519: Product verification, most important of the 19 activities of product management – with Nishant Parikh

Product Mastery Now for Product Managers, Leaders, and Innovators

How product managers can adapt core responsibilities across different organizations and contexts

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TLDR

Through his research and practical experience at MasterCard, Nishant Parikh identified 19 key activities that define the role of software product managers. He emphasizes that these activities vary based on context (large vs. small organizations, B2B vs. B2C, Agile vs. Waterfall). The discussion reveals how product management has evolved since 1931 and highlights the importance of clear role definition to prevent job frustration. The core focus of these activities is on thorough market research, continuous customer engagement, and strategic product development.

Key Topics:

• Market research as the foundation of product success
• Evolution from problem space to solution identification
  Product positioning and vision development
• Differences between product manager and product owner roles
• Flexible vs. fixed roadmapping approaches
• Continuous customer engagement throughout product lifecycle
• Financial analysis and business case development
• Impact of organizational size on PM responsibilities
• Role of AI tools in modernizing product management
• Importance of cross-functional collaboration

Introduction

In this episode, I’m interviewing Nishant Parikh, Director of Product Management at MasterCard. We explored the 19 essential activities that define successful software product management today.

Drawing from his 20+ years of technology experience and extensive research, Nishant shared insights about how these activities vary across different organizational contexts – from startups to enterprises, B2B to B2C, and Agile to Waterfall environments. He emphasized the importance of role clarity and how the lack of it often leads to frustrated product managers leaving their positions.

In this article, I’ll share the key takeaways from our discussion, including why market research should be your foundation, how customer engagement has evolved to become a continuous process, and the ways AI is reshaping traditional product management activities.

Why study the 19 key activities of software product managers?

Nishant’s motivation came from his personal experience navigating different product management roles over six years. Each position required vastly different responsibilities:

• In his first PM role, he focused on high-level solution development and feature writing
• His next position emphasized go-to-market activities
• At a small MasterCard acquisition company, he had to handle everything from product development to writing stories and epics
• Currently at MasterCard’s foundry team, his focus is on innovation and ideation

This variety of experiences left him confused about the core responsibilities of a product manager. This confusion motivated him to pursue research to better understand:

• What a product manager’s key responsibilities should be
• How the discipline has evolved since its inception in 1931
• Why many PMs leave their jobs due to lack of role clarity
• How to address the overlapping responsibilities between product managers, product leaders, and innovators

He noted that while large organizations might have 100 defined activities for product managers, it’s impossible for one person to handle them all. This led him to research and identify 19 core activities specific to product management, with clear separation from product marketing, sales, and go-to-market functions.

Consolidating insights from different bodies of knowledge

Nishant identified three main bodies of knowledge in product management, each with distinct limitations:

1. PDMA (Product Development and Management Association)
2. ISPMA (International Software Product Management Association) – focused specifically on software industry
3. Product Marketing Body of Knowledge – combines product management and product marketing

The key problem he identified is that none of these bodies of knowledge clearly distinguish between different product management roles or account for various contextual factors that affect how product managers should work, such as:

• Organization size (large vs. small companies)
• Development methodology (Agile vs. Waterfall)
• Product type (AI vs. non-AI products)
• Market focus (B2B vs. B2C)

He emphasized that these contextual factors significantly impact a product manager’s role. For example:

• In large companies, different departments handle specialized functions
• In small companies, one product manager might handle all responsibilities
• The same role can look very different between B2B and B2C products

Nishant’s research aimed to consolidate insights from these different bodies of knowledge and account for various contextual factors to provide a clearer, more comprehensive perspective for product managers and leaders. His goal was to help product managers understand how their role should adapt based on their specific organizational context and product type.

1. Market Research

As software product managers navigate the complex landscape of product development, market research emerges as a crucial first activity. Thorough market research in the problem space is fundamental to product success.

Understanding the Problem Space

The primary goal of market research is to validate whether a real problem exists and if customers truly care about solving it. This validation process requires intensive effort but sets the foundation for all subsequent product development activities. As Nishant emphasizes from his own research experience, investing time in understanding and defining the problem statement pays significant dividends later in the product lifecycle.

Organizational Differences in Market Research

How market research is conducted varies significantly between large and small organizations:

Large Companies:

• Have dedicated research departments
• Access to specialized agencies
• Multiple partnership resources
• Challenge: Information silos between departments
• Need for effective cross-functional communication to share insights

Small Companies:

• Limited budget for research
• Often lack dedicated research resources
• Product managers typically handle research directly
• Despite resource constraints, market research remains crucial for innovation success

The Impact of AI on Market Research

Modern market research has been transformed by artificial intelligence tools:

• Secondary research benefits significantly from tools like Perplexity.AI and ChatGPT
• Primary research, especially customer interviews, still requires direct human involvement
• AI tools complement but don’t replace the need for direct customer interaction

Best Practices for Product Managers

The key takeaway for software product managers is clear: invest heavily in market research regardless of organizational size or resources. A solid understanding of the problem space leads to:

• Better solution development
• Higher likelihood of customer adoption
• Increased chances of customers willing to pay for the solution
• More efficient product development process

2. Solution Identification

After establishing a clear understanding of the market through research, the next critical activity for software product managers is solution identification.

A Straightforward but Critical Process

Solution identification represents the transition from problem space to solution space, involving two key components:

• Developing solution concepts or prototypes
• Validating these potential solutions with customers

What makes this activity unique is its relative simplicity and consistency – regardless of organization size, industry, or methodology, the core process remains largely the same.

The Validation Component

The heart of solution identification lies in customer validation. Product managers must:

• Present potential solutions to customers
• Gather feedback on solution concepts
• Verify that proposed solutions effectively address the validated problem

Unlike other product management activities that vary significantly based on organizational context, solution identification maintains its fundamental approach whether you’re working at a startup or an enterprise company like MasterCard.

Building the Foundation for Product Vision

This activity serves as a bridge between problem validation and product vision development. By identifying and validating solutions before creating a product vision, product managers ensure they’re building on solid ground rather than assumptions.

The straightforward nature of solution identification shouldn’t diminish its importance – it’s a critical step that transforms validated problems into potential products. Its success relies heavily on the thoroughness of the preceding market research phase while setting the stage for subsequent product positioning and vision development.

3. Product Positioning

A Common Pitfall in Vision Development

Nishant highlighted a lesson from his early career: the mistake of creating a product vision before completing market research.

The Correct Sequence

The proper approach to product positioning involves:

1. Understanding the market space
2. Validating the problem
3. Assessing implementation feasibility
4. Developing the product vision

Components of Product Positioning

A well-positioned product should include:

• Clear product vision
• Initial feature set
• Value proposition
• Preliminary go-to-market strategy
• Concise documentation

Documentation and Modern Tools

Product positioning represents the first step in formal product documentation, serving as:

• A foundation for detailed technical breakdowns
• The basis for epics and stories in Agile tools like Jira
• A reference point for future development decisions

Generative AI has become valuable in this phase by:

• Enhancing PR (Product Requirements) documentation
• Suggesting features based on competitive analysis
• Providing narrative structure for product stories

Internal vs External Focus

While primarily focused on internal alignment, product positioning can serve both internal and external purposes:

• Internal: Getting leadership support and aligning teams
• External: Early market validation and customer feedback, similar to Amazon’s “working backwards” approach

This positioning phase creates the foundation for all subsequent product development activities, making it important to get right through proper sequencing and thorough documentation.

4. Product Roadmapping

Once product positioning is established, product managers move into the more action-oriented activity of roadmapping. This planning phase requires careful consideration of multiple contextual factors that significantly impact how roadmaps should be developed and managed.

Agile vs. Waterfall Approaches

The methodology used has a significant impact on roadmap development:

Agile Roadmapping

• Uses flexible roadmaps with varying confidence levels:
  • 3 months: Concrete, high-confidence plans
  • 6 months: Medium confidence projections
  • 9 months: Low confidence forecasting
• Allows for frequent adjustments based on market and customer demands
• Prioritizes adaptability over predictability

Waterfall Roadmapping

• Features more solid, predictable roadmaps
• Offers clearer communication of delivery dates to customers
• Less flexible to change

B2B vs. B2C Considerations

Market focus significantly influences roadmap development and release strategies:

B2B Products

• Less frequent releases
• Focus on core feature delivery
• May conflict with traditional Agile principles of frequent releases
• Emphasis on completing essential functionality before release

B2C Products

• More frequent releases
• Greater focus on user experience improvements
• Regular updates to address UI/UX issues
• Continuous enhancement approach

As Nishant points out from his experience at MasterCard, B2B products often don’t require the same frequency of releases as B2C products. Once core features are delivered and customers are satisfied, there’s less need for constant updates focused on minor UI/UX improvements.

Key Considerations for Product Managers

When developing product roadmaps, product managers should:

• Consider their specific business context (B2B vs. B2C)
• Align roadmap structure with development methodology
• Balance customer needs with development capabilities
• Maintain appropriate levels of flexibility based on market type

Understanding these contextual factors helps product managers create more effective roadmaps that better serve both their organization and their customers.

5. Requirements Engineering

Following roadmap creation, requirements engineering emerges as a crucial activity where product strategy meets technical execution. This phase highlights the important distinction between product manager and product owner roles, particularly in Agile environments.

Historical Evolution of Roles

Nishant provided valuable historical context about how these roles evolved:

• Pre-2001: Only product management existed
• 2001: Agile Manifesto introduced the Product Owner role
• Initial Scrum methodology focused solely on Product Owners
• Later frameworks like SAFe introduced clearer distinction between roles

Role Distinctions

Product Owner

• Specific to Agile methodologies
• Focuses on development team interaction
• Transforms leadership vision into engineering tasks
• Handles detailed story breakdown and sprint planning

Product Manager

• More outbound-focused role
• Works with cross-functional teams
• Handles market-facing responsibilities
• Manages broader product strategy

Organizational Impact

How these roles are implemented varies by organization size:

• Large Companies: Often maintain separate roles for Product Manager and Product Owner
• Small Companies: Usually combine roles into a single position
• Startups: Often rely on founders for product management with dedicated Product Owners

Key Challenges

The separation of roles can create:

• Communication gaps between external and internal focus
• Potential misalignment between strategy and execution
• Need for careful coordination between roles

As requirements engineering continues to evolve, organizations must carefully consider how to structure these roles to maintain effective product development while avoiding communication gaps and ensuring clear accountability.

6. Product Verification

In discussing product verification, Nishant highlighted how this crucial activity has transformed dramatically with the adoption of different development methodologies, particularly in the software industry.

Methodology Differences

Traditional Waterfall Approach

• Relied heavily on User Acceptance Testing (UAT)
• Testing conducted after complete development
• Single verification phase at project end
• Higher risk of late-stage discoveries

Modern Agile Approach

• Eliminates traditional UAT
• Implements continuous validation through sprint demos
• Customer feedback gathered during development
• Story-level validation within each sprint

Industry-Specific Considerations

The approach to product verification varies significantly by industry:

Software Industry

• Moved away from traditional UAT
• Embraces continuous validation
• Allows for rapid iterations
• Enables quick course corrections

Physical Products

• Still largely follows sequential processes
• Cannot easily deliver products in pieces
• Exploring ways to implement Agile principles
• Uses prototyping cycles for validation

Key Benefits of Modern Verification

The evolution to continuous verification offers several advantages:

• Earlier detection of issues
• Reduced risk of major problems late in development
• More frequent customer feedback
• Greater flexibility to make adjustments

As Nishant notes, this transformation in product verification represents a fundamental shift in how products are validated, moving from a single checkpoint to an ongoing process integrated throughout the development lifecycle.

7. Customer Insight

According to Nishant’s research, customer insight represents a fundamental shift in how product managers engage with their users throughout the product lifecycle. This shift moves from periodic customer engagement to continuous involvement at every stage of product development.

Evolution of Customer Engagement

Historically, customer engagement was limited to specific points in the process:

• Early problem validation
• Initial solution validation
• Requirements gathering
• Final product verification

Modern Approach: Continuous Customer Engagement

Today’s best practices involve customers at every stage:

Market Space Phase

• Problem validation
• Market need confirmation
• Initial concept feedback

Solution Space Phase

• Solution validation
• Feature prioritization
• Concept testing

Development Phase

• Value delivery verification
• Ongoing feedback collection
• Feature refinement

Production Phase

• Complete product evaluation
• User satisfaction surveys
• Continuous enhancement feedback

Key Message for Product Managers

Nishant emphasizes one critical point for all product managers: Stay close to customer as much as possible and as early as in the process. This continuous engagement ensures:

• Better alignment with customer needs
• Reduced risk of building unwanted features
• Faster identification of problems
• More successful product outcomes

In the software world particularly, this continuous customer insight loop enables ongoing product enhancement and ensures the product continues to meet evolving customer needs.

8. Financial Analysis

Nishant described financial analysis as one of the more challenging product management activities, with significant variations between different organizational contexts. This activity encompasses business case development, pricing strategies, and ongoing financial validation.

Organizational Differences

Small Companies

• Business cases often handled by founders or CEO
• Limited PM involvement due to confidentiality
• Focus typically on single product financials
• Less formal financial analysis processes

Large Companies

• Major responsibility for product managers
• Second only to cross-functional collaboration in complexity
• Requires coordination across multiple departments
• Complex pricing and costing calculations

Components of Financial Analysis

A comprehensive financial analysis includes:

• Product pricing strategy
• Engineering cost calculations
• Marketing expense projections
• Sales cost estimations
• Complete business case development

Evolution of Business Cases

Business case development is a continuous process that evolves through several stages:

Early Stage

• Total addressable market assessment
• Initial revenue projections
• Preliminary pricing strategy

Development Stage

• Cost identification with development teams
• Refined revenue projections
• Updated business case calculations

Market Testing

• Validation of initial projections
• Adjustment of revenue expectations
• Refinement of business case based on real data

Key Considerations

Product managers should understand that:

• Financial analysis is not a one-time activity
• Business cases require continuous refinement
• Market feedback may significantly impact initial projections
• Success metrics need regular validation and adjustment

As Nishant notes, while initial projections are important, the true test comes when products hit the market, often requiring significant adjustments to the business case based on real-world performance.

Conclusion

Software product management is far more nuanced and context-dependent than many realize. Nishant’s research-backed framework of 19 key activities provides clarity for product managers struggling to define their roles and responsibilities. Whether working in large enterprises or small startups, understanding how these activities adapt to different organizational contexts is necessary for success.

Today’s successful product managers must maintain ongoing dialogues with customers, constantly refine their business cases, and adapt their strategies based on real-world feedback. As the field continues to evolve, those who understand these core activities and how to adapt them to their specific context will be best positioned to create successful products that truly meet customer needs while delivering business value.

Useful links:

• Check out Nishant’s articles on Google Scholar:
  • The Software Product Manager’s Framework
  • The Impact of Generative AI in Software Product Management
  • The Role of AI Product Managers

Innovation Quote

“Innovation is a dynamic process that applies scientific thinking to transform customer problems into valuable business opportunities.”   – Nishant Parikh

Application Questions

1. How could you adapt your market research approach based on your organizational context? Consider the differences between how large and small companies conduct research – if you’re in a large organization, how could you better leverage existing research resources and break down silos? If you’re in a smaller organization with limited resources, how could you conduct meaningful research on a budget?
2. How would you describe the current balance between your product manager and product owner responsibilities? Whether these are separate roles in your organization or combined in your position, what steps could you take to improve the handoff between strategic product management and tactical development work, especially with the assistance of AI tools?
3. Looking at your current customer engagement practices, how could you evolve from periodic touchpoints to more continuous customer involvement throughout your product lifecycle? What specific opportunities exist in your product development process to gather more frequent customer feedback?
4. How could your team improve its approach to business case development and financial analysis? Consider how you currently update financial projections throughout the product lifecycle – what triggers could you establish for reviewing and refining your business case based on new market information or customer feedback?
5. How could you better align your roadmapping approach with your specific business context (B2B vs. B2C)? If you’re currently using an Agile methodology but serving B2B customers, what adjustments could you make to better balance frequent releases with your customers’ needs for stability?

Bio

Nishant A. Parikh is a dynamic professional with a diverse academic background and extensive experience in computer science and product management. Graduating with a Bachelor’s degree in Computer Science from Gujarat University in 2005 and an MBA from Webster University in 2020, Nishant combines technical expertise with business acumen. Currently serving as the Director in Product Management at Mastercard, he drives strategic direction and spearheads the development of innovative software solutions. Passionate about the field, Nishant has immersed himself in research at Capitol Technology University since 2022, exploring the challenges, trends, and solutions in product management. As an avid writer, he shares his insights, addressing the multifaceted issues faced by product managers. Nishant’s visionary leadership, industry knowledge, and commitment to innovation make him a driving force in shaping the future of software product management.

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