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INNOVATION PHASE

FAST TRACK CONCEPTUAL PHASE

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FastTrack

|Product LifeCycle Planning Framework - FastTrack Conceptual Phase

The ‘Conceptual Planning Phase’ of the Product Management Process follows sequentially from the ‘Innovation Management Phase’ and evaluates further the business opportunities and strategic intent.

The purpose of this phase is to evaluate possible market opportunities (situational analysis) and to set appropriate product objectives and functional strategies. A ‘product requirements specification’ which is focused and biased toward the ‘user’ is produced during this phase and subsequently becomes a reference point for further analysis. The Company ‘development’ process and mandatory risk assessment elements are an integrated part of the Conceptual Planning Phase and as such is complementary to the additional activities associated with compiling the ‘Product Business Plan’.

The business plan and related process elements ensures that all functional areas of the business are represented in a timely and proactive manner. The format also enables the Product Manager to manage with a degree of authority the multi-disciplinary team by a process of functional objectives and associated strategies.

PMM (Generic) Programme Management and Market Development Planning Framework

Programme Management Plan

TouchPoint Management

Product Programme Plan(s)

Interactive

Phase Vision / Goal:

Product / Service Optimisation Programme - Competitive Advantage

The ‘Fast Track’ Process, as the name suggests, is specifically designed to meet the requirements of products and services that require a Fast Track to market. The process represents a collection of key processes/tools covering the critical elements only. Entrepreneurs may find this process aligns more to their particular needs, however care must be taken if this route is chosen and will depend upon individual circumstances, as the level of risk may not have been appropriately assessed.

For Product Managers who are working in a more 'traditional' planning framework, strict entry criterion to the Fast Track process ensures that this does not become the norm for all products joining the portfolio. This is due to the additional commercial risk that may be associated with this planning route.

Note:

Once the product has been released (and moves into Active LifeCycle phase) the activity of Product Management would be to the same or very similar to the 'end to end' process as detailed above.