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Product Strategy Explained
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Who is Brainmates?
A product management
consulting and training business
To provide experienced Product
Management to businesses that
want to truly understand their
customers’ needs ....
Our mission:
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... to develop innovative products
that their customers love.
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Strategy is a loaded term
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What is a strategy?
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Strategy is the
company’s compass
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Strategy has both
magnitude and
direction 7
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Strategy is NOT a
detailed plan 8
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Strategy
guides the act
of planning
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Strategy must be
responsive to change 10
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What the experts say?
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According to Michael Porter...
“The essence of strategy is
choosing to perform activities
differently than rivals do.”
What is Strategy?
Michael Porter, Harvard Business Review, 1996
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According to Kim and Mauborgne ...
Strategy hinges on the
development and alignment
of three propositions…
How Strategy Shapes Structure?
Kim and Mauborgne, Harvard Business Review, 2009
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Proposition 1:
A value proposition that
attracts buyers.
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Proposition 2:
A profit proposition that
enables the company to
make money out of the
value proposition.
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Proposition 3:
A people proposition that
motivates those working for
or with the company to
execute the strategy. How Strategy Shapes Structure?
Kim and Mauborgne, Harvard Business Review, 2009
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Henri Mintzberg says strategy is ...
A Plan
A consciously or purposefully intended
course of action, a guideline, set of
guidelines to deal with a situation.
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Henri Mintzberg says strategy is…
A Ploy
As a plan, strategy can be a ploy to
outwit an opponent or a competitor.
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Henri Mintzberg says strategy is …
A Pattern
Strategy is consistency in behaviour,
whether or not intended. A company
may exhibit a pattern in its actions. This
in itself becomes strategy. There may
be a plan behind these set of actions or
there may not be.
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Henri Mintzberg says strategy is …
A Position
Strategy as a means of locating the
organisation in the external
environment. The organisation's
decision to compete in a specific
market is itself strategy. (Niche,
Ecological).
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Henri Mintzberg says strategy is …
A Perspective
Strategy as an ingrained way of seeing
the world. (Some companies are
aggressive pacesetters).
The Strategy Concept I; Five Ps for Strategy
Henry Mintzberg, California Management Review, 1987
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Why have a strategy?
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Focus on the right set
of activities
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To maximise the
organisation’s
resources and efforts
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What is a product strategy?
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A product strategy is a ...
Set of guiding principles
+
Product goal(s)
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The product’s guiding
principles and goals must
be underpinned by the
business strategy
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What do I need to create a product
strategy?
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1. Strategy
requires
knowledge
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2. Strategy requires
process
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3. Strategy requires
tools
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A process and 10 questions to a product
strategy
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Product
Purpose
Product
Goals Product Strategy
10 key questions underpinning a product strategy ….
Strategic Tools
Product Plans and
Roadmaps
Formulating a product strategy
Create Milestones
and Measure
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Answering 10 key
questions will help you
formulate your product
strategy
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What is the purpose of the
product in the market?
Question 1: Product
Purpose
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What is the purpose of the
product for the business?
Question 2: Product
Purpose
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What do we want the product
to achieve?
Question 3: Product
Goals
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Which markets do we want
the product to serve?
Question 4: Product Strategy
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How do we want the customer
to feel?
Question 5: Product Strategy
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What additional value do we
need to develop in our
product?
Question 6: Product Strategy
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Who else is offering the same
value in the market?
Question 7: Product Strategy
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What capability do we have
to create the value?
Question 8: Product Strategy
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What constraints do we have
to consider?
Question 9: Product Strategy
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How fast do we have to
move?
Question 10: Product Strategy
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Some strategic tools
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Use the following tools
to help answer the 10
questions towards a
strategy
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Customer Insights
Business Success Factors: Vision, Mission
SWOT Analysis
Porters 5 Forces
Competitor Analysis
PESTLE
Scenario Planning
Market Segmentation
Value Curve Analysis
Strategic Risk Assessment
Profit & Loss Statement
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Connect with Brainmates
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Brainmates Group @Brainmates
#prodmgmt
Facebook.com/Brainmates
www.brainmates.com.au [email protected] + 61 2 9923 8147