How to Develop a Product Strategy and Equity Fundraising?

Whenever a new product comes into the market, for the manufacturer it is very difficult to predict that where this product will reach and this product will develop. For this condition manufacturer or company plan the product strategy.

In simple words, products strategy decide the basic elements of any product and simultaneously it also assist in targeting the right consumer base, product line stretching etc.
How to develop a product strategy?

Making a Product strategy development is not easy, as it needed lots of analysis. You need to analyze lots of things like the competitors, market trends, a various segment along with the product so that you can make a perfect product strategy. Here are important steps of Product Strategy.

1.    Marketing mix - An arrangement of aspects that can be controlled by a company to influence buyers to buy their products.

2.    Levels of a product - The CORE product, the ACTUAL product, and to end with the AUGMENTED product, this model is known as the 3 Levels of a Product.

• The core product facilitates the use, advantage or problem-solving service for which the end user is purchasing the product.
• Tangible features of a product, such as the brand, design, features, quality, and style.
• A core product to which added products and services may be added to produce numerous revenue streams. 

3.    Type of products

• Durable products / Nondurable products
• Shopping goods / Specialty goods / Convenience goods
• Industrial goods/consumer goods
• Service products

Categorizing the product in upper mentioned points can assist you in deciding how to enter your target market.

4.    Differentiation - A consequence of efforts to make a product or brand stands out as a source of exclusive value to consumers with respect to its competitors.

5.    Brand elements - Brand elements are color, design, symbol, and picture of a brand.

6.    Product design - The complete specification of a product's parts and their association to the whole.

7.    Product Mix - A mixture of allied products that yields bigger sales revenue when promoted collectively, than if they were promoted separately.

Equity Fundraising - Equity Fundraising is when someone gives you fund they judge that your product has great possibilities. In simple words, in equity fundraising process a company gives to their investors is dividends on shares which are typically lower than the interest rates of bank loan.  Here are important steps for Equity Fundraising.

1. Crafting the investment strategy
2. Reliance on track record
3. Succession planning
4. Allocation of investment opportunities
5. Transparency of fees and expenses
6. Amendments to fund documents
7. Co-Investment rights
8. Background and reference checks
9. Deviating from the standard

Understanding Work Teams and Negotiation and Conflict Management

In a corporation a perfect team is a composition of different individuals with balancing skills and approaches; this is not always the case. So, conflict is a natural thing between team members, and it is the ability to resolve that makes any business successful. And a team leader should be skilled at negotiating with team members and to avoid the conflict.

Actually, any conflict starts when team members with different opinions, interest, and thoughts are not willing to negotiate with each other. So it is always best to understanding work teams and adjusts to some level and seeks to find a way out to the problem more willingly than fighting. 

As you know that, disagreements always lead to un-constructiveness and things never reach any possible decision. It just increases stress and decreases the output. So, every individual no matter you are a leader or not, should try to avoid the conflict on their level and if any conflicts happen then try to find a better solution rather than cross-questioning and augmenting.

Negotiation is a way to end the conflict - Negotiation way to end the conflicts, so it is very important to decide that where you want to end or how much you negotiate before begins the negotiation and conflict management process. Generally, there is three level of negotiation: power, rights, and interest.

Power: Negotiations that depends on power often involve threats and intimidation. Actually, this is not the best way or a long-term strategy and very badly impacts the relationship between parties.  

Rights: As you understand by the words “rights”, this type of negotiation based on contract and mostly leads to legal action, which can be costly and needs lots of time.

Interest:  This is the best way to the negotiation because it is not harmful to both parties and only needs positive good communication and partnership, resulting in win-win situations for everyone.

Be organized to negotiate - Being organized & well -prepared when going for a negotiation will facilitate you to concentrate on the reasons behind conflicts and common interests of both parties, which will lead to an interest-based successful negotiation, in addition to an encouraging, enduring relationship.

Communicate throughout the negotiation course - At here you must keep in mind one thing and that is, negotiation is a process that needs good communication throughout the process. So you need to listen carefully and then ask questions to reach the win-win negotiation level. 

Negotiation is an art which we all have been doing since we are the child, only what we need is, polish this skill through better communication.