Create a New Product

If you are a Product Owner chances are you're not the one that will be coming up with a new product that the company is going to create.  Hypothetically though say you are at a startup and they want you to create additional revenue streams and so you’ll need to identify and validate a problem.  I’d recommend using a whiteboard to map out a structure or outline of how you’d find users, what questions you’d ask, and how I’d document their needs.  What follows is a framework you could use to do so.

1. Discuss prioritization methods.  What prioritization frameworks have you used in the past, i.e. rev vs time and cost to develop vs cust satisfaction or adoption.
2. Walk through how you would document requirements with users interviews and feedback and provide wireframes with tools like Lucidchart, Balsamiq, Axure, etc.  If you write specs take some time to walk through how you write them. 
3. Explain how you’d work with other teams to build the product.  Explain using agile (MVP and quick iteration) vs waterfall (planning for all possible outcomes, costs, features, etc up front) for the product being developed.  Walk through execution process and how you’d work with teams like engineering and design.  Walk through how you’d engage with the design team.  Do you like to provide more or less guidance?  How often do you check in with designers?  Explain how you’d work with engineering to cost and assess the technical designs that are proposed as well as how you would test the product to ensure product quality.  
4. Discuss launch plan and how you would track success.  Would you be conducting a beta test with a limited number of users?  Define which metrics you’d be tracking to measure success. 

This is a brief, but effective way to quickly walk a client through how you’d create a new product they need released to the market.