Understand the market
Product Ownership includes a keen awareness of what the outside world looks like, related to developing the product. Product Ownership requires investing time and resources in figuring that out and understanding the market.
Navigate in the broader technology landscape
Product Ownership is about leveraging technology to be able to bring new value, and thus requires a keen awareness of available technologies and their capabilities. This includes understanding what alternatives are available, what competitors are using, what opportunities new technologies represent and more.
Come up with pricing strategies and tactics
Product Ownership includes knowing how to price the product, how to arrive at the best possible price fitting with the market conditions, and the objectives from both the product's and larger organization's perspectives. This is a continuous ongoing process.
Thoroughly know customers and users
Product Ownership depends on extensive knowledge about customers and users. Acquisition of this knowledge is through various means. Thoroughly knowing customers and users has the objective of uncovering what they value, so the product can deliver it.
Operate in the broader ecosystem
Product Ownership includes knowing how to operate in the larger ecosystem related to the product. This includes working with partners, understanding value streams, building on platforms and knowing how to relate to competitors.
Discover, define & quantify value
Product Ownership entails identifying what might be valuable, defining it, and quantifying it. Without sufficient directional context, we lose time to market and get misalignment leading to overly expensive solutions, with poor fit in the market.