In order to maximize the value of the product, a Product Owner needs awareness of the following:

Competitive research. The Product Owner should be aware of the competitive landscape and the market trends that affect the product. They should know who are the competitors, what are their strengths and weaknesses, how do they differentiate themselves, and what are their strategies and goals. This can help the Product Owner to identify opportunities, threats, and gaps in the market, and to position the product accordingly.

Customer feedback. The Product Owner should be aware of the customer needs, preferences, expectations, and satisfaction with the product. They should collect and analyze feedback from various sources, such as surveys, interviews, reviews, analytics, etc. This can help the Product Owner to validate assumptions, test hypotheses, measure outcomes, and discover insights that can inform the product decisions and priorities.

Product vision. The Product Owner should be aware of the product vision, which is a clear and compelling statement of the desired future state of the product. The product vision describes the purpose, value proposition, target audience, and key features of the product. It also aligns with the organizational vision and mission. This can help the Product Owner to communicate and inspire the stakeholders, to guide and focus the Scrum Team, and to evaluate and adjust the product direction.

Forecasting & feasibility. The Product Owner should be aware of the forecasting and feasibility of the product. They should estimate and plan the scope, time, cost, quality, and risk of delivering the product. They should also assess the technical, operational, legal, ethical, and social feasibility of developing and releasing the product. This can help the Product Owner to optimize the value of the work of the Scrum Team, to manage expectations and dependencies, and to handle uncertainties and changes.

References:

Scrum Guide 2020, page 6: “The Product Owner is accountable for maximizing the value of the product resulting from the work of the Scrum Team.”

Scrum Guide 2020, page 11: “The Product Goal describes a future state of the product which can serve as a target for the Scrum Team to plan against.”

Scrum Guide 2020, page 11: “The Product Owner is accountable for effective Product Backlog management, which includes … optimizing the value of the work the Scrum Team performs.”