Module 3: Identifying Opportunities

and Crafting Strategies

Product Management Career Accelerator Program
Product Development Lifecycle
Ship and learn
1. How do we get to market?
Identify 2. What have we learnt from the launch?
3. Have we reached success?
1. What user problem are we solving? 05
2. Is it the right problem to solve for
the company?
3. Is it worth solving this problem?

01 04
Build
1. What does it take to unblock the
stakeholders to build?
Align 2. What are the tradeoffs to be made?

1. How will you convince the leadership?

2. Which other teams should be involved? 02 03
3. Why should they care about this
problem?
Define
1. What does it look like when the
problem is solved?
2. Which features do you need to build?
 Product Development Lifecycle - 0 to 1

Identify market and

strategy
1. What industry will we operate in?
2. What market will we go after?
3. What will be our product strategy?

Ship and learn

00
1. How do we get to market?
2. What have we learnt from the launch?
3. Have we reached success?
05
Identify user problem
1. What user problem are we solving?
2. Is it the right problem to solve for
the company? 01
01 04
3. Is it worth solving this problem?
Market
● Market is a place where buyers and sellers come together
○ It could be physical (mall) or virtual (app store)
○ Markets today are pervasive and therefore indicate the customers you
have access to
○ Markets can be represented in terms of revenue, or number of
customers
 Needs, Wants, and Demands

A need is something
Needs that is necessary for
survival

Maslow’s hierarchy of needs

Customers
A demand is a A want is a higher order
need/want backed Demands Wants need, usually shaped by
by buying power culture and personality
Segmentation, Targeting, and Positioning
● Segmentation: Dividing a market into smaller groups of consumers with similar needs or
characteristics
○ Allows you to better understand the needs of the specific segments
○ Common ways of segmenting are on demographic, psychographic, geographic,
behavioral axes
● Targeting: Picking the right segment to serve
○ Size: Is the segment large or small?
○ Growth: Is the segment growing or shrinking?
● Positioning: Creating a unique image and identity of the product in the minds of
consumers
○ Positioning is how your consumers see your brand (more than just the product)
○ It is deeply influenced by the value proposition that is offered
Segmentation, Targeting, and Positioning - OTT market
● Segmentation
○ Geographic: India, Global
○ Demographic: Language spoken (english, hindi, regional), Demographic (tier 1
city, tier 2 city, rural)
○ Behavioral: Content preferred (sports, series, movies, documentaries),
Language preferred (english, hindi, regional), Frequency (binge, casual)
● Targeting: Indians living in tier 1 cities and preferring regional content
○ Size: TAM (Total Addressable Market) of 50M users
○ Growth: CAGR (Compounded Annual Growth Rate) of 36%
● Positioning
○ An OTT platform that offers hyperlocal Indian content and is viewed as a
brand supporting Indian creators
Glossary
● Needs: Human needs are a state of felt deprivation. In Maslow’s hierarchy need represent the basic physical needs for food, clothing, warmth, and safety.
Marketers can’t create real needs; they are a basic part of human beings. They play a vital role. They are what make us who we are and how we live our lives. An
example of a basic requirement for a human being is food. The agriculture sector works tirelessly to feed everyone. If you don’t have enough to eat or you can’t
afford to buy food then your basic need is not being met. A person’s need is never fully satisfied; however, they can be partially satisfied depending upon the types
of needs. An example of partial satisfaction of a human need is having money in the bank or having a roof over your head. When you satisfy the basic needs of
human beings then you have satisfied their basic requirements for being alive.

● Latent needs: A latent need is a consumer need or desire that is not immediately obvious or actively expressed. It may be unconscious or unspoken, and can be
revealed through research or other means of understanding consumer behavior. Examples of latent needs may include a desire for convenience, a need for social
connection, or a longing for personal growth.

● Wants: The form human needs take as they are shaped by culture and individual personality. The basic difference between needs and wants is that the wants are
more sophisticated and require more effort to obtain. Examples of human wants include having money, having internet, having a Mercedes car, or being married. A
want is not usually as basic as a need but it does have the same effect on the person who has it. The wants are what make us all different and what keeps our
society moving forward. The need to be accepted by others and shown affection are the most basic of social needs. When a person feels rejected or judged they
have an emotional reaction that results in stress.

● Demands: When backed by buying power, want becomes a demand. Staying in star hotels, owning multiple real estate properties, buying luxury cars like BMW or a
Mercedes can be considered as an example of demand. Demand is the force that helps society progress. When demand is satisfied, people feel better about
themselves and this feeling increases their desire to work hard for what they want and that achieve status symbol. It sits right at the top of Maslow’s hierarchy with
self-actualization.

● Segmentation: Segmentation refers to the process of dividing a market into smaller groups of consumers with similar needs or characteristics. This allows the
marketer to better understand and meet the needs of specific groups of consumers. There are several ways to segment a market, including demographic,
psychographic, geographic, and behavioral segmentation.
Glossary
● Targeting: Targeting refers to the process of selecting the most attractive segments to serve. After the market has been segmented, the marketer must decide
which segments to target. This decision is based on the size and growth potential of each segment, as well as the company's ability to serve it.

● Positioning: Positioning refers to the process of creating a unique image and identity for a product or brand in the minds of consumers. This is done by
emphasizing certain features or benefits that the product or brand offers, and by differentiating it from its competitors. The goal of positioning is to create a unique
and desirable image in the minds of consumers, which will attract them to the product or brand.

● TAM: Total Addressable Market (TAM) is a term used to describe the total market demand for a product or service. It is the total revenue potential of a product or
service if 100% market share was achieved. It is used as a metric to determine the size of a market and a company's potential revenue from that market. The TAM
is typically calculated by identifying the total number of potential customers for a product or service and multiplying that number by the average revenue
generated per customer. It is an important metric for businesses as it helps to determine the potential size of a market and the potential revenue that can be
generated from that market. This information can be used to make strategic business decisions such as whether to enter a particular market, how to allocate
resources, and how to price a product or service.

● CAGR: Compound Annual Growth Rate (CAGR) is a financial metric that measures the annualized growth rate of an investment over a specified period of time.