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Common challenges in applying the Product Management Toolkit include understanding the market needs, prioritizing the right product features, and managing the product development process effectively. These challenges can be overcome by conducting thorough market research to understand customer needs and preferences, using tools like a price sensitivity matrix to prioritize features based on their value to the customer, and implementing a robust product development process that includes regular reviews and adjustments based on feedback.
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In 2009, Apple's video editing software Final Cut 7 had a 50% market share. But when Apple launched its Final Cut X in 2011, the new version clocked in over 955 negative reviews and instantly became the lowest-rated Apple application. So what did Apple do so wrong? They didn't prioritize the right product features.
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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