Please read six ways to sink a growth initiative and answer the following questi

Question

Please read six ways to sink a growth initiative and answer the following questions. Thank you!

LINK:

https://drive.google.com/file/d/0B8PS1BbvnX0-VTVVcmNkZ3JRQmFVLXBrUkF3d3JEVVJocUhn/view?usp=sharing

What is the value of internal and external communications during the project? Why is a value proposition is so critical and what are the 4 elements needed in any value proposition? How would you organize a team and what teamwork model would you use that would give you the most flexibility to address the dynamic issues that can come up on such a project?

Explanation / Answer

Part I

The mentioned paper discusses the reasons of failure of new ventures started by established companies. For these projects where an already established company has started a new business to increase its top or bottom line, both internal and external communications are of utmost importance to ensure projects success. Internal communications would include reviews with top management on the project progress. If top management is not completely involved or is not asking the right kind of questions, then the team which is already in an unfamiliar territory will find themselves without any guidance from leadership team. Along with regular reviews, leadership team shall also be responsible for asking the right questions, for eg in the initial phases of any project questions should be focused on progress of the prototype and not on the profits made.

External communications with customers is also very important for these projects. As these projects have never been done before, customer feedback and implementation is necessary to ensure success of prototype and final product/service

Part II

Value proposition refers to why a customer should buy from the company. It is important for new product as it would be helpful in convincing the first time customer. The following are four elements of value proposition.

For a new product/service which doesn’t have a customer base or a large base feedback, value proposition should inform what problem the product/services is expected to solve.

Secondly, it should make customer understand how much the pain area or problem is costing him. Thirdly, it should convey why the customer should buy this particular offering and not others. There should be differentiation and how this offering has an edge over the competitors.

Lastly, an evidence of how the offering has helped customer is also a necessary part of value proposition as it will convince customer that the offering actually works.

Part III

For projects like starting a new offering in an established company, senior executives should put the most experienced and best talent in charge of the team. This helps the team in two ways, the experienced individual will have the network and understanding of the requirements from the parent organization, and would also be able to form the team according to the capability requirement. When a team is staffed depending on their availability and not capability and work area has not been defined properly, team would not be able to perform as it would be directionless. So for a senior executive staff which is very serious about the project for company growth, would select the team with due diligence.

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