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Strategic Product Planning. Part I: Analysis by Wayne Chen


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Strategic Product Planning. Part I: Analysis by Wayne Chen

  1. 1. Series:  How  To  Be  A  Rock  Star  Product  Manager     By:  Wayne  Chen,  @MobiWayne   © 2013! @POCKETSQRMEDIA | POCKETSQUAREMEDIA.CO!
  2. 2. ¡  ¡  ¡  One  of  the  primary  planning   documents  or  tools  that  the   product  manager  develops  with   others  in  the  company  is  the   annual  marketing  plan  for  the   product  line   The  planning  process  starts  with   an  examination  of  current   conditions  to  search  for   problems  and  opportunities  for   the  product(s)   Once  problems  and   opportunities  are  identified  and   synthesized,  a  statement  of   direction  for  the  next  fiscal  year   is  provided  through  sales  and   marketing  objectives     © 2013 POCKET SQUARE MEDIA! ¡  ¡  An  action  program  is  created  that   clarifies  the  strategies  and  tactics   required  to  achieve  the  stated   objectives   These  strategies  and  tactics  might   encompass  all  of  the  traditional   components  of  marketing,   including:   §  §  §  §  §  Target  market  refinement   Product  changes  /  deletions   Pricing  modifications   Expansion/contraction  or  changes  among   distributors  or  retailers   Updating  marketing  communication   approaches   @MOBIWAYNE!
  3. 3. Marketing  is  too  important   to  be  left  to  the  marketing   department       © 2013 POCKET SQUARE MEDIA!      David  Packard,  Founder  off  Hewlett-­‐Packard   @MOBIWAYNE!
  4. 4. ¡  ¡  ¡  ¡  Marketing  is  about  building  a   business  around  satisfying   current  and  future  market  needs     Product  managers  play  a  critical   role  in  the  development  and   execution  of  annual  marketing   plan  for  their  products  or   product  lines   Customers  form  impressions   about  the  company  beyond  the   product  quality  delivered   Customers  want  a  product  that   addresses  their  needs,  purchase   at  a  fair  value,  while  having  a   positive  buying  experience   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  5. 5. Where  do  you   want  to  be?   •  Synthesis   Where  are  you   today?   How  can  you   get  there?   •  Current   background   analysis   •  Action  program   The  Planning   Fundamental   Questions   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  7. 7. ¡  Is  the  analytical   Business   Assessment   Market   Analysis   Trend  &  Tech   Background   Analysis   Performance     History   © 2013 POCKET SQUARE MEDIA! portion  of  the   planning  process   that  should   happen  before  the   development  of   the  product  plan   Competitive   Analysis   @MOBIWAYNE!
  8. 8. ¡  ¡  ¡  Determines  the  vision   and  strategy  of  the   overall  company   Visualizes  what  the   company  will  be  in  the   future  with  the  product   offer  and  market  focus   Must  be  consistent  with   overall  company  vision   and  strategy,  should   align  winning  customer   satisfaction   © 2013 POCKET SQUARE MEDIA! ¡  Assessment  guide   §  Describe  the  company   vision,  strategies  and  core   competencies  that  might   impact  the  product   programs   §  List  the  strengthens/ weaknesses  of  the   company  that  impacts  new   product/line   §  Describes  the  role  the  you   play  in  accomplishing  the   corporate  strategy   @MOBIWAYNE!
  9. 9. Management     Who  are  the  movers  and  shakers  of  the  company?     Who  should  be  part  of  a  new-­‐product  venture?   Who  is  owns  the  budget?   Does  company  have  unique  business  practices  different   from  the  competition?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  10. 10. Competencies   © 2013 POCKET SQUARE MEDIA! What  capabilities  are  the  core  of  the  firm’s  reason  for   being  today?   Are  the  various  products  today  leveraging  these   competencies  effectively  or  efficiently?   How  can  product  managers  leverage  the  capabilities  of   other  parts  of  the  company?   @MOBIWAYNE!
  11. 11. Planning   What  is  the  basic  approach  to  tactical  and  strategic   planning  today?   What  are  the  plans  for  global  or  international  growth?   What  significant  new  products  are  under  development?   To  what  extent  are  documented  objectives  used  in   planning  today?   Company’s  grow  through  acquisition,  penetration  of  new   markets,  or  increased  market  share?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  12. 12. Functional   How  is  research  and  development  organized?   What  is  the  major  research  and  development  trust?   Does  the  company  have  available  resources,  time   and  budget?   What  is  the  background  of  the  R&D  manager  or   team?   How  is  product  planning  prioritize?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  13. 13. ¡  ¡  Reviews  the  current/ potential  customers  for  a   product/line,  groups  by   demographics,  needs   and  use  cases   Breaks  demographic  into   subgroups  to  improve   understanding  and   benefits  they  look  for  to   improve  overall   competitive  edges   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  14. 14. Geography   Family  size     Company  Size   Family  life-­‐cycle   B2B   Industry     Income   Consumer   Age,  sex,  race   Functional   Decision  Makers   Location   Profitability   Lifestyle   Risk  Categories   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  15. 15. Application   Importance  of  purchase   Size  of  purchase   How  product  is  used   B2B   Consumer   Frequency  of  purchase   Volume   Frequency  of  purchase   Product  support   Ability  to  purchase   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  16. 16. Product  desirability   Consumer  psychology   B2B   Consumer   Performance   requirements   Support  service   Desired  features   Level  of  need   Service  requirements   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  17. 17. ¡  Competitive  intelligence  is  key  part  of  a   product  manager’s  job   ¡  Is  a  summary  of  information  compiled  from   published,  internal,  and  customer   conversations     ¡  Must  analyze  data  both  from  projected,   current,  and  past  trends   ¡  Enables  product  manager  to  develop   assumptions,  competitive  marketing   strategies  to  refine  future  growth   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  18. 18. Division:   Group:   Product  Line:   Market:       Owner:   Date:   My  Product   Product  A   Product  C   Product  D   Product  B   Sales  Volume   Revenues   Target  Market(s)   Profit   Product  Strategy   Customer  Image   Average   List  Price   Promotion  Strategy   Distribution  Strategy   Sales  Force   Sales  Strengthens   Market  SPOCKET SQUARE MEDIA! © 2013 hare   @MOBIWAYNE!
  19. 19. What  are  the  list  prices  of  the   competing  products?  Actual  prices?   (This  is  the  competition  from  the   customer’s  perspective.)   What  is  the  market  perception  of  the   competing  products?  Awareness   level?  Customer  loyalty?   Where  (in  what  regions,   applications,  industries,  etc.)  is   competition  the  strongest?  Why?   What  are  the  corporate   competencies  of  the  companies  that   own  competing  products?   What  is  the  relationship  between  the   competencies  and  the  products?   © 2013 POCKET SQUARE MEDIA! Competing   Competitors   To  which  competitors  have  you  lost   business  and  from  which  have  you   gained  business?     Is  the  competing  product  a  small   percentage  of  its  company’s   business,  or  is  it  the  main  product  of   the  company?     How  important  are  the  sales  to  the   competitor,  and  how  much  is  the   company  willing  to  invest  to  protect   these  sales?   Are  there  any  specific  product   features  that  are  “best-­‐in-­‐class,”   against  which  your  product  should   be  benchmarked?   @MOBIWAYNE!
  20. 20. ¡  ¡  © 2013 POCKET SQUARE MEDIA! Allows  the  product   manager  to  look  at   how  well  a  product   performed  over  time   and  relative  to  its   planned  lifecycle     Focuses  attention  on   the  market  share,   financial  and  other   statistical  indicators  of   performance   @MOBIWAYNE!
  21. 21. Division:   Group:   Product  Line:   Market:       Owner:   Date:   My  Product   Product  A   Product  C   Product  D   Product  B   Industry  Volume   Your  Volume   %  of  industry  volume   Industry  Sales   Your  Sales   %  of  Industry  Sales   Product  Sales  as  %   percentage  of  company   sales   COGS   Quality  Index   New  Product  Sales   Price  Index   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  22. 22. Is  there  a  group  of  heavy  users  of  the  product(s)?  What  percentage  of  the  purchasers  do  they  constitute?     Customers   Is  the  primary  target  market  growing,  stable,  or  declining?     Under  what  circumstances  do  customers  purchase  the  product(s)?     How  and  why  is  geographical  coverage  limited?     What  percentage  of  customers  are  national  accounts?  International?     Are  most  customers  new  or  repeat  buyers?     Are  the  customers  the  end-­‐users?  If  not,  what  information  is  available  about  the  end-­‐user?     How  sensitive  have  customers  been  to  past  price  changes?     © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  23. 23. What  does  each  item  in  the   product  line  contribute  to  sales   and  profits?     What  does  the  name  of  the  product   imply?  Can  it  be  branded?   Which  of  the  features  are   distinguishable  by  the  customer?   Identify  the  benefits  from  the   customer’s  point  of  view.   How  would  customers  rate  the   product  from  1-­‐10?   © 2013 POCKET SQUARE MEDIA! Product   Product   To  customer  satisfaction?  Can   some  of  the  products  be  pruned?   How  does  the  product  line  rate  of   return  compare  with  company’s   overall  rate  of  return?   What  are  the  engineering  costs   for  product  development,  product   engineering,  and  design?   What  is  the  unit  break-­‐even  sales   for  the  product?   @MOBIWAYNE!
  24. 24. Sales  Force   Is  the  current  sales  force  structure  appropriate  for  achieving  the  product  objectives?  Are  the  target   customers  being  reached  in  the  most  effective  manner?   How  effective  has  the  product/sales  training  been?   What  sales  tools  do  the  salespeople  actually  use  to  sell  the  product?   Has  the  sales  force  been  taught  how  to  help  customers  visualize  the  benefits  of  the  product?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  25. 25. Have  significant  amounts  of  business  been  lost  because  of   product  prices?   Value   Are  errors  frequently  made  in  pricing?   What  is  the  perceived  cost  of  buying  the  product/service?   Is  the  company  a  price  leader  or  a  price  follower?   What  is  the  pricing  policy  of  the  company?   What  types  of  discounts  are  offered?  How  does  that  compare   with  the  competition?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  26. 26. What  is  the  current  image   customers  have  of  the  product?  Is  it   consistent  with  the  advertising?   Did  prior  advertising  strategies   work?  Why  or  why  not?   What  non-­‐advertising  promotion   has  been  tried?  How  well  did  it   work?   Distribution   Promotion   What  is  the  company’s  relationship  with   intermediaries  (e.g.,  distributors,  agents,   retailers,  etc.)?   What  are  the  channels  of  distribution?  What   percentage  of  the  product  sales  are  through   each  type  of  intermediary?   What  are  distribution  costs  as  a  percentage  of   sales?   How  does  the  company’s  policy  for  distributor/ retailer  margins  compare  with  those  of  the   competition?   What  has  been  the  recent  history  of  stock-­‐outs,   substitutes,  and  back  orders?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  27. 27. Dynamics   What  tech  changes  are  likely?     How  might  they  impact  product  sales  within  the   next  several  years?   What  leading  indicators  correspond  with  product   sales?   What  are  the  basic  trends  and  changes  in  the   economy?   Are  there  regulatory  or  political  forces  that  could   impact  product  sales.  What  is  the  probability  of  the   above  trends  occurring?     What  impact  do  these  have  on  the  product(s)?   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  28. 28. ¡  ¡  ¡  ¡  ¡    Begin  the  annual  planning   process  by  assessing  the  current   status  of  your  product  and  your   company   Look  for  problems  to  address   during  the  next  fiscal  year  as   well  as  opportunities  to   capitalize   Do  your  best  to  predict  the   future  based  on  current  trends     Will  regulatory  forces  impact   your  product  design  and   positioning?     Challenge  the  way  you  look  at   your  customers   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  30. 30. Problems   and   opportunities   Positioning   strategy   II.   Synthesis   Sales   forecast  &   goals   Product  &   product  lines   objectives   © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!
  31. 31. Summary  of   background   analysis  &   synthesis   Performance   &  Tracking   Strategy   Target   Market   Strategy   Sales  &   Distribution   Strategy   Product  &   Growth   Strategy   Action   Program   Budget  &   Forecast   Strategy   Development   &  Testing   Strategy   Branding  &   Advertising   Strategy   © 2013 POCKET SQUARE MEDIA! Pricing  &   Message   Strategy   @MOBIWAYNE!
  32. 32. Contact  information   ¡  Wayne  Chen   ¡  Wayne@PocketSquareMedia.co   ¡  @MobiWayne  or  @WayneChenNY   ¡  www.PocketSquareMedia.co   ¡  Blog:  www.Enovaminds.com     © 2013 POCKET SQUARE MEDIA! @MOBIWAYNE!