courses sharpen up your communication skills and also improve your problem-solving abilities. Also, you are trained to face tough circumstances that you will be faced with during your corporate journey. 

Becoming a Better Leader

A general management course is designed to bring out the best qualities in you. Leadership is the most important quality that companies are looking for and a good general management course will help you become a better leader. 

You will learn to work through challenges with your head held high. A good course will bring in the confidence required to become a better leader. 

Better Communication Skills

You might be overflowing with ideas but it serves you no purpose if you are not able to explain it to others. To become a good manager, it is very important to be a good communicator. A good general management course will give you a communication refresh. 

With improved communication skills, you will be able to share your ideas clearly and also understand the feedback on those ideas better. Also, when you are able to communicate effectively, you tend to create a better network of people. Modest general management courses now have communication as an important part of the curriculum. 

Wrapping Up!

General management courses are playing a pivotal role in shaping talent and making them equipped to handle managerial positions. While there are several courses in the domain, the General Management Program by Imarticus Learning is one of the best. The course is curated by IIM Ahmedabad, the best business school in the country. It is designed for seasoned managers who want to build an edge and become ready to take on bigger roles. 

Supply chain planning is a very important function of any business that deals with goods and services. The supply chain planning domain is growing and people want to be a part of this growing function. However, before you decide to get into supply chain planning, you need to understand what it is. 

Supply chain planning has a lot of significance in both modern and traditional companies. Let’s try to understand the nuances better. 

What is Supply Chain Planning?

Supply chain planning is not limited to inventory and logistics management, there’s much more to it. If your business is into manufacturing, the supply chain planning process begins right from the point where you need to bring in vendors who will supply the raw materials and it ends where the final delivery of the final product is made. 

However, the process has now become a recurring loop with reverse logistics and returns coming into the picture. Also, with supply chain planning, you get to keep a tab on the consumers at different levels and hence, you become more aware of their practices. 

Components of Supply Chain Planning

There are different components and functions of supply chain planning. Let’s try to get a basic understanding of what these components are and the role they play. 

Demand Forecasting

Demand forecasting is the backbone of the supply chain planning process. If you plan on producing goods and selling them, it is important to plan. However, ascertaining the number of goods that you will sell in a week or a month is almost impossible. Here’s where demand forecasting comes into the picture. 

With demand forecasting, you can create a plan for last-mile delivery. As a company tends to produce goods based on the demand forecast, it is a very important function. Demand forecasting involves both qualitative and quantitative insights. 

Inventory Management

Inventory management is another important function of supply chain planning. Companies have dedicated manpower to manage inventory. Their job involves maintaining an adequate inventory that ensures that the product becomes available at the right place and at the right time. However, it also requires maintaining the optimum balance to avoid aging of the manufactured products. 

Today, inventory managers have access to cloud-based planning solutions that help them with a unified view of the inventory. It helps them in planning better. Several other predictive AI tools have also come into the picture to optimize the process. 

Sales and Operations Planning

Sales and operations planning is one of the most important components of supply chain planning. With the help of the S&OP process, you get to control the entire system. The process allows you to overview the existing situation and then make incremental decisions to improve sales and distribution. 

The process allows you to measure your performance against a pre-decided benchmark. Also, the entire process aims at better utilization of data to meet the distribution imperatives of the company. 

Supply Chain Monitoring

While you might have everything in place, it is important to ensure that everything is going as planned. Hence, monitoring the supply chain becomes a major activity. When you monitor the supply chain, it is most likely that you will have access to all the information through the control tower. You can use the tower to get a fair picture of how the supply chain of the company is working. 

Also, supply chain monitoring can give you a plethora of insights. You will get a chance to figure out what is working for the company and what is not. You can then use these learnings to improve supply chain planning.

Benefits of Supply Chain Planning

Supply chain planning offers a plethora of benefits to the business. It helps the company streamline the entire process and keep a tab of the places the goods go before they reach the final consumer. Also, if the planning is done efficiently, you can save a lot of money. 

Efficient supply chain planning improves customer delight as it enables the entire system to deliver the right products at the right time. Therefore, supply chain planning has now become an inseparable part of most businesses, especially those that deal with physical goods. 

Conclusion

If you are interested in getting into the supply chain function, it is important to understand how the function operates. While you might receive on-the-job training that will help you understand the supply chain better, you must have a basic understanding of the function. You can get enrolled in the IIMU Digital Supply Chain Management course . The course is brought to you by IIM Udaipur in collaboration with Imarticus Learning.

The course will shed some light on the basics of the supply chain along with focussing on digitization of the entire process. The course will also allow you to work on different projects, giving you hands-on experience. Enrol now to ensure that you have a successful future in the field of supply chain planning. 

In today’s dynamic business landscape, organisations are constantly striving to gain a competitive edge. Amidst this pursuit, the role of Strategic Human Resource Management (SHRM) has emerged as a critical factor in shaping the success of businesses. As companies recognise the significance of aligning their human capital strategies with organisational goals, the importance of strategic human resource management has become increasingly evident.

Executive leaders play a pivotal role in driving organisational success, and their ability to leverage strategic HR management practices can significantly impact the company’s performance and bottom line. Through effective executive leadership and HR strategy, organisations can harness the full potential of their human resources to achieve sustainable growth and maintain a competitive advantage in the market.

What Is Strategic Human Resource Management?

Strategic human resource planning and management refers to all the operations and processes implemented by an organisation to ensure the appropriate use of human resources in accordance with the organisation’s objectives and to align human resources with business goals.

While traditional human resource functions focus on the day-to-day management of employees, strategic planning and human resource management as a process focus on long-term people management. It shows employees how they can help the organisation and what is needed to achieve long-term goals. This means you must first understand your company’s business goals before developing programs and policies to support them.

Strategic human resource planning and management can be essential to aligning human resource programs and policies with business strategy, improving employee productivity, and workforce development, and creating a positive work environment. It can also help businesses save money by minimising employee turnover and increasing productivity.

Understanding the Importance of Strategic Human Resource Management

At its core, strategic human resource management involves the proactive formulation and implementation of human resource practices to support organisational objectives. Rather than viewing HR as a mere administrative function, forward-thinking companies recognise HR as a strategic partner that contributes to overall business success. By integrating HR considerations into strategic decision-making processes, organisations can maximise the value of their human capital and drive performance improvement.

The strategic HR management benefits are manifold. Firstly, it enables organisations to attract, retain, and develop top talent, ensuring that the workforce possesses the skills and capabilities required to achieve strategic objectives. Moreover, strategic HR practices promote employee engagement, motivation, and job satisfaction, leading to higher levels of productivity and performance. By fostering a culture of continuous learning and development, organisations can cultivate a skilled and adaptable workforce that is equipped to navigate complex challenges and seize emerging opportunities.

Achieving Competitive Advantage through HR

In today’s hyper-competitive business environment, companies are constantly seeking ways to differentiate themselves from competitors. Strategic HR management offers a powerful avenue for creating a sustainable competitive advantage through HR. By investing in employee training, leadership development, and talent management initiatives, organisations can build a workforce that is not only highly skilled but also aligned with the company’s strategic objectives.

Furthermore, strategic HR practices enable organisations to anticipate and respond effectively to changes in the external environment. By conducting regular workforce planning and talent assessments, companies can identify emerging skill gaps and proactively address them through recruitment, training, or restructuring initiatives. This proactive approach to talent management ensures that organisations remain agile and resilient in the face of evolving market dynamics.

The Role of Executive Leadership in Driving Strategic HR Management

Effective executive leadership and HR strategy go hand in hand in maximising the impact of strategic HR management initiatives. Executive leaders play a crucial role in setting the strategic direction of the organisation and championing the importance of HR as a strategic partner. By fostering a culture of collaboration and accountability, executives can empower HR leaders to drive change and innovation within the organisation.

Moreover, executive leaders must actively participate in the strategic HR planning process to ensure alignment with overall business objectives. By providing clear direction, resources, and support, executives can enable HR teams to execute their initiatives effectively and deliver measurable results. Through their leadership and vision, executives can instil a culture of excellence and continuous improvement, positioning the organisation for long-term success.

Conclusion

The importance of strategic human resource management cannot be overstated in today’s competitive business landscape. By embracing strategic HR practices, organisations can unlock the full potential of their human capital and gain a sustainable competitive advantage through HR. Executive leaders play a critical role in driving this process forward, leveraging their leadership skills and vision to align HR strategy with organisational goals.

The Executive Management Programme in People Leadership & Strategic HR Management, IIM Lucknow, offered by Imarticus Learning, equips leaders with the knowledge and skills to effectively integrate HR considerations into strategic decision-making processes. Through this program, executives can enhance their ability to drive organisational success and achieve excellence in executive leadership and HR strategy. Take the first step towards unlocking your competitive advantage through strategic HR management by enrolling in this transformative programme today.

Learn more about the Executive Management Programme by the Indian Institute of Management, Lucknow and take your leadership skills to the next level. Contact Imarticus Learning for more information and enrolment details.

Do you want to boost sales? If yes, then start with brand building. While many businesses focus on marketing efforts to close more deals, paying attention to increase sales through branding delivers consistent results. Read ahead to know how to build a strong brand along with some unconventional brand building strategies that promote sales to boost revenue all year round.

Branding, Sales and Marketing: Know the Difference

Traditional business models have always focused on sales and marketing. However, modern-day teams have realised the need to integrate branding efforts into the existing approach to develop healthy, thriving businesses. Let’s read on to understand the difference amongst the three. 

Branding: It involves signals that inform people about your business. It covers the distinct identity of your company, including the logo design, graphics involved, and colour palette used, amongst others. For example, Apple’s minimalistic approach in its ads and stores, as well as on boxes, is all part of branding. Notably, iPhone is known for its efficiency and exclusivity. Besides, it falls under the luxury category. Now, that’s the brand. 

Sales: It is the process of translating the demand and interest into a purchase. Or, it can be defined as converting a lead into a customer. For example, if you have added a product to your cart but haven’t purchased it, then it is the job of sales to close the deal. A salesperson might offer a reminder to make the purchase or provide some discount to close you. 

Marketing: It is all about generating the interest of people and creating leads. These days, marketers target a specific audience and use tactics like personalisation to fight for attention. 

Developing a Strong Brand

When it comes to effective brand building strategies, just remember to connect what matters to your business with the things that affect your customers the most. For example, share how your goals align with your customers’ goals or how your mission addresses their pain points. Devise your strategies considering how you want your consumers to see the brand. 

Further, narrate how your brand is solving the base customer problem. Around this, create a mission statement that also speaks about your organisation’s purpose. It should resonate with every aspect of your brand. Don’t forget to highlight how customers are getting benefitted emotionally.

Last but not least, be patient. Brands are not built overnight. It takes time! Remember, the trial-and-error approach is the best way to improve and scale heights. 

Increase Sales through Branding

It is important to understand that branding sets your business apart from others. It inspires action. Also, branding efforts help develop trust through consistency. Brands like Ferrari maintain stringent standards to protect brand integrity. This is also one of the ways the brand can command higher prices. 

In addition, consumers make purchases based on trust. As per Edelman research, 53 per cent of consumers will buy first from a company they trust. Just presenting your business as a trustworthy brand is not sufficient. It is important to embody whatever your brand signals or promises. 

If branding is done right, it helps build and maintain customer loyalty. This means customers will not only choose your products over others, but also ignore if another company is getting better reviews. Moreover, brand loyalty improves engagement and customer acquisition. Loyal customers advocate for your brand no matter what.

Notably, the first impression must meet customer experiences. Any disconnect can cost customers. It is vital to consider that customers won’t just leave but also share negative reviews that will create a poor perception of the brand impacting future customers.

How to Become a Brand Marketing Expert?

In order to become a brand marketing expert, it is important to get your basics right. Understanding concepts like segmentation, positioning, marketing mix, differentiation, value proposition, and marketing metrics, is vital to plan, execute and analyse brand marketing campaigns.

Equally important is defining your brand identity and strategy, including its mission, vision, values, personality, tone, voice, unique selling points and benefits. Then comes the task of narrating your brand story. It is important to craft a story that connects with consumers emotionally.  

Now, it’s time to build your community. Connect with loyal customers, product fans, and influencers who share a common problem that your brand is solving. It is important to listen to their needs and preferences and consider their feedback.

Measuring and evaluating the effectiveness of brand marketing efforts hold the utmost significance. It is important to track and analyse data related to brand awareness, reputation, recognition, and recall. This helps to improve the brand marketing strategy accordingly. Lastly, never stop learning and growing. 

Conclusion

If you are looking forward to pursuing a successful career in brand building, then it is important to excel in sales and marketing, as well as accentuate your leadership skills. To work in this direction, you can enrol in the reputable Executive Management Programme in Sales and Marketing Leadership programme by the Indian Institute of Management Lucknow. For further details, you can contact Imarticus Learning.   

The evolving business landscape necessitates successful product launches and optimised product management lifecycles. Product managers drive innovation and customer needs, while a high-performing product team streamlines interactions, increasing efficiency and ensuring new products meet company standards.

If you want to contribute to the development of business technologies, new consumer goods and software platforms, then pursue a product management certification course. Read ahead to learn more about the product management lifecycle and the key steps of the effective product management process that can aid in the process of becoming a product manager. Apart from that you will also learn how you can implement them to help your company succeed.

What is Product Management?

Product management involves steering the product through all stages of its life cycle, including conception, development, positioning, and price, among others. Product managers are responsible for ensuring that a company’s product strategy aligns with its business objectives.

Notably, as the world’s reliance on technology grows, product management has emerged as one of the most sought-after job fields. Businesses are now looking for specialists that can not only provide the greatest viewpoints on items, but also ensure their success.

What is the Product Management Lifecycle?

The product management lifecycle comprises overseeing a product from conception to launch and beyond. It covers overseeing all parts of the product, such as development, design, marketing and sales.

It includes introducing new features and addressing issues to a current product, as well as providing customer service assistance.

Before we discuss product management lifestyle stages in detail, we must know there are four stages in the product life cycle — introduction, growth, maturity and decline. In the next section, the stages of how to manage the product lifecycle have been discussed.

Product Management Lifecycle Stages

These are can be broadly subdivided into seven main stages as follows:

• Generation of idea and its management: This is the first step and it involves generation of new and innovative ideas for the products/services by the product manager, followed by planning a course of action. Now, the ideas could be anything — our own experience, feedback from customers, market research, focus groups or customer needs. The next step focuses on key personas, key user stories and product roadmap to help the development team in prioritising and validating feature ideas.
• Market research and business analytics: After appropriate research and sharing of ideas by the product manager with various teams, there comes a requirement to identify the target market, end-users of the products and understand what are their actual requirements. Apart from that, primary research and secondary research need to be done to present the best product features in any future product. This will be followed by validation of user personas and user stories from different channels.
• Strategic planning: Here, this stage involves turning ideas into feature development and identifying the priorities and main features of the product. When statistical analysis is not enough, there comes a requirement to schedule regular meetings with all stakeholders — from upper management team to marketing teams and mechanical engineers. The product marketing manager then creates an external and internal roadmap with clear priorities and goal to reach the milestone.
• Prototyping: This is an important step as it encompasses creation of a mock-up of the product. Hence the team produces a prototype to test the product and gather feedback for the same. Prototyping entails removing all non-essential components and focusing on developing a Minimum Viable Product (MVP).
• Validation: In this stage, the idea of the product is validated and checked if it is worth expanding the same. On the basis of customer reviews, surveys and interviews, the potential threats or issues are detected and worked upon. The product plan is then reviewed by the product team before proceeding with the product development life cycle.
• Delivery: This is the second last step in the product management lifecycle stages. Here, all of the foundation has been established for a successful product feature delivery. It also entails testing and refining the product until it satisfies the necessary quality standards before distributing it to clients who have already purchased or will purchase it in the future.
• Product launch: It helps to decide whether to launch the product in beta or wait until success is achieved. This allows room for testing various marketing strategies before the final launch. This stage also pays attention to the target audience, so as to deliver the appropriate message of the product.

How are Product Managers Responsible in the Process?

Product managers are responsible throughout every facet of the product management lifecycle. During the concept stage, they do market research, create a unique product idea, and promote it internally.

They need decision-maker assistance and development funds. They handle product marketing, launch, and product research and development to ensure the optimum user experience.

Product managers need tools to assist them manage the process. PLM software should enable a corporation to manage information and procedures at all stages of the product management lifecycle.

Conclusion

To become a new-age product manager, one should have a strong understanding of the modern product development process, product management lifecycle or how to manage the product lifecycle, which involves various stages such as ideation, research and analytics, planning and designing, development, prototyping, validation, launch and post-launch evaluation.

Additionally, new-age product managers should be well-versed with the latest digital technologies and tools, and be able to leverage data and analytics to drive product decisions.

Imarticus Learning’s new-age Product Management Certificate course, in collaboration with IIT, Roorkee aims to provide learners with a well-rounded education that will prepare them for a successful career in product management.