Week 2
Product prioritization is a critical step in product management and strategic planning. It involves evaluating and ranking potential products or market segments based on their strategic fit, potential return on investment, and alignment with the company's overall goals. This process can be complex, as it requires a deep understanding of both the market and the product landscape.
One effective tool for product prioritization is the decision criteria matrix. This is a grid that allows you to evaluate different options against a set of criteria, such as market demand, technical feasibility, strategic fit, and potential return. By assigning weights to each criterion, you can create a score for each product or market segment, making it easier to make an educated guess about which options to pursue.
The ultimate goal of product prioritization is to create strong tech-product-market linkages. This means aligning your technology capabilities with your product strategy and the market demand. By prioritizing effectively, you can ensure that your resources are allocated to the products and market segments that hold the most potential for your business.