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Brainmates - Strategy, Briefly Explained

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Strategy is a term that is often bandied about by many without a crystal clear understanding or definition of what it actually means.
Brainmates have unpacked the term to present a simple view of strategy.

Published in: Business

Brainmates - Strategy, Briefly Explained

  1. 1. Product Strategy Explained
  2. 2. Who is Brainmates?A product managementconsulting and training businessTo provide experienced ProductManagement to businesses thatwant to truly understand theircustomers’ needs ....Our mission:
  3. 3. ... to develop innovative productsthat their customers love.
  4. 4. Strategy is aloaded term4
  5. 5. What is a strategy?5
  6. 6. Strategy is thecompany’s compass6
  7. 7. Strategy has bothmagnitude anddirection7
  8. 8. Strategy is NOT adetailed plan 8
  9. 9. Strategyguides the actof planning9
  10. 10. Strategy must beresponsive to change10
  11. 11. What the experts say?11
  12. 12. According to Michael Porter...“The essence of strategy ischoosing to perform activitiesdifferently than rivals do.”What is Strategy?Michael Porter, Harvard Business Review, 1996
  13. 13. According to Kim and Mauborgne ...Strategy hinges on thedevelopment and alignmentof three propositions…How Strategy Shapes Structure?Kim and Mauborgne, Harvard Business Review, 2009
  14. 14. Proposition 1:A value proposition thatattracts buyers.
  15. 15. Proposition 2:A profit proposition thatenables the company tomake money out of thevalue proposition.
  16. 16. Proposition 3:A people proposition thatmotivates those working foror with the company toexecute the strategy.How Strategy Shapes Structure?Kim and Mauborgne, Harvard Business Review, 2009
  17. 17. Henri Mintzberg says strategy is ...A PlanA consciously or purposefully intendedcourse of action, a guideline, set ofguidelines to deal with a situation.
  18. 18. Henri Mintzberg says strategy is…A PloyAs a plan, strategy can be a ploy tooutwit an opponent or a competitor.
  19. 19. Henri Mintzberg says strategy is …A PatternStrategy is consistency in behaviour,whether or not intended. A companymay exhibit a pattern in its actions. Thisin itself becomes strategy. There maybe a plan behind these set of actions orthere may not be.
  20. 20. Henri Mintzberg says strategy is …A PositionStrategy as a means of locating theorganisation in the externalenvironment. The organisationsdecision to compete in a specificmarket is itself strategy. (Niche,Ecological).
  21. 21. Henri Mintzberg says strategy is …A PerspectiveStrategy as an ingrained way of seeingthe world. (Some companies areaggressive pacesetters).The Strategy Concept I; Five Ps for StrategyHenry Mintzberg, California Management Review, 1987
  22. 22. Why have a strategy?22
  23. 23. Focus on the right setof activities
  24. 24. To maximise theorganisation’sresources and efforts
  25. 25. What is a product strategy?25
  26. 26. A product strategy is a ...Set of guiding principles+Product goal(s)
  27. 27. The product’s guidingprinciples and goals mustbe underpinned by thebusiness strategy
  28. 28. What do I need to create a productstrategy?28
  29. 29. 291. Strategyrequiresknowledge
  30. 30. 302. Strategy requiresprocess
  31. 31. 313. Strategy requirestools
  32. 32. A process and 10 questions to a productstrategy32
  33. 33. 33ProductPurposeProductGoalsProduct Strategy10 key questions underpinning a product strategy ….Strategic ToolsProduct Plans andRoadmapsFormulating a product strategyCreate Milestonesand Measure
  34. 34. 34Answering 10 keyquestions will help youformulate your productstrategy
  35. 35. 35What is the purpose of theproduct in the market?Question 1:ProductPurpose
  36. 36. 36What is the purpose of theproduct for the business?Question 2:ProductPurpose
  37. 37. 37What do we want the productto achieve?Question 3:ProductGoals
  38. 38. 38Which markets do we wantthe product to serve?Question 4:Product Strategy
  39. 39. 39How do we want the customerto feel?Question 5:Product Strategy
  40. 40. 40What additional value do weneed to develop in ourproduct?Question 6:Product Strategy
  41. 41. 41Who else is offering the samevalue in the market?Question 7:Product Strategy
  42. 42. 42What capability do we haveto create the value?Question 8:Product Strategy
  43. 43. 43What constraints do we haveto consider?Question 9:Product Strategy
  44. 44. 44How fast do we have tomove?Question 10:Product Strategy
  45. 45. Some strategic tools45
  46. 46. Use the following toolsto help answer the 10questions towards astrategy
  47. 47. Customer InsightsBusiness Success Factors: Vision, MissionSWOT AnalysisPorters 5 ForcesCompetitor AnalysisPESTLEScenario PlanningMarket SegmentationValue Curve AnalysisStrategic Risk AssessmentProfit & Loss Statement
  48. 48. Connect with Brainmates48Brainmates Group @Brainmates#prodmgmtFacebook.com/Brainmateswww.brainmates.com.au info@brainmates.com.au + 61 2 9923 8147

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