2006 Q4 Questions and Answers
Q. We completed our strategic plan and are working on its implementation, which has been slow to date. How can we improve our implementation process?
A. It’s the experience of most companies that implementation of the plan is the weakest area of the planning process. Instituting a regular monitoring system, i.e. bi-weekly, monthly or quarterly is the only way to ensure that implementation is occurring. Another approach is tying individual compensation to plan implementation since that automatically gets the attention of senior level managers.
Q. Other than doing the customary scan of databases, how can our company learn more about our competitors?
A. Secondary research, i.e. combing various publications for competitor information is a logical first step. Once the secondary research is completed, oftentimes companies want more in depth information about their direct competitors. Our approach is to conduct interviews with users of the product or service. For example, we recently conducted interviews of users of an industrial product. After interviewing a cross section of key executives at over 100 companies we were able to identify product features considered most important and rate the strengths and weaknesses of competitors in delivering those product features.
Q. As an entrepreneur, I’m thinking about starting a business based on a product that I have developed. Where do I start?
A. Once your product has passed the conceptual stage, it’s time to determine potential market demand. Interest in a product can be gauged through a market survey that identifies the profile of the target market, as well as, gauges the projected demand for it. Typically, market surveys are conducted either by telephone or by using on line databases used exclusively for market research purposes.