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Auxiliary tools for creating and analyzing product strategy
Below is a description of some useful tools used in strategic planning:
SWOT analysis
Title Explanation:
S : Strengths.
W : Weaknesses;
O : Opportunities.
T : Threats.
With the help of SWOT analysis, you will study your own business more deeply and find its weak points. You will also discover possible threats that can have a negative impact on the company.
Porter's Five Forces Methodology
It helps to understand what economic levers work in your field of activity, to determine the position of your own business in relation to competitors. Analysis according to Porter's Five Forces involves research:
the level of competition in the industry;
opportunities for new participants to enter the arena;
the degree of influence of suppliers on the market situation;
level of consumer power;
the possibility of releasing analogues that can replace your product.
Porter's Five Forces
PESTLE analysis
With its help, you study the macro environment surrounding your business, which allows you to more thoroughly and effectively develop the strategy of the proposed product and the activities of the entire company. The abbreviation of the name PESTLE includes the following factors subject to analysis:
P – political.
E – economic.
S – social.
T – technological.
L – legal.
E – ecological.
Vision technique
It consists of imagining your company as you would like to imagine it in the future. Identify future goals, and then think about how to achieve them, how to develop the business in the coming years, what steps to take. In this way, you will develop a strategy for future actions.
VRIO analysis
This method of building a competitive product strategy is aimed at identifying the special advantages of your product (service). VRIO analysis includes:
V – Value: Do your customers get some value from you?
R – Rarity: Do you have any special resource or technology at your disposal?
I – Imitability: Will it be easy to imitate if competitors set this goal?
O – Organization: Does the company have a base (systems, processes) that will allow you to effectively use the available resources?
All this will help to prepare an effective strategy, during the implementation of which your consumers will receive a product that most relevantly meets their needs.
Download a useful document on the topic:
Checklist: How to Achieve Your Goals in Negotiations with Clients