Defining the Role of a Product Manager : Analyzing a Real world Scenario (LMS Platform Building)

In this lab, you will review a scenario with the goal of defining the role of a product manager in IT Industrial Services and developing a framework for product management. You will also build a list of skills essential to a product owner's success.

Scenario: LMS Platform Building

IT Industrial Services has just completed its fifth year of operation and has grown to 300 employees. They began by offering universities the services to manage their learning platforms. They partnered with a company called Learning, Inc., which provides the platform.

Lately, your CEO has been talking about growth and positioning the company in the market to offer more than just platform management. She has also heard that some of her customers have moved to another company that focuses on the college scale. She feels they must offer more customized services for universities and community colleges.

Currently, the company does not have a product manager and is not specifically involved in product management. The CEO believes that the company can only grow if it invests in true product management and is ready to hire three product managers. As VP of Strategy, you have the opportunity to set up the product management department.

Answer :

so basically I’m the VP of the strategy.

What is my job ? 

• To setup the product management department

• To hire 3 Product managers

• To create a long-term strategic planning for the company

• To Build a Team

• To do market analysis and align yourself according to the market trends

• Present strategic plans, progress reports and major initiatives to the board of directors or investors and (CEO, CMO, CFO).

• Work with the CFO to do strategic financial planning.

Why does my company need a product manager ?

• Other companies are providing better customized plans for the LMS platform than us. Because of that our market value is depreciating and customers are moving to another LMS service provider.

• That’s why our CEO came up with a solution to hire product managers to solve this problem.

What is the problem here ? and how will a product manager solve this problem ? 

Problem :

• you are not providing customized LMS Plans.

• Compared to other companies, your pricing is high.

• Your LMS lacks a better UI.

• Your LMS doesn't have good customer support.

• Your LMS doesn't have better Features.

• Your LMS doesn’t provide rewards.

Solution :

1. A product manager will firstly understand the product from groundlevel.

   • How do the customers use the Platform ?

   • Mostly From which region our customers are accessing the Platform ?

   • What difficulties are customers facing ?

   • What are the customer requirements ? : Customer requirements can be based on different categories. As I’m currently expecting our business is B2B we generally provide services to Universities, Institutions, Product/service based companies.

   • Customers will mostly be Students and working professionals.

2. Which range of customers are using the Product ?

   • (18-23) are mostly college students, if they are using it then, what are their needs ?

     • We will expect very low fees from college students, and will provide them student benefits on every purchase and subscriptions.

     • College students will use LMS for learning purposes, giving mock tests, giving certification exams, and Finding Opportunities.

     • We can provide them a community, where people can mentor/guide them to gain expertise and get a job opportunity. This Mentorship will include our LMS Edtech Team, and also Working professionals alumni who bought our service.

   • (23-35) are mostly working professionals, if they are using it then, what are their needs ?

     • In most of the cases working professionals will use this platform to advance themselves and gain expertise in a particular field. So we can provide them Mentorship from big giants who have 10-15+ years of experience.

     • Maybe if our company has tie up with their company, Working professionals can also get free access from their company itself.

     • Working professionals can become mentors to guide college students and earn a good amount, plus market our product.

   • According to the different ranges of customers, you can customise your LMS Plans and Pricing.

   • Enterprise Plans :

     • We can provide enterprise level Plans for Businesses who need to use LMS at a large scale for their company.

     • They will get special support from Learning.inc enterprise support team.

2. We can provide moderate or lower prices in comparison to our competitors.
   We can provide our customers Trial version for the first 1 week for free.

3. We can provide students 1 month free access to our LMS Platform.

4. To make a better UI we need to hire good Product designers as well. They will help to make a smooth and trending UI for ease of Customer experiences.

5. We need to set up a 24/7 Customer support team available remotely accessible from multi-regions in the world.

6. We can provide them with Better Features and User experience available for Web, Android and iOs Devices. Features can Include:

   1. Multiple courses access

   2. Personal Assistance

   3. Quizzes

   4. Assignments

   5. Assessments

   6. Roles - admin, instructor, student

   7. Personalized learning path

   8. Track progress

   9. Grading

   10. Feedback

   11. 1 month review

   12. Discussion forums/ communities

   13. sessions and webinars

7. We can provide them multiple rewards or coupons as for their achievements. This may include:

   1. Coupons : 50% off on books, Travel tickets and food delivery.

   2. Quizzes reward: Smartwatch, keyboard, etc.

   3. LMS platform coins to buy inhouse goodies like : tshirts, diary, headphones, etc.

What kinds of skills are needed when I will hire the Product manager ? 

• Strategic Planning

• Business Acumen

• Marketing Savvy

• Analytical Skills

• Problem solving

• Creative Thinking

• Technical Understanding

• Market research

• Leadership

• Time management

• Product lifecycle management

• Negotiation and Persuasion

• Adaptability

• Risk management

• Effective Communication

• Customer Empathy

When I’m hiring, a product manager (associate/experienced) should have at least 1+ yr of experience in a particular domain. Being able to present his/her work. Should be healthy and a good speaker. Should have a good portfolio. Needs to have technical knowledge. And be prepared for Accountability and responsibility.

After hiring the Product Manager, how will this help to position the company in the market?

Product managers need to look out in multiple domains and have to communicate and do market research a lot. Here’s what a product manager will do :

Addressing customer needs

Product managers will conduct in-depth analysis to understand customer needs and market trends. This will lead to tailored solutions for universities and community colleges, providing more customized LMS plans and pricing.

Feature Enhancement

They will identify gaps in features and UI/UX, leading to the development of new features and a more user-friendly interface, making your LMS more competitive.

Improving Competitive Position

1. Market Analysis: Product managers will perform rigorous market research to understand competitive offerings and pricing strategies. This will help in positioning your LMS as a more attractive alternative.

2. Value Proposition: By refining the LMS features and customizing plans, the product managers will enhance the value proposition, making your platform more appealing to potential clients.

Strategic Planning

Product managers will contribute to long-term strategic planning by identifying growth opportunities and areas for innovation.

Product Lifecycle Management

They will manage the entire product lifecycle, ensuring continuous improvement and adaptation to market changes.

Cost Management

By analyzing and adjusting pricing strategies and offering trial versions or discounts, product managers will help in balancing competitiveness with profitability.

Building a Strong Team

Product managers will play a key role in building and leading cross-functional teams, fostering collaboration and driving project success.

Leadership

Their leadership skills will ensure that the team stays aligned with company goals and delivers results.

Analytics

Product managers will utilize data analytics to make informed decisions, track progress, and measure the impact of changes.

Customer Feedback

They will gather and analyze customer feedback to continuously refine and improve the LMS platform.

Increase in Market Share

Addressing the pain points and enhancing the platform, your company will be able to retain existing customers and attract new ones, ultimately increasing market share.