Product Strategy Questions(CXOs): Approach and Myntra Case Study

What is a company’s strategy?

A company’s strategy is its plan for how it will achieve its goals. It should be based on the company’s strengths and weaknesses, as well as the opportunities and threats that it faces in the market.

How to design a strategy

To design a strategy, you need to first understand the company’s mission and goals.

What does the company want to achieve?

Once you understand the mission and goals, you can start to develop a plan for how to achieve them.

Your plan should consider the following factors:

  • Company strengths and weaknesses: What are the company’s advantages and disadvantages?
  • Market opportunities and threats: What are the trends in the market that the company can capitalize on? What challenges does the company face?
  • Competitive landscape: Who are the company’s competitors? What are their strengths and weaknesses?

Micro vs. macro strategy

A product’s strategy can be considered at two levels: micro and macro.

  • Micro strategy: The micro strategy for a product is its business model and how the company plans to make money from it. It also includes the steps that the company is taking to succeed with that business model.
  • Macro strategy: The macro strategy for a product is how it fits into the overall vision of the company. It also considers whether the product will open up new opportunities or help to secure an existing market.

Many products will have both a micro and macro strategy.

For example, Amazon Kindle makes money on its own, but it also helps Amazon further secure its position as the go-to place to buy content.

Frameworks for discussing strategy

When discussing product strategy, it can be helpful to use frameworks such as SWOT and the Five Forces.

  • SWOT analysis: SWOT analysis is a framework for identifying a company’s strengths, weaknesses, opportunities, and threats. It can be used to assess a company’s current position and identify areas where it can improve.
  • Five Forces analysis: The Five Forces analysis is a framework for assessing the competitive landscape of an industry. It considers five forces that can impact competition: supplier power, buyer power, the threat of new entrants, the threat of substitutes, and the intensity of rivalry among existing competitors.

Example questions

Here are some example questions that you can ask to help you understand a company’s product strategy:

  • What is the company’s mission?
  • What are the company’s goals?
  • What are the company’s strengths?
  • What are the company’s weaknesses?
  • How is the company leveraging its strengths or minimizing its weaknesses?
  • What are the company’s opportunities?
  • What are the company’s threats?
  • What is the company’s business model for the product?
  • What steps is the company pursuing to succeed with that business model?
  • How does the product fit into the greater vision of the company?
  • Will the product open up new opportunities?
  • Does the product secure an existing market?

Potential strategies for decisions

Here are some potential strategies that companies may consider:

  • Diversifying revenue sources: This can help to protect the company from drastic changes in the market or the emergence of a new competitor.
  • Building barriers to entry: This can help to keep new competitors out and protect the company’s revenue.
  • Being the “One-Stop Shop for _____”: This can create a barrier to entry for competitors and make it more convenient for customers.
  • Being the Low-Cost Leader: This can cut profit margins, but it can also make the industry less attractive to current and potential competitors.
  • Reducing Reliance on a Key Buyer or Supplier: This can help to reduce the company’s risk.
  • Testing a New Market: This can be a way to test out a new market, build the company’s brand, and learn more about the territory.

Understanding product strategy is essential for aspiring product managers. By asking the right questions and using the appropriate frameworks, you can develop a deep understanding of a company’s product strategy and how it is positioned to succeed.

Case Study

If you are CEO of Myntra, would you launch service in Australia? Why or why not? How would you do this?

Sure, here is a more comprehensive and systematic answer to your question, using the frameworks you mentioned:

#1 Company Analysis

SWOT Analysis

Strengths:

  • Strong brand recognition in India
  • Wide selection of products at competitive prices
  • Excellent customer service

Weaknesses:

  • Relatively new player in the Australian market
  • Faces competition from established Australian and global eCommerce players
  • May need to make investments to localize its platform and services for the Australian market

Opportunities:

  • Growing Australian eCommerce market
  • Growing demand for Indian fashion and ethnic wear in Australia
  • First mover advantage in the Australian eCommerce market

Threats:

  • Competition from established Australian and global eCommerce players
  • Changes in consumer preferences
  • Economic downturn

4Ps Analysis

Product: Myntra offers a wide selection of fashion and lifestyle products, including clothing, footwear, accessories, and home goods. It also offers a variety of private label brands.

Price: Myntra offers competitive prices on its products. It also offers a variety of discounts and promotions throughout the year.

Place: Myntra sells its products online through its website and app. It also has a few physical stores in India.

Promotion: Myntra promotes its products through a variety of channels, including online advertising, social media marketing, and influencer marketing.

#2 Competitive Analysis

Porter’s Five Forces

Supplier Power:

  • The supplier power in the Australian eCommerce market is relatively low. There are a number of suppliers that Myntra could partner with.
  • However, Myntra may need to invest in building relationships with suppliers in Australia.

Buyer Power:

  • The buyer power in the Australian eCommerce market is relatively high. There are a number of eCommerce players that Australian consumers can choose from.
  • Myntra will need to offer a competitive product selection, pricing, and customer service to attract and retain customers.

Threat of New Entrants:

  • The threat of new entrants in the Australian eCommerce market is relatively high. There are low barriers to entry, and new players can easily enter the market.
  • Myntra will need to differentiate itself from the competition in order to be successful.

Threat of Substitutes:

  • The threat of substitutes in the Australian eCommerce market is relatively low. There are few substitutes for online shopping.
  • However, Myntra will need to be aware of changes in consumer preferences and the emergence of new technologies.

Intensity of Rivalry among Existing Competitors:

  • The intensity of rivalry among existing competitors in the Australian eCommerce market is relatively high. There are a number of established players in the market.
  • Myntra will need to compete on price, product selection, customer service, and brand recognition.

#3 Collaboration

Myntra could partner with local Australian businesses to help with logistics and fulfillment. This would help to reduce the costs and challenges of delivering products to customers. Myntra could also partner with Australian influencers and celebrities to help promote its brand and products.

#4 Climate

The Australian eCommerce market is growing rapidly, and there is a growing demand for Indian fashion and ethnic wear. However, Myntra faces competition from established Australian and global eCommerce players. Myntra will need to carefully consider the competitive landscape and develop a strategy that addresses the challenges and maximizes the opportunities.

#5 Customer Analysis

Myntra’s target customers in Australia are likely to be young adults and millennials who are interested in fashion and trends.

These customers are likely to be value-conscious and look for products that are both stylish and affordable.

Myntra can attract and retain these customers by offering a wide selection of products at competitive prices, excellent customer service, and a convenient shopping experience.

Myntra can also differentiate itself from the competition by focusing on Indian fashion and ethnic wear, which is becoming increasingly popular in Australia.

Here are some specific recommendations for how Myntra can better understand and serve its Australian customers:

  • Conduct market research to learn more about the specific needs and preferences of Australian consumers.
  • Analyze customer data to identify trends and patterns.
  • Create customer personas to better understand the different types of customers Myntra serves.
  • Use customer feedback to improve products and services.
  • Offer targeted promotions and discounts to different customer segments.

By better understanding and serving its customers, Myntra can increase its chances of success in the Australian eCommerce market.

Conclusion

Myntra has the opportunity to be successful in the Australian eCommerce market. However, it will need to carefully consider the 5 Cs factors and Porter’s Five Forces and develop a strategy that addresses the challenges and maximizes the opportunities.

Recommendations

Based on the analysis above, here are some recommendations for Myntra:

  • Focus on its strengths of brand recognition, product selection, and customer service.
  • Partner with local Australian businesses to help with logistics and fulfillment.
  • Invest in building brand awareness and trust with Australian consumers.
  • Differentiate itself from the competition by focusing on its unique product selection and excellent customer service.
  • Develop a marketing strategy that targets young adults and millennials who are interested in fashion and trends.
  • Carefully monitor the competitive landscape and adapt its strategy as needed.

By following these recommendations, Myntra can increase its chances of success in the Australian eCommerce market.

--

--