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[Product Name]Concept OverviewPrepared by: [Name]1.1BACKGROUND [REQUIRED][Description of the need for the product to be built or enhanced; basically enough info for someone to understand a high level view of the project being proposed; can be phrased as a problem statement, from the customer’s perspective; proof or magnitude of need.]1.2VISION [REQUIRED][One to two sentences regarding the overall vision of the project.]Examples:During the '60s, when the United States was embarking on a space travel and exploration project, President Kennedy created a vision for everyone to rally behind: "In the next decade, send a man to the moon and back safely." This vision statement illustrates many of the attributes of "smart" review goals: The goal is specific, measurable, achievable, relevant, and time-based.Another solid vision statement is, "Create the fastest spreadsheet on the planet." Every member of the team instantly knows that performance issues are more important than any other factor. 1.3MARKET [REQUIRED][Brief description of target market (characteristics of likely buyers)][Value proposition: Why will the target market be interested?][Preliminary estimates of market size and growth] [Existing competitors and/or alternatives]1.4BUSINESS OPPORTUNITY [REQUIRED][Why should we be considering this idea? How does it fit with the company’s mission and strategy? How will this product affect your company’s business? These points will form the basis of detailed, quantifiable and specific business objectives as the concept is developed.]Examples of objectives:Increase performance by at least 35% during peak usage times, enabling x additional revenue with only y additional investmentIncrease product line revenues (or profitability) by 35% in fiscal year xxxx Increase market share to 27% by end of fiscal year xxxx, resulting in market leadership1.5REVENUE MODEL [REQUIRED][How will this product make money? Initial thoughts on revenue and licensing models (licensed product, ASP, subscription, transaction, ad sales, etc.).]1.6SALES AND MARKETING [REQUIRED][Initial thoughts on channel and marketing strategy. Does the company currently have the means to reach this market or are new channels required?]1.7SCOPE [REQUIRED]The scope of this release is to include the following key pieces of functionality: 1.2.Additional Requirements [Optional]Examples:Localization for France and Germany follow the English release Two software updates should be expected within 6 months 1.7.1NOT IN SCOPE OF THIS RELEASE [REQUIRED][What has been talked about but needs to be clarified as NOT being requested at this time.]1.8ASSUMPTIONS [REQUIRED][Include as many estimates and assumptions as possible/available at this time.]PRELIMINARY RESOURCE ESTIMATES TYPERESOURCE [NAMES AND/OR F.T.E.)EngineeringTechnical PubsTestProducts ManagementKey assumptions supporting these estimates:PRELIMINARY SCHEDULE ESTIMATES STARTFINISHSTATUS/COMMENTAlphaBetaTechnical PubsRTMKey assumptions supporting these estimates:PRELIMINARY P&L YEAR 1YEAR 2RevenueCost of Goods SoldR&D CostsSales & Marketing CostsOperations CostsNet Profit/LossKey assumptions supporting these estimates:ADDITIONAL ASSUMPTIONS:1.9RESOURCE REQUIREMENTS FOR NEXT GATE [REQUIRED][List what else is needed to prove or disprove the viability of this product concept; include estimated costs and timeframes for all required resources.]Examples:Market research R&D resource for technology discovery or preliminary design and scoping, potentially causing a delay in current project deliveryCustomer visits (T&E, Product Manager time)Finance & Ops supportTime requirements of specific individuals who have pertinent knowledge or skills1.10OPEN ISSUES AND RISKS [REQUIRED][List open questions to be resolved (not necessarily by next gate)]Examples:Regulatory issuesNew technology to be investigated, licensed or developedProjected platform obsolescenceInternational potential and concernsPivotal Product Management provides award-winning product management training, consulting, coaching, and skills assessment. Please contact us if you have questions about using this tool. Visit our website for more Product Management best practices, free tools, and templates. ................
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