The activities of enterprise and people thrive on the existence of products. What we eat, where we live and where we work are all based on physical products. Technology products have also considerably influenced personal and business relationships. The dimensions of strategy are industry-related and the metaphor of strategy as products is applicable to product-based companies. For the purpose of my writing, a product is physical and emerges from natural or manufacturing processes. This categorization comprises agricultural products in raw or processed form. This article highlights five aspects of strategy as products: conception, creation, presentation, elaboration and explosion.
Conception
A product begins as a concept, an idea or an insight. The gas cooker, the motor vehicle, the airplane and the host of products we benefit from all began with ideas. Those in the production sector should understand and be attentive to how products are conceived. Conception is a deliberate element of strategy and cannot be left to chance. It entails having methods for generating ideas, conducting research, introducing experiments and framing prototypes. The more ideas an organization generates, the more likely it is to create new products for the rapidly changing customer population. It is through a multitude of concepts that automobile engines have been variously powered by steam, fuel, gas and electricity. Truly innovative organisations design processes to ensure that new products are steadily being conceived. In conception, it is permissible to be vague, experimental and even outright nonsensical. In the pharmaceutical industry, the market leaders have faster rates of conception without which they will end up as generic medicine sellers. A recommended strategic mantra for manufacturers is that without conception, there can be no creation.
Creation
After conception and its corresponding trials and costs, comes creation. Again, this aspect of strategy as products is more intentional than accidental. The conception is like having the ingredients and a recipe for a meal. Creation is putting the ingredients together to cook the meal. Not surprisingly, businesses that move quicker from conception to creation tend to be market leaders. Such organisations include the small and nimble players as well as those that are large but move nimbly. Many technology companies fit into the latter being compelled by competition and market requirements to be speedy in product creation. Car manufacturers also have time limits for designing new vehicles lest they be left behind in the market race. New electronic devices are swiftly being created with functions never previously available to users. This is the world of product creation and it calls for conscious action in product strategy.
Presentation
Now, we have a product. The euphoria is immense. Shouts of eureka are at their loudest. What next? There must be a strategy for moving from creation to presentation. Like for a well-rehearsed drama, it is show time. The presentation is an additional investment in conception and creation without which all previous efforts will be wasted. Major interests will be associated with packaging, branding, appropriateness for audience, further research and testing. Product companies know that good but poorly packaged products are the same as poor products. The function of the product is not always sufficient for presentation. Rather, the look and feel of the product can be the real factor in the consumer’s buying decision. Colours, materials, logos, weight, packing and seemingly insignificant details such as lettering all affect presentation. Companies in the product presentation stage shift gears from the internal to the external. A strategy for presentation should be even more carefully thought out than for creation.
Elaboration
Presentation is more than the one-off product launch and promotion. Without elaboration, presentation will not progress from event to process. Elaboration is defined as “planned with great care or with much detail; having many parts that are carefully arranged and planned”. Leading strategy considerations will include go-to-market planning, stay-in-market options, reach, distribution and advertising and several others actions. Merely getting a product to the market would amount to a loss of investment. The product through elaboration has to build staying power especially if it is coming from a new entrant. As the definition of elaboration suggests, this stage of product strategy arguably requires the greatest level of detail and planning. Consistent market updates based on real-time information will contribute to elaboration in product strategy.
Explosion
The explosion in product strategy hardly occurs within the short term. Elaboration has to be multiplied before explosion can be attained. Mature products in a mature industry are more likely to reach explosion. Leading brands in the automobile, consumer products and beverages industries are good examples of explosion products. These brands have become default purchases for customers, perhaps creating a pattern of addiction. In the explosion stage, the products have generated clubs and advocates. While explosion is desirable, it can only be sustained with a consistent strategy for elaboration.
Closing note
Strategy as products requires deliberate and consistent action for optimal results. The five aspects of conception, creation, presentation, elaboration and explosion aid thinking and decision making on strategy for product-based companies.
Weyinmi Jemide
