Product managers at top companies use a variety of tools to manage their products. Some of these tools include a price sensitivity matrix, which helps in understanding how price changes affect demand. They also use the concept of total addressable market to define the maximum market potential. A cost benefit analysis is conducted to weigh the benefits of a product against its costs. The MoSCoW feature prioritization is used to evaluate product ideas and prioritize them based on their importance. Lastly, a KANO diagram is used to understand customer preferences and produce successful products.
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