Editor's Note: If you are interested in becoming an expert on Strategy Development, take a look at Flevy's Strategy Development Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.
The Complete Product Launch Strategy Toolkit
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Launching a new product? In this email, we outline a number of strategic business frameworks that, together, provide a holistic approach to Product Launch Strategy. The linked documents have been developed by a couple of Flevy’s Top Authors, LearnPPT and PPT Lab.
1. Selecting the Right Market Segment
Product Life Cycle
The essence of this framework is that a product will go through 4 stages of development from creation to obsolescence. The Product Life Cycle is often mapped against the Consumer Adoption Curve (one of the best known marketing frameworks). By doing this, we can determine the ideal market segment to go after at each stage of the product’s lifecycle.
Answering the pre-eminent pricing question — to skim to to penetrate? — is at the heart of the Introduction stage of the Product Life Cycle.
Every major strategic and operational move–including product development and launch–should be evaluated with regard to the industry’s stage in the Consolidation Curve.
2. Architecting the Right Product
Rogers’ Five Factors
This framework (developed by Everett Rogers, who also created the Consumer Adoption Curve) explains what product attributes drive rapid market diffusion and consumer adoption.
3. Understanding the Customer
The Psychology of Product Adoption
Customers are irrational. As such, it is important to understand common principles of Consumer Psychology and Behavioral Economics to avoid and overcome common pitfalls and assumptions when driving your product’s adoption.
Consumer Decision Journey
Traditional thinking suggests the sales cycle is linear, typically visualized in a funnel. More recent research by McKinsey suggests the buying “journey” is actually cyclicle (partly driven by the advent of Internet services). This framework explains the consumer’s thinking and priorities along each phase.
You may find these additional documents on Product Strategy and Development helpful as well:
- Building a Market Model and Market Sizing
- Customer Segmentation
- Complete Business Frameworks Reference Guide
- Product Launch Checklist
- Best Prices in Price Increase Execution
- Product Development Process Diagram
- Core Competencies Assessment
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
These frameworks include Porter's Five Forces, BCG Growth-Share Matrix, Greiner's Growth Model, Capabilities-driven Strategy (CDS), Business Model Innovation (BMI), Value Chain Analysis (VCA), Endgame Niche Strategies, Value Patterns, Integrated Strategy Model for Value Creation, Scenario Planning, to name a few.
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