Product management - Strategic Decisions and impact

 

  1. Poor Product Portfolio Management

    • Mistake: Failing to sunset underperforming products.
      • Negative Impact: Resource drain on outdated products, hindering innovation.
      • Positive Impact: Redirecting resources can revitalize the product line.
      • Examples: Kodak's reluctance to abandon film products in favor of digital technology led to their decline. BlackBerry's persistence with physical keyboards when touchscreens became standard resulted in significant market share loss.

  2. Lack of Clear Roadmap and Vision

    • Mistake: Over-promising on long-term goals without feasible plans.
      • Negative Impact: Loss of credibility with stakeholders.
      • Positive Impact: Realistic planning enhances stakeholder trust and product reliability.
      • Examples: Google's discontinuation of Google Glass due to unclear vision and roadmap. Quibi's failure due to an unclear content strategy and over-promised technology capabilities.

  3. Insufficient Investment in Innovation

    • Mistake: Underfunding R&D in emerging technologies.
      • Negative Impact: Missing out on market leadership.
      • Positive Impact: Proper investment can lead to groundbreaking products.
      • Examples: Nokia’s slow adoption of smartphone technologies allowed competitors to dominate. Xerox PARC's failure to capitalize on its innovations, such as the graphical user interface, which was later utilized by Apple.

  4. Ineffective Market Entry and Exit Strategies

    • Mistake: Entering new markets without proper research.
      • Negative Impact: Financial losses and brand damage.
      • Positive Impact: Thorough market research ensures better market fit and success.
      • Examples: Starbucks' initial failure in Australia due to misjudgment of local preferences. Walmart’s exit from Germany after failing to adapt to local shopping habits and competition.

  5. Misalignment with Company Vision

    • Mistake: Developing products that don't align with the company’s core mission.
      • Negative Impact: Brand dilution and resource misallocation.
      • Positive Impact: Consistent alignment strengthens brand identity and market presence.
      • Examples: Microsoft's Kin phone, which didn’t fit their broader ecosystem, was quickly discontinued. Google's Orkut, which was not aligned with their focus on search and advertising, ultimately shut down.

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