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CUSTOMER INSIGHT > Product Strategy > Flashcards

Product Strategy Flashcards

1
Q

What is the purpose of a product strategy?

A

To both focus and integrate team in order to achieve delegation

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2
Q

Why do firms need product strategies?

A
  • To focus teams who are involved in the NPD
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3
Q

What is included in a product strategy?

A
  • Mission
  • Objectives
  • Platforms
  • Portfolio and more!
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4
Q

How many types of product strategies are there?

A

Deschamps & Nayak, 1995

- 5

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5
Q

What are the 5 types of product strategy?

A

Deschamps & Nayak, 1995

  • Product proliferation
  • Value
  • Design (outward appearance)
  • Innovation
  • Service
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6
Q

Explain Deschamps & Nayaks 1995 Product Proliferation product strategy type:

A 
Deschamp & Nayak, 1995
Product proliferation 
- Covers the entire market 
- Launch many new products
- Market response to the product determines their support of a product
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7
Q

Explain Deschamps & Nayaks 1995 Value product strategy type:

A

Deschamp & Nayak, 1995
Value
- Creates products of a high quality and emphasis on reliability
- Continually improves

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8
Q

Explain Deschamps & Nayaks 1995 Design (Outward Appearance) product strategy type:

A

Deschamp & Nayak, 1995
Appearance
- All about style, the aesthetics, touch and ease of use

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9
Q

Explain Deschamps & Nayaks 1995 Innovation product strategy type:

A

Deschamp & Nayak, 1995
Innovation
- Typically a market pioneer
- Specialises in technological and market innovations

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10
Q

Explain Deschamps & Nayaks 1995 Service product strategy type:

A

Deschamp & Nayak, 1995
Service
- They’re at the forefront of service development by being excellent at customer relations/service and distribution

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11
Q

How many types of differentiation aside from product are there?

A

Hooley et al, 2008

- 5

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12
Q

How many ways can you differentiate a product?

A

Garvin, 1987

- 8

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13
Q

Discuss the ways in which you can differentiate a product:

A

Garvin, 1987

  • Form: size, shape
  • Features: Things aside from the basic function
  • Performance quality
  • Conformance quality: Product identical and meets the promised performance level
  • Durability: Expected life
  • Reliability: Probability of malfunction/failure
  • Repairability: Ease/cost of repair
  • Style: Aesthetics, is it difficult to copy
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14
Q

What is a product portfolio?

A

The range of items sold by a business

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15
Q

Why is a product portfolio important to a firm?

A
  • Key to survival
  • Develops a range of products
  • Obsolescence becomes less of an issue
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16
Q

What is a way in which we can analyse a product portfolio of a firm?

A

Use of the:

Boston Consulting Group Matrix

17
Q

What elements are there in the Boston Consulting Group Matrix?

A
  • Question Mark (High growth & low share)
  • Dogs (Low share & high growth)
  • Star (High share & growth)
  • Cash Cow (High share & low growth)
18
Q

Outline the Question Mark of the Boston Consulting Group Matrixes:

A
  • Build these products selectively
  • Focus on a defendable niche
  • Harvest the remainder
19
Q

Outline the Dog of the Boston Consulting Group Matrixes:

A
  • Should either harvest or divest

- Focus on a defendable niche

20
Q

Outline the Star of the Boston Consulting Group Matrixes:

A
  • High share & growth
  • Invest in it to maintain
  • Leadership in market
21
Q

Outline the Cash Cow of the Boston Consulting Group Matrixes:

A
  • Hold sales/share
  • Defend position in the market
  • Use excess cash to support the NPD
22
Q

Why is innovation important?

A

Freeman, 1982
- Not to innovate is to die
Therefore it is key to survival

23
Q

How many organisation characteristics are there that firms can show that facilitate innovation?

A

Trott, 2008

- 9

24
Q

What are the characteristics that firms can show that facilitate innovation?

A

Trott, 2005

  • Growth orientation
  • Vigilance
  • Commitment to technology
  • Acceptance of risks
  • Cross-functional cooperation
  • Receptivity
  • Slack
  • Adaptability
  • Diverse range of skills
25
Q

What can be done to improve the innovative ability of a firm?

A
  • Training
  • Become more open to risk and failure
  • Encourage creative activity
  • Rewards
  • Remove roadblocks (don’t just say no!)
  • Allow for slack
26
Q

What is one way to manage a NPD?

A

the Product Innovation Charter (PIC)

27
Q

What is a PIC?

A

It outlines the conditions in which the organisation will operate

28
Q

What is included within a PIC?

A
  • Corporate mission
  • Strategic fit
  • Portfolio planning
29
Q

Why is it important to have a PIC?

A
  • It acts as a mission statement for product development activities
  • Delegation, financing, and personal assignment can be done
30
Q

How many stages are there in a PIC?

A

4

31
Q

Outline the stages of a PIC:

A
  • Background
  • Focus
  • Goals/objectives
  • Guidelines
32
Q

Outline the Background stage of the PIC:

A
  • Details as to why the strategy was developed
33
Q

Outline the Focus stage of the PIC:

A
  • Focus an area that is suited to an organization’s capabilities
  • Is it market or technology focused
34
Q

Outline the Goal stage of the PIC:

A
  • What is the NPD purpose
  • Long .v. Short term
  • Profit/Growth/Market status?
35
Q

Outline the Guideline stage of PIC:

A
  • Degree of innovativeness: first to market?
  • Timing product brought to market
  • Any other miscellaneous guidelines
36
Q

What are some of the factors that influence resource allocation in a product portfolio?

A
  • Objective Measures:
    sales, profit, market share
  • Subjective Measures:
    competitive strength, risk, PLC stage
37
Q

What is product proliferation?

A

Is when organizations market many variations of the same product. e.g. different colour combinations, product sizes and different product uses

CUSTOMER INSIGHT (19 decks)

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