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Mohit Khatwani
Gold PM
Gold PM
How would you minimize risk when building a product?
Clarifying Questions
- Is there a specific product in Mind that we have ?
- Answer - You are free to choose that
- Is there a specific Goal of that product
- Revenue
- Is there a country that we want to focus on ?
- India
- Guessing we want to minimize the risk we want to operate with constrains to the project
- Answer - yes
Let us say we want to build a Try and buy product in Ecommerce space across cosmetics as a category
For that i would follow below structure
Mission, Company, Customer Competitors, Resources/Suppliers, Perception
does this sound ok
Answer - yes
- Mission - Make personlised cosmetic products easily available and acccible
- Company - The plan would be to launch a product let us say Lipstick and it will be done through a contract manufaturer who will build the product at minnimum cost let us say Rs 5 to 10. We also need to finalise the shade colour codes which will be feeded in to the sytem . The idea is to build a AI mirror app which will allow women users to experience the product on thier Lips virtually basis using AI
- Competitors - Biggest one right now would nyka, than individual brands like lakme,bobby brown, sugar cosmetics. For them they are very much secured when it comes to distrubution, manufacturing, and are also having plenty of resources in the market, hence entering the market with such huge sharks is always.challenge.
Hence what will make us different is quality of product, delivery time and third thing i would say is whole Experience using AI mirror which should give similarity of look and feel to the women customers. This way we will have first move advantage but again this model can be replicable by competitors so filing a patent may be can help
also product patent would help and not design
4. Resources/Suppliers
- I would say there a lot of good supliers which we can tie up with for contract manfacturing in intial days. Try to sort and pick smallers companies which can deliver good quality product. Back it with valid evidence and test results to check safety of product
- Make sure your legal agreeemnt with these suppliers are tightly controllled
- Work on minimilistic budgets
5. Perception - We are new age company hence brand can build through influecers, virality instead of spending on performance and offline marketing
I would say build the app and expose it the organic market with limited set of products and features like
- Launc the app and showcase AI mirror
- User to choose 5 to 6 shades through a shade icon button on right side of mirror
- 3 Display/change colours which are super imposed on the users lips as and when user is changing the colour
- Option to read the decritption through a transparent small pop up window and add to cart button
- Pick add the adrees and pay
- Deliver it basis delivery time line through darkstores
- 1 day delivery option
- Stand delivery time
- No delivery charges for standard , one day we can charge
- Cache the colour imposing somewhere in our DB
With minnimum spends launch the app and keep a tight control on Pnl(cost of good sold, gross profit, contribution margin, ebita, PAT (thus keeping your tech cost in control as AI is expensive)
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@Nag
Platinum PM
Platinum PM
1) Clarify goal of the company
2) Conduct SWOT of the company and the competitive landscape
3) Identify near and short term goals
4) Define strategic choices
5) Identify strategic imperatives e.g. revenue, engagement, competitiveness, increased user base etc.
6) Compare strategic choices against strategic imperatives and priortize
7) Add timelines against prioritize and develop product roadmap
The product roadmap will reduce risks while building a product
2) Conduct SWOT of the company and the competitive landscape
3) Identify near and short term goals
4) Define strategic choices
5) Identify strategic imperatives e.g. revenue, engagement, competitiveness, increased user base etc.
6) Compare strategic choices against strategic imperatives and priortize
7) Add timelines against prioritize and develop product roadmap
The product roadmap will reduce risks while building a product
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Get unlimited access for $12/month
Get access to 2,346 pm interview questions and answers to give yourself a strong edge against other candidates that are interviewing for the same position
Get access to over 238 hours of video material containing an interview prep course, recorded mock interviews by expert PMs, group practice sessions, and QAs with expert PMs
Boost your confidence in PM interviews by attending peer to peer mock interview practices, group practices, and QA sessions with expert PMs
Get unlimited access for $12/month
Get access to 2,346 pm interview questions and answers to give yourself a strong edge against other candidates that are interviewing for the same position
Get access to over 238 hours of video material containing an interview prep course, recorded mock interviews by expert PMs, group practice sessions, and QAs with expert PMs
Boost your confidence in PM interviews by attending peer to peer mock interview practices, group practices, and QA sessions with expert PMs
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