Blue Mine Group

Individual product markets

At the individual product market level, product market strategy can be thought of as addressing the intersection of customers, competitors and products:

Customers:

• Within the selected market, which customers should we pursue? Who has the greatest unmet need?

• What exactly are our customers’ needs? What are their “core needs” - the specific issues or problems that our products and services address? What are their “buying needs” – budget, timing, authority and other requirements or limitations to making a purchase?  How are these needs changing?

Competitors:

• Who do we compete with in addressing these customer needs? What are their product market strategies?

• How do our competitors’ offerings compare with ours in relation to customer needs? How are their offerings evolving?

Products:

• What should our product and service offerings comprise? What is the “whole solution” that customers require? Which part of that should we provide, and what should be provided through third parties?

• What are the specific features that we should provide that will offer real benefit to customers? Which features are not important, and should be excluded?

• Should we design and build our products entirely, use components, or resell other companies’ products?

• How should we price our product and service offerings? What is the total cost to the customer? What risks do they incur in purchasing our products and services? How can we capture maximum value for our products and services, yet minimize costs and risks to the customer?

• How should our products and services be positioned relative to competitive offerings?

• What product and service offering will meet customer needs better than alternatives, and will maximize value to our company?

Portfolio product market strategy

Product market strategy at the portfolio level seeks to address questions such as the following:

• What should be our total portfolio of products and markets? How should this evolve in the short, medium and long term?

• Which markets should we focus on? Which are most attractive in terms of their demand and competitive characteristics, and fit with our core capabilities?

• Which product and service categories make best sense for us? Which fit well with both our most attractive market opportunities and our core capabilities?

• Which product markets are our priorities for investment and growth? Are there products and markets we should exit? Are there opportunities to expand into new markets? What new products and services should we introduce, and when?

• How can we optimize value across our product market portfolio? Are there opportunities to create and leverage a common product platform? Are there opportunities to offer similar products to multiple markets?