Corporate Work Flow of Best Product Management Companies : Innovify

by Bethzy Scott Product Management

All strategic and operational elements of a business enterprise must be in place and aligned properly for product investment and management decisions to make sense and be implementable by product managers and their teams. The corporate work flow enables the product manager to understand his or her role in the organization. The reason this work flow is so important is that if a product manager is responsible for the profit and loss management of a product, then he or she must understand the corporate mission, its strategies, etc. Without this work flow as a context, it is not possible to know what kinds of thing he or she must do.

1. Company type

2. Corporate mission

3. Corporate goals & objectives

4. Strategies 5. Work structures

6. Business or portfolio plans

7. Product roadmaps

8. Product plans

9. Profit & Loss management

In order to clarify this perspective, here are some contextual definitions:

Company type: According to Philip Kotler, “A business must be viewed as a customer-satisfying process, not a goods-producing process. Products are transient, but basic needs and customer groups endure forever.” Therefore, it’s important to define a desired product management company type in as broad a way as possible to leave open the door for business growth and expansion. Examples of narrow versus broad business definitions include:

a. Automobile company vs. “Transportation Company”

b. Pharmaceutical company vs. “life-sciences” company

c. Bank vs. “financial services” company

Company type is important in determining the kinds of products that might be provided, or the kinds of markets that could be pursued if the company were defined in as broad a manner as possible.

Corporate Mission: The explicitly stated, desired or actual purpose of a company, expressed in a broad, task oriented form such that it will encompass the ultimate boundaries for the company’s operation and ongoing direction. The best product management companies people must be able to internalize and articulate this so that they can understand how the works they do help fulfill the corporate mission.

Corporate Goals & Objectives: Specific statements derived from the corporate mission regarding desired accomplishments over time, e.g., improve market position, by “x”% by “y” date.

Work Structures: The specific manner in which the people resources of a company are organized to achieve the goals and objectives through execution of strategic and tactical plans. This is directly related to what we expressed before. If all organizational structures (business functions), are understood, people will have a better idea of where they fit. Some best product management companies are organized purely along functional boundaries. Even if functional representatives work on teams, the functions often prevail over the needs of the team.

Business/Portfolio Plans: Innovify best product management companies explicit directions for creating or evolving business units or product lines. Although these plans are ongoing, they are usually developed for and measured against specific time periods. These plans must be capable of being aggregated or disaggregated into broader or narrower groupings as needed.

Roadmaps: Long-term evolution plans for product lines or products, based on market, competitive and technological drivers.

Product Plans: Explicit directions for introducing and/or managing individual products or services.