To effectively manage resources, businesses should define their product scope, the combination of all features and characteristics of a product.
Lay the Foundations
- Understand your users' feelings, goals, and behaviors. You can do this by creating personas.
- Identify and clearly state your product’s value proposition.
Define and Prioritize Features
- Identify key functionalities of your product through brainstorming.
- Prioritize features using a lean prioritization matrix that categorizes features based on value added.
Define the Minimum Viable Product (MVP)
- Outline all functionalities that will be included
- Create a product roadmap to coordinate developmental tasks
Defining product scope allows a company to fulfill business goals and users' expectations efficiently and in a timely manner.