The rapid evolution of Product Management (PM) practices has led to advancements in purpose-built PM tools. While there are many curated and insightful lists, no comprehensive model spans the full Product Management Life-Cycle (PMLC). Hence, enterprises find it challenging to understand and evaluate these tools in context.
A newly introduced PM tools taxonomy based on a study of 300+ PM tools sets out to fill this gap and help enterprise prioritize, source, evaluate, and select PM tools by:
• Providing consistent terminology to facilitate knowledge sharing
• Illustrating and educating on the functional domain and relationship between PM tools
• Identifying gaps in tool support across the PMLC
• Aiding organizations in assessing their use of PM tools across the PMLC
Furthermore, the taxonomy defines the high-level organization, classification, and description of product management tools and their inter-relationships in the context of the 5PMM PMLC. The five movements of the 5PMM - strategy, planning, development, marketing, and operations - have been decomposed into categories of tools that support the activities of each movement.
It is important to note that the PM tools will continue to evolve as the digital transformation of product management continues to advance. Consequently, the PM tools taxonomy and the tools characterized in it will continue to grow.
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