Session 3

Question 1

explain the process of questions that comprise a potential planning framework

Answer 1

-Where are we now?
-Where do you want to go in the long term?
(Vision, goals and strategies)
-What are you going to accomplish this year to move closer to the long-term vision?
(Annual objectives)
-What actions will help you accomplish the objectives?
(Tactics and tasks)
-How will you implement, track and evaluate results?
(Performance measures and metrics)

Question 2

elaborate on the importance/relevance of facts book in the context of PM

Answer 2

Product fact book should contain
intelligence gathered
Quantitative data: market share, financial metrics
Qualitative data

Question 3

reflect upon the key questions and decisions in the context of vision/goal/strategy definition

Answer 3

Understanding the strategic direction of the company
Management (style, culture)
Distinctive competencies (core capabilities)
The planning process (tactical and strategic)
Other functional areas (R&D …)
Your strategic product vision – product portfolios
R&D portfolio
New product portfolio
Existing product portfolios

Question 4

detail the process to accomplish the achievement of long-term goals, thereby describing the SMART-concept

Answer 4

Specific
Measurable
Attainable
Results-oriented
Time-bound

Question 5

describe the typical product plan components

Answer 5

• Vision statement - define future
• Goals or objectives
• Internal review - Company strengths/weakenesses
• External review
• Product innovation
• Lifecycle management - efforts in reinforcing, reviewing, relaunching or retiring products
• Resource requirements
• Stakeholder involvement - who will necessarily contribute
• Appenices - include financials