Assessing Product Opportunities Resource
Discussion of Assessing Product Opportunities Requirements and Process
By Marty Cagen of the Silicon Valley Product Group. Posted December 6, 2006
Student Learning Outcomes
- Compare business opportunities in the context of a given business problem for a specified client.
- Develop a logical argument for avoiding multiple business opportunities and for pursuing a single opportunity for a specified client.
- Create a written business document that includes multiple opportunity assessments and clear justification for pursuing a single opportunity to a specified client.
- Clear description of the recommendation
- Overview of how the recommendation fits into the current market structure given Timberlands operations, competitor’s products, and market trends
- Summary of any technology considerations
- Marketing strategy
- Any staffing requirements or organizational needs
- A potential schedule and timeline for the implementation of the suggestion
- Financial projections (consider the potential to generate revenue and the associated costs)
- Overall findings and recommendation regarding each suggestion
Instructions (Noting the term definitions above, complete the following).
Your team will serve as consultants for a client. To successfully complete this assignment, your team should ensure you have addressed all items in the instructions below.
In your SWOT Analysis assignment, you completed an analysis on Timberland and two (2) main competitors and recommended three (3) opportunities for how Timberland how Timberland can increase sales to consumers in the Millennial and Gen Z (See 8 Key Differences between Gen Z and Millennials) consumer segments in the U.S. with a core focus on urban settings. At this point in time, you will want to determine three clear recommendations for Timberland. As a team you want to complete an opportunity assessment on those three (3) opportunities identified as a result of your SWOT analysis assignment and create a written business document that includes a clear justification for pursuing a single opportunity. Before completing each assessment, you want to review Assessing Product Opportunities (Cagen, 2006) and consider each of the ten (10) elements below for each of your three (3) opportunities.
- Exactly what problem will this solve? (value proposition)
- For whom do we solve that problem? (target market)
- How big is the opportunity? (market size)
- What alternatives are out there? (competitive landscape)
- Why are we best suited to pursue this? (our differentiator)
- Why now? (market window)
- How will we get this product to market? (go-to-market strategy)
- How will we measure success/make money from this product? (metrics/revenue strategy)
- What factors are critical to success? (solution requirements)
- Given the above, what’s the recommendation? (go or no-go)
It may be a good idea to structure this paper as a feasibility study of your three recommendations. The questions above should assist, but you can focus on the following key areas for each recommendation:
Note: The structure above is adapted from the University of Texas Dallas Feasibility Study Template:
After completing your three (3) opportunity assessments, identify and support one (1) opportunity that will position Timberland increase sales to consumers in the Millennial and Gen Z (See 8 Key Differences between Gen Z and Millennials) consumer segments in the U.S. with a core focus on urban settings.
Each team will prepare a write-up that summarizes includes three (3) opportunity assessments and a final recommendation (ensure you are clearly addressing each item before submitting your final write-up). Use Microsoft Word (or similar word processing software) to complete your write-up. Be sure to have a cover page and include the full names of each member of your team along with the date and course information. The write-up is being prepared for the company’s stakeholders and should therefore be presented in a professional manner. Be sure to check for spelling and grammar errors. Make sure to follow the guidelines below:
- Cover page (include name of each group member)
- 5 to 10 pages (not including cover page and references)
- Double-spaced with 1” margins
- Appropriate sub-headings
- NOTE: Ensure you have reviewed and applied APA Style to your assignment before submitting for grading (See “APA Style | Student Responsibilities for Assignments” below).
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