Product Business Plans
Product business plans are essential tools for evaluating the viability of a new product or product release. They provide justification for a new product or product release, including details about potential and quantifiable risks. Leadership and investors use product business plans to help them make informed decisions about which ventures to fund and which to delay or terminate. And while they take different forms, they should all include some similar key pieces of information.
Features All Product Business Plans Need
Product business plans all serve the same purpose, and while they may take many forms, they all should:
- Document market problems you’re trying to solve and why your company is best positioned to solve them.
- Explain the business reason for developing the product.
- Regularly track and update projects for accuracy and completeness
Why Product Business Plans are Important
While product business plans can serve many purposes, they are most commonly used to:
Determine if a product is worth pursuing: A well-crafted business plan can give you a good idea of whether you have the expertise, market, budget and resources to succeed.
Justify funding: One of the top reasons for creating a business plan to justify new or continued investment.
Outline the development process: A product business plan serves as a blueprint that should be referenced frequently to ensure the project doesn’t get too off track.
Download The Pragmatic Framework
Want to learn more about Business Plans and their essential role in the Pragmatic approach to product? Download the Pragmatic Framework, which explores key concepts in product management and marketing, from market research through development and into product life cycle support.
