ST.12 Select which ideas for new markets, products and selling points to include in the strategy proposal

Download

OVERVIEW

The aim of this activity is to decide which ideas for new markets, products and selling points to include in the strategy proposal.

INPUT

An initial estimate of the risks and benefits associated with each new combination of product, market and selling point. This comes from the activity ST.11 Evaluate ideas for new markets, products and selling points.

OUTPUT

A completed set of new markets, products and selling points to include in the strategy proposal. This output is used in the activity ST.13 Do an individual/group review of the business strategy proposal.

TEMPLATE

HOW TO GO ABOUT IT

1.

Consider the company vision and goals

  • Which ideas will help to make the most progress towards achieving the goals and realising the vision?

2.

Compare the benefits of each of the ideas for new markets, products and selling points

  •  Which ideas o er benefits that will help to achieve the strategic goals?
  •  Which ones o er the greatest benefits?

3.

Compare the risks of each the new ideas

  • Which ideas have the lowest risk?

4.

Investigate competition

  •  Try to avoid markets with more competitors
  •  Where competition is inevitable, do you have a different selling point compared to the competitors?

5.

Look for clusters of ideas that work well together.

  • For instance, several ideas may require ’sustainability’ as a new selling point or focus on a particular new market and so would be a good cluster of ideas to implement together
  • Try to avoid selling adding selling points that conflict with other selling points e.g. di cult to implement ’low cost’ and ’quality’ or ’innovation’ at the same time.
  • Try to avoid too many new selling points as it requires significant time and resource new implement just one new selling point.

Tips & Tricks

AVOID TOO MANY SELLING POINTS

Try to avoid too many new selling points as it requires significant time and resource new implement just one new selling point.

BE CAREFUL WHAT YOU ELIMINATE

Be careful if modifying or eliminating existing markets, products or selling points as this could cause a lot of short term disruption for the company and may be unpopular with staff and/or management.

— Success story from Vietnam

An Ecological Catalyst for Vietnam’s Guava Farms

On the banks of the Red River in northern Vietnam,… >> read more.